So do I get this right
>Saylor buys BTC
>Issues STRC
>Buys more BTC with proceeds as market goes up
>Average buy price of infinity
>Eventually market goes down
>STRC depegs
>Saylor sells BTC below his average to repeg STRC
>Market moves even lower below his average
>Sells even more BTC to repay STRC
>Eventually market recovers
>Saylor issues more STRC
>Buys now more expensive BTC
>Repeat
I'm a duck but even to me this sounds very retarded
If I understand this correctly it's the worst ponzi I've ever seen
JUST IN:
Tom Lee (@fundstrat)'s #Bitmine is down $8.9B on 5,416,901 $ETH ($10.03B).
Michael Saylor (@saylor)'s #Strategy is down $7.6B on 843,706 $BTC ($56.26B).