No Second Best ✌️

#NewProfilePic 1882-S Morgan MS67 CAC One of the most stunning rainbow toned monsters on earth!

In some ways what Michael @saylor and $MSTR Strategy are doing reminds me of what John Bogle and Vanguard did years ago. Bogle started with the customer in mind. He looked at the financial world and saw that many of the best products were either too expensive, too complicated, or too tilted toward enriching the middleman instead of serving the investor. His answer was simple but powerful: give ordinary people access to sound financial products at very low cost. That idea changed the world. What Saylor is doing is different, but I think it comes from a similar instinct. He seems to be asking: how do you give everyday investors access to forms of digital capital and credit that in the past would have mostly belonged to institutions, private funds, or high-net-worth investors? And he is doing it through public markets. With Strategy, you do not just have one security. You have an emerging capital stack built on a Bitcoin balance sheet. Common equity for those who want upside. Preferreds for those who want income. Different preferred structures for different appetites around risk, duration, optionality, and stability. For a long time, many of the more tailored financial products in the world were effectively reserved for people with large accounts, special access, private bank relationships, or enough wealth to get into the right rooms. Retail investors were often left with watered-down versions wrapped in funds that charged ongoing fees. Saylor is doing something closer to direct issuance. These securities trade in ordinary brokerage accounts. People can study them, choose where they fit on the risk spectrum, and buy them without paying a manager an annual fee just to sit in the middle. The fee structure in traditional finance is one of the most underappreciated wealth transfers in the world. A 1% annual fee does not sound like much, but over time it quietly eats away at compounding. It siphons off capital year after year, decade after decade. And most people barely notice because it is normalized. Strategy’s preferreds do not come with that traditional asset-management fee layer. The investor is getting much closer to the actual instrument, without the usual toll collector standing in the middle taking 1% a year forever. That is a very different model. If you compare that to products that charge even a 1% fee, the savings become enormous over time. On billions of dollars, it can mean tens of millions of dollars a year that remain with investors instead of being extracted by the wrapper. On an individual account, over decades, it can mean the difference between good results and life-changing results. That is why I think there is a real philosophical connection between Bogle and Saylor. Bogle democratized access to broad market exposure. Saylor may be democratizing access to Bitcoin-based financial products. Bogle helped ordinary investors own the market efficiently. Saylor may be helping ordinary investors access a new kind of public digital credit market that otherwise would have been dominated by institutions. Most people still think of Strategy as just “the Bitcoin company.” I think that misses what may be forming. Strategy is not just accumulating Bitcoin. It is building the early version of a Bitcoin-based financial platform? A place where savers, income investors, equity investors, and risk-tolerant investors can all find a product that fits their needs. A place where the balance sheet is Bitcoin, but the offerings span the full spectrum of investor preferences. A place where ordinary people can access products that historically would have been harder to reach, more expensive to own, and more heavily intermediated. If that is right, then Strategy is not just buying Bitcoin. It is creating a new kind of asset platform on top of Bitcoin. That is why I think there is at least a case to be made that one day Strategy could become something much bigger than a company with a large Bitcoin treasury. It could become one of the largest financial platforms in the world. Maybe even the largest. Not because it looks like the old asset managers. But because it may end up doing something more important: offering a full suite of investable products built on what may become the most important collateral asset in the world. All on a public balance sheet, accessible to retail, and all without the traditional fee machine taking its cut at every layer. And if it works, I think history may view Saylor not simply as a corporate executive or a Bitcoin evangelist, but as someone who helped open a new chapter in capital markets. Bogle did that for indexing. Saylor may be doing it for Bitcoin-based capital.

@OffshoreHODL @saylor Outstanding and interesting, thank you! 🙏

@LynAldenContact @RapidResponse47 Nothing stops this Wendy’s

@RapidResponse47 Sir, this is a Wendy’s.

@VintageRockN_85 This is insanely hard but…

Which pair of Bands win? 👇🏻

@NeilJacobs 🤣🤣

Bitcoin isn't waiting for Q4 to bottom out. All you cycle nerds are going to learn the hard way.

@BenJustman @zetra_art 💯💯💯

@thereisno2nd @zetra_art Zetra killed it

This is a Test post. I have a new wine dropping VERY soon. Carry on.🍷

@SoloSatoshi @onthebrinkie My 2 SoloSatoshi miners have been humming for many months with absolutely zero issues! I couldn’t be happier 😊

@onthebrinkie Have gotten over 40,000 people mining Bitcoin at home. Hopefully we can make it tens of millions of people globally!

Show me what you’ve done for bitcoin! Time to promote some builders…

Update on my pencil drawing 'Bitcoin Youniverse'. So far it features: @halfin @adam3us @NickSzabo4 @_weidai @lensassaman @LawrenceLepard @saifedean @maxkeiser @stacyherbert @natbrunell @efenigson @JoeNakamoto About to include another 10 individuals!

@SullyMichaelvan 👀😆

@thereisno2nd I could be honestly, I'm starting to get suspicious of myself.

Who could have possibly predicted this?

Great quote from Tommy John.

Ironic that he’s worried about the rules

They're saying it's a superior store of value

Ships in the Strait of Hormuz while they wait 45 minutes for the Bitcoin transaction to go through

@kit_sats OUTSTANDING QUOTE!!

Bitcoin is simple. Conviction isn’t.

@NathanHiggerz @CedYoungelman @Excellion @JoshMandell6 @SullyMichaelvan @LawrenceLepard @RobinNakamoto @BitcoinPierre @NeilJacobs @LynAldenContact @BenJustman @bitcoin__apex This seems like interaction bait. I’m going to block and move on

@thereisno2nd @CedYoungelman @Excellion @JoshMandell6 @SullyMichaelvan @LawrenceLepard @RobinNakamoto @BitcoinPierre @NeilJacobs @LynAldenContact @BenJustman @bitcoin__apex And for your family?

Who’s your favorite bitcoiner?

@NathanHiggerz @CedYoungelman @Excellion @JoshMandell6 @SullyMichaelvan @LawrenceLepard @RobinNakamoto @BitcoinPierre @NeilJacobs @LynAldenContact @BenJustman @bitcoin__apex I’m not picking myself because I’m not a fucking narcissistic asshole. Quoting @LawrenceLepard : GFY

@thereisno2nd @CedYoungelman @Excellion @JoshMandell6 @SullyMichaelvan @LawrenceLepard @RobinNakamoto @BitcoinPierre @NeilJacobs @LynAldenContact @BenJustman @bitcoin__apex Putting 10 people before yourself is wild. You might as well split your entire stack and send it to them instead of you having it