Michael from Montana

Capitalist / Entrepreneur / Father / Former flyfishing guide in my home state of Montana

[Michael from Montana @WellspringGP]

Yellowstone River Paradise Valley, Montana

[Michael from Montana @WellspringGP]

@ZynxBTC Wtf are you talking about? All currency gains except for the U$D are taxed at ordinary income after a small exemption.

Capital gains treatment for bitcoin was a subsidy if it’s a currency

[Michael from Montana @WellspringGP]

@theswansjr Nuclear waste is “backed”by a lot of energy that was produced and consumed. Q

But you can’t extract anything of value from it.

[Michael from Montana @WellspringGP]

@krystalball @charlescwcooke @grahamformaine So don’t “Believe All Women”? Just liberal ones?

[Michael from Montana @WellspringGP]

@ScottC20012 @rockraider3 @theSOURCE406 It’s more democrat than the state because it’s a lot younger and younger people skew liberal everywhere

It’s less democrat than a typical college town

It’s not close to Missoula

It’s not a liberal “mecca”

Out of state liberal transplants is a myth, in conflict with the data

[Michael from Montana @WellspringGP]

@TeamPokerFlops @JoeyWeissman @WSOP “Full house” aka bottom pair

[Michael from Montana @WellspringGP]

@ScottC20012 @rockraider3 @theSOURCE406 Asserting “liberal mecca transplants” doesn’t make it true.

Bozeman is half the county population and city limits are about D+15, moderate for a college town. The rest os about 50/50

Vast majority of migration has been in-state, skewing a lot younger than the state as a whole.

[Michael from Montana @WellspringGP]

@Vivek4real_ Bitcoin drops 70% but the common would lose 100% while senior prefs stay largely whole.

Congratulations you’ve learned how leverage works!

[Michael from Montana @WellspringGP]

@BTCoptioneer You’ve discovered how leverage works!

Even if it’s not called debt it still bleeds the common equity dry in downside scenarios.

[Michael from Montana @WellspringGP]

@LCTRfan So focus on policy not birthright.

He moved here to run U of M in Missoula consistent with its own progressive values unique in the state.

[Michael from Montana @WellspringGP]

@DThomasStealth Maybe he’ll pivot and raise a bunch of 12% capital to buy freely available AI stocks.

Innovation like his DAT “strategy”

[Michael from Montana @WellspringGP]

@ScottC20012 @rockraider3 @theSOURCE406 BZN is an airport not a place. And Gallatin County is not nearly as liberal as Missoula.

Tranel only beat Zinke by 6.

And Forstag is a worse fit here than Tranel.

[Michael from Montana @WellspringGP]

@ZynxBTC + $44 billion increase in market cap while taking a $9 billion loss on the DAT strategy

If you think real hard you’ll figure out where the $53 billion came from and why it’s a specious comparisonto other S&P stocks

[Michael from Montana @WellspringGP]

@BigpictureBTC @Quantumjumper12 @CaitlinLong_ A zombie slow destruction of equity capital would be the end game if bitcoin stagnates to that extent. But not a forced big bang liquidation or bailout

[Michael from Montana @WellspringGP]

@Quantumjumper12 @CaitlinLong_ @BigpictureBTC There is no forcing function for bankruptcy other than repayment of the next convert due or inability to make payroll. Bitcoin would have to be close zero for this to be the case. And the board has a fiduciary duty to sell BTC at orderly market long before a fire sale liquidation

[Michael from Montana @WellspringGP]

@Greencandleit With what?

Cash reserve for dividends on fumes

STRC trading below $95

MSTR below 1.22 mNAV so using this is dilutive to BTC / share

[Michael from Montana @WellspringGP]

@halstonvalencia 3% of the base selling at 5% discount to par for a variable rate preferred isn’t a flex. It’s a bug not a feature.

[Michael from Montana @WellspringGP]

@CamEdwards Next election we need a multiple times loser bracket between Busse, Neill and Tranel. Maybe Dem Governor primary?

[Michael from Montana @WellspringGP]

@KFILE @mkhammer The bar for “credible” set by Democrats for the Kavanaugh confirmation is incredibly low