Rita 🉐🍆⚡

🌾 DEFI aficionado

🌐 Decentralization: Inevitable

💭 80% tech takes, 20% banter

⚡ Chaotic neutral vibes ⚡

📜 Probably overthinking tokenomics right now

[Rita 🉐🍆⚡ @ThisIsForDefi]

@darshal_ Oh god please no more ai slop generator tutorials

[Rita 🉐🍆⚡ @ThisIsForDefi]

@thechulprecious @cyrilXBT There's no inside, and that's a perfect representation of LLM capabilities, looks impressive at first glance, but it does not understand what it's doing. That's why it will always get slightly better but never perfect. Something many don't understand yet

[Rita 🉐🍆⚡ @ThisIsForDefi]

@TheAIShrink @cyrilXBT You literally are chathgpt

[Rita 🉐🍆⚡ @ThisIsForDefi]

@viktoroddy Oh god no

[Rita 🉐🍆⚡ @ThisIsForDefi]

@ServList_Hytale @XRoboHub My first thought was what did the ccp pay them

[Rita 🉐🍆⚡ @ThisIsForDefi]

@Pontifex The only people who believe their toaster is going to become sentient are the tech billionaire CEO's and you

[Jeff Dorman @jdorman81]

i'm not in Saylor's inner circle, but this $MSTR story has gotten so out of hand, my only guess is this:

- MSTR could have sat and done nothing before they started pumping out $billons of prefs... it would have made MSTR boring (little buys, no sells), but it would have been stable https://t.co/ZMzXepzRME

- But the push into these prefs was based on him clearly thinking $BTC was about to moon — not sure what he saw to think that (4 year cycle, flows, ???) but that's the only reason to take that sort of miscalculated risk to screw up his balance sheet so badly -- he must have thought BTC was about to fly and he could easily pay the pref dividends with future BTC sales.

- Then BTC started falling, and the market got spooked because the $15 bn in prefs have a $1.5 bn/year annual dividend, so he raised $2 bn in cash via stock just to alleviate any near-term default concerns — that bought him almost 2 years of runway to pay dividends. Smart move

At that point, he could have chilled for a little, and even though he now has every stakeholder pinned against each other, there was at least no near term risk https://t.co/GmglaICO5M

- But then for some unknown reason, he decides to take that cash buffer and buyback 2029 maturity bonds instead of using it to fund the annual dividends (at a discount, so it's at least mildly accretive to MSTR). This is a baffling decision for a company with cash flow problems. Why pay off 0% coupon debt with the only cash you have?

The only bull case is that underestimating Saylor's capital markets chicanery has been a losing proposition for years. Maybe there was a plan?

That plan may just be selling BTC, which he will have to do eventually, but if he does this while BTC is in a death spriral it's going to crush BTC and MSTR. So again, why buyback the debt now and force your hand sooner than you have to?

Maybe he is going to refinance those converts with new longer-dated converts? He has sworn off converts, so I doubt it, but that would at least logically make sense.

But TLDR -- this is the first time that MSTR, BTC and Pref holders are really in bind. Someone is going to lose badly here, and it will happen in the next 4 months.

[Rita 🉐🍆⚡ @ThisIsForDefi]

@redhairshanks86 I’m thrilled to share that after achieving a 26% reduction in body fat through discipline and grit, I’ve decided to pivot. I am officially entering a new season of life and opening myself up to new strategic partnerships. Onward and upward! #PersonalGrowth #Transformation

[Rita 🉐🍆⚡ @ThisIsForDefi]

@bittybitbit86 Who thought it was a good idea to let wordguessers into finance

[Rita 🉐🍆⚡ @ThisIsForDefi]

@cyrilXBT Slopstorm

[Rita 🉐🍆⚡ @ThisIsForDefi]

@Colasama @OndoFinance Crypto: where "investors" Pay the insiders and node operators

[Rita 🉐🍆⚡ @ThisIsForDefi]

@WazzCrypto Supply is always larger than demand on those. No real reason to buy governance tokens with no utility nor value accrual.

On the contrary, token buyers pay for node operators and marketing (tokens are sold to finance them.

This is why hyper liquid wins, value accrual

[Rita 🉐🍆⚡ @ThisIsForDefi]

@cyrilXBT Ironically coming from the dude who has been replaced Already

[Rita 🉐🍆⚡ @ThisIsForDefi]

@AlgodTrading Few understand this

[Rita 🉐🍆⚡ @ThisIsForDefi]

@cyrilXBT Slop

[Rita 🉐🍆⚡ @ThisIsForDefi]

@bittybitbit86 @ww3mediaa Just like Nikola intended

[Rita 🉐🍆⚡ @ThisIsForDefi]

@bittybitbit86 @ww3mediaa It's Tesla, it should create like an electrical field around the car which makes it go back in time for 2 seconds, essentially teleporting backwards, allowing it the space to brake.

[Rita 🉐🍆⚡ @ThisIsForDefi]

@KookCapitalLLC @DegenApeDev What if there was a project that enabled CLOB's for Monero to be spot traded and enabled for other defi primitives

[Rita 🉐🍆⚡ @ThisIsForDefi]

@EHpops @aakashgupta We will finally be able to afford ram sticks again and openai will not be the biggest player anymore

[Rita 🉐🍆⚡ @ThisIsForDefi]

In a couple years we will laugh at LLMs, all the folks who thought a wordguesser would turn into AGI will never recover reputationally