Spin
17.2K posts
I genuinely think bitcoin sentiment is worse now than it was during the FTX collapse.
Back then, nearly every asset was struggling, and the cause was obvious: inflation / rising rates / brutal macro backdrop.
This feels different, like a growing belief that the narratives that convinced people to buy Bitcoin have broken down
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bro vibe coded a hiroshima-scale ponzi and you're bullish?
it is over. see you in the afterlife.
CoinDesk@CoinDesk
🎥 Michael Saylor reveals he used AI to design $STRC as the preferred stock trades near $87, roughly 13% below its intended $100 value.
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Without a doubt, if $BTC fills these bids, it's the macro bottom.
These types of bids show up at every major low.
Either the market front runs them, or they get filled and mark the bottom.
Same story.
Every.
Single.
Cycle.
We're close, boys. Don't get shaken out now.
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@jjwallnutts @BullTheoryio Listen to the conference call. They plan on arbitraging STRC and Bitcoin the maximize BTC per share. They have high cost BTC that they can sell and buy right back to capture a 2 billion dollar tax loss. Pure financial engineering.
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@spinzone12 @BullTheoryio then why did they sell to “test” the market? lol
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BREAKING: $STRC just hit at $85.32, its lowest level ever.
It could force Strategy to sell more Bitcoin.
STRC is Strategy's preferred stock that pays an 11.5% annual dividend. When it trades below its $100 par value, the market is signaling that the yield is not high enough.
To bring STRC back to its peg, Strategy would need to raise that dividend rate.
But raising the dividend rate means a higher annual cash obligation. Strategy is currently funding that cash by selling MSTR shares.
The problem is MSTR's NAV premium has compressed close to 1x, meaning there is almost no room left to dilute further.
That could force them to look at this option. SELL BITCOIN.
Strategy also responded directly to these concerns. According to their latest 8-K filed June 15, their $55 billion Bitcoin reserve covers $1.7 billion in annual dividends and interest expenses for 32 years. Bitcoin only needs to appreciate 3.1% per year for them to break even on that obligation.
On paper, the cushion looks significant. But STRC is still trading at $86, $14 below its $100 par value. The market is not convinced yet.
When Strategy sold just $2 million worth of Bitcoin last time, the price dropped 20%. If Strategy is forced into becoming a consistent seller, the impact on Bitcoin would be significant.
Strategy has been the single largest institutional Bitcoin buyer in the world. The data says they have 32 years of runway. The market is still pricing STRC at a discount.
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Now the preminers got their exit liquidity
$SPCX
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@JimmysSeafood @desk_jedi Pink Taco Restaurant - “Where Eating Out Never Tasted So Good.”
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@desk_jedi Gonna need ya to rephrase that one
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Thank you @JimmysSeafood for helping make eating out great again!
GIF
Jimmy’s Famous Seafood@JimmysSeafood
👔 Today’s Father’s Day spotlight is on Peter! A proud father of six, Peter embodies everything we value here at Jimmy’s - hard work, dedication, kindness, and family. We’re incredibly grateful to have him on our team and proud to celebrate him this Father’s Day. Join us as Peter packs one of our special Father’s Day Boxes, filled with some of his favorite Jimmy’s items and ready to make Dad’s day extra delicious! 📦 There’s still time to order yours and have a Jimmy’s feast delivered straight to Dad’s door. Happy Father’s Day to Peter and all the amazing fathers out there!
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@CalebFranzen @saylor touts the volatility when it’s too his advantage but crickets when it’s trading well below par. He needs to fix this asap before investors simply switch to ASST.
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$STRC isn't supposed to "depeg".
It's volatility and downside should be minimal.
Instead, it's down 10%.
But the capital invested in $STRC isn't expecting that.
The investor base gets betrayed, so to speak.
I'd rather take more vol and more downside in BTC, knowing that it's doing exactly what I expect it to, rather than to expect stability, allocate capital based on that stability, and then get surprised with hard and fast downside.
And that vol in BTC also works to the upside...
If Bitcoin puts in a bottom here and grinds back to the May highs, it would gain +30%.
But $STRC would gain +10%, plus maybe one or two extra percentage points from the yield, depending on how long the move would take.
And listen...
A 10% decline isn't crazy, in a vacuum.
But a 10% decline in 16 trading sessions?
For an instrument like this?
Yeah, no thanks.
It's like buying a high dividend stock for the stability, the lower beta, and the slow returns, only to watch it trade like a memestock to the downside.
Or buying utility stocks in advance of a recession, only to watch them underperform the S&P 500.
That kind of "betrayal" is exactly what's happening with $STRC.
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Mulling over $STRC $SATA $STRD $STRK today, I came to realize something.
And I felt it in my body physicaly, with conviction nothing else can touch:
I despise waiting 3 months or 1 month or 2 weeks for a dividend. Super annoying. The loss of optionality is severe, while carrying risk the whole time.
$SATA has no peers.
$STRC is a defective product—lower yield, 15X longer interval for payouts.
IT'S THE DAILY DIVIDENDS, STUPID.
It's not the yield, though it contributes. It's the absurdity of not being paid EVERY DAY. It's the absurdity of taking on RISK for 15 days or 30 days or 90 days.
@AdamBLiv @ZynxBTC @HermesLux @RoaringRagnar @ColeMacro
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@BitMEXResearch @StreetSweeper_3 Tell me you’re retarded without telling me you’re retarded.
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@StreetSweeper_3 > a preferred equity yielding 30%
Who says it will yield 30%
When it trades at $40, the expected coupon could be much lower
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When $STRC is trading at around $40 and $MSTR issues shares at a large discount to mNAV to buy back $STRC, Saylor will probably claim this highly accretive to shareholders
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This dude will tax everything under the son
But won’t keep an NFL team in the state
That dude has ran Illinois into the ground
CoinDesk@CoinDesk
NEW: Illinois Governor Pritzker has signed a 0.2% tax on crypto transactions into law including transfers between personal wallets, with the Crypto Council for Innovation calling it "the most punitive digital asset tax in the country."
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If the demo that I saw was real, these are the greatest AR glasses ever made by an order of magnitude. Who cares if they look goofy.
Nathie @ AWE@NathieVR
Evan Spiegel showing off the new Specs AR glasses to the public for the first time.
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@natbrunell How about Boeing, Citadel and Caterpillar. They must be proud.
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First they fumbled the Bears.
Now Illinois is the first state in America to tax Bitcoin 0.2% on the value of transactions including transfers to personal wallets? Slipped into the budget at the last minute? This will head for a court fight.
Illinois keeps drifting toward the tax-everything, government-knows-best mindset that socialism is built on. This is just the newest step. Do better.
CoinDesk@CoinDesk
NEW: Illinois Governor Pritzker has signed a 0.2% tax on crypto transactions into law including transfers between personal wallets, with the Crypto Council for Innovation calling it "the most punitive digital asset tax in the country."
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This is one of the most retarded crypto policies out there
It's like taxing you moving money from your wallet into the piggy bank
CoinDesk@CoinDesk
NEW: Illinois Governor Pritzker has signed a 0.2% tax on crypto transactions into law including transfers between personal wallets, with the Crypto Council for Innovation calling it "the most punitive digital asset tax in the country."
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Plot twist: My baby is due in December and my husband's ENTIRE family decided that means they're all flying to *my* house for Christmas.
I'm talking 10-15 relatives, during peak flu and RSV season, all wanting to hold a newborn. Or worse, watching me waddle around 9 months pregnant trying to host a holiday. Seriously? 😩
I told them no, I don't want a house full of people when I'm either about to give birth or recovering postpartum
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Spin nag-retweet
@RealJessica That’s the point. They come to burn it down because they hate western civilization.
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Why do Muslims want to come to the USA or Europe, and then try to create the same horrible society that they fled from?
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@spinzone12 Hi Spin we've responded to you via DM. Please check it. Kind regards.
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