Raphaele Chappe

Building a more democratic financial system | The future of digital money & market making, liquidity, financial stability. Economics Ph.D.

[Raphaele Chappe @raphaelechappe]

@hicasamadim 72

[Raphaele Chappe @raphaelechappe]

@PeterSchiff @phongle No, it's not a Ponzi. A Ponzi would entail using new investor money to pay returns to old investors, while lying about the underlying business and the source of those returns. $MSTR is transparent. It also holds an underlying asset that it can sell if needed.

[Raphaele Chappe @raphaelechappe]

@EricLDaugh Courage.

[Raphaele Chappe @raphaelechappe]

@paul_amar2 Merci Paul Amar. L'histoire vous donnera raison!

[Raphaele Chappe @raphaelechappe]

@saylor @AtlasHodld Endurance is hard and tough psychologically. But because of hundreds of hours listening to you, I want to do it. Will close my eyes, and instead read Will Durant's History Of Civilization...

[Raphaele Chappe @raphaelechappe]

@TTejpal @AdamBLiv Couldn't agree more! Obviously, everyone needs to do their own research. But these guys were way off. I'm in it for the long run, but I'm still laughing at the "bewilderment" and "the most hated rally of all times".

[Raphaele Chappe @raphaelechappe]

@Danainhawaii How would you fund the interest payments? You'd have to sell some BTC, but BTC is volatile, timing could be off. Michael Saylor has access to capital markets & can issue more securities to fund those payments. Leverage is controlled.

[Raphaele Chappe @raphaelechappe]

Interesting and signals growing institutional adoption. https://t.co/B8rNzgTHAW

[Raphaele Chappe @raphaelechappe]

@PunterJeff When there is more clarity around the earnings generated by the green bars, the market should apply a multiple on that, and a new phase of price discovery will begin. Curious to hear everyone's thoughts.

[Raphaele Chappe @raphaelechappe]

@PunterJeff My question is: in a situation like this, how do we figure out what component of FASB earnings is attributable to the green bars vs. the orange bars. It's pretty clear the market doesn't get it... yet

[Raphaele Chappe @raphaelechappe]

@PunterJeff This is exactly what @saylor explained here: we would expect an mNAV of 1 in this situation, yet we would be reporting FASB earnings tracking the BTC price fluctuations. P/E multiple makes no sense.

[Raphaele Chappe @raphaelechappe]

@PunterJeff There is confusion about how to value the company. For purposes of applying a P/E multiple, the focus on FASB earnings driven by BTC price is confusing and misguided. We should be looking at a new measure of earnings that solely focuses on the BTC $ yield.

[Raphaele Chappe @raphaelechappe]

@Forbes The author of this piece doesn't seem to know that "Nothing Stops This Train" was coined by @LynAldenContact that's kind of embarrassing!

https://t.co/FqRamGSREc

[Raphaele Chappe @raphaelechappe]

@LynAldenContact But even the post-2020 trajectory is different, for the same graph. It seems the time series changed!

[Raphaele Chappe @raphaelechappe]

@LynAldenContact This statistic came up recently in my work so spent time on it and wanted to flag that it seems that the Fred data changed slightly since Jan 2024. The number is more like 87% now, interestingly.

[Raphaele Chappe @raphaelechappe]

@RichardAHaas @PunterJeff I would agree. In fact, isn't what is being valued here the future expected BTC yield? or are we also valuing the future expected BTC $ value of the current stash? the latter is a more mysterious argument to me

[Raphaele Chappe @raphaelechappe]

@MichelleMakori @MilesFranklinCo You are amazing at what you do. Excited to see this new development!

[Raphaele Chappe @raphaelechappe]

@Iknowurmomwell @durov @ashish_fagna @LePoint We are grateful for your efforts to speak French & the gravity of the situation requires it. Merci à vous Mr. Durov.

[Raphaele Chappe @raphaelechappe]

@saylor The original music that plays under those headphones was called "dreams are my reality" 🤣https://t.co/K3R53DreX5

[Raphaele Chappe @raphaelechappe]

@BevansAdvocate @sanjaygreddy Thank you!