Value & Privacy - A store of value requires privacy; otherwise, it's merely a lease of value [1] - If value is visible, it's susceptible to seizure [1]

Bitcoin Treasury Strategy & Market Dynamics - Strategy 的最坏情况是比特币本身出现问题，但这种情况发生的概率极低 [1][10] - 许多公司都在模仿 Strategy 的比特币国库策略，这些公司都有机会继续增长并通过现金流或资本市场机会永久性地购买更多比特币 [5] - 拥有比特币在资产负债表上对于未来至关重要，尤其是在 AI 颠覆的时代，公司可以通过比特币进行杠杆收购或其他操作 [6] - 市场存在对 Strategy 股票的投机行为，一些人通过做空该股票获利，这可能是 Strategy 改变策略的原因之一 [4] - 长期来看，最重要的指标是每股比特币数量，用美元等法币来衡量该工具的回报会带有法币的视角 [4] Perpetual Preferred Stock & Capital Markets - Strategy 使用永久优先股，因为它没有到期日，如果资产负债表以 50% 的复合年增长率增长，并且以 9% 的利率借出资本，那么资产的复合年增长率和未来支付的负债之间存在巨大的套利机会 [1] - STRF 产品的独特之处在于，进入这些工具的任何资金都会立即购买比特币，从而增加比特币在资产负债表上的持有量 [2] - Strategy 持有价值 700 亿到 750 亿美元的比特币，每年的股息负债为 6 亿美元 [2] - Strategy 暂停发行可转换债券是因为他们希望进入不同的资本池，并接触不同的持有者，可转换债券的卖方并不关心股票，他们是波动率爱好者 [4] - Strategy 正在尝试从 300 万亿美元的固定收益市场中吸引资本，需要提供一种他们可以接受的产品，这种产品看起来与他们投资组合中的其他产品相似 [2] Strive's Bitcoin Strategy - Strive 的目标是购买比特币，并利用比特币购买更多的比特币，Strive 旨在通过降低波动性的工具向资本提供者出售比特币 [10] - Strive 计划利用其在 True North 团队中建立的背景，将相同的消息传递到更广泛的资本市场，类似于在再保险领域所做的那样 [10] - Strive 旨在成为比特币国库领域的兰博基尼，在资本结构上更加灵活，行动更加迅速 [11]

Core Insights - Institutional investors are primarily viewing Bitcoin as a store of value rather than a future payments network [3][8] - The payments use case for Bitcoin is considered speculative and requires significant scaling advancements to become practical [4][8] - Stablecoins are rapidly gaining traction in the payments sector, potentially outpacing Bitcoin in this area [6][7][8] Institutional Perspective - Large asset managers' clients are more interested in Bitcoin's value retention than its potential as a global payment system [3] - The payments narrative for Bitcoin is seen as an "out-of-the-money option value" rather than a core investment rationale [3][4] Bitcoin's Payments Future - Significant progress is needed in Bitcoin's scaling and related technologies for it to be considered a viable payment solution [4] - The future of Bitcoin in payments remains uncertain, with some analysts suggesting it may find a role in retail remittances, though this is still speculative [6][8] Stablecoins' Impact - Stablecoins have proven successful in the payments sector, with a strong product-market fit for efficient value transfer [6] - There is potential for stablecoins to expand into various financial areas, including retail remittances and corporate cross-border transactions [6] - The rapid growth of stablecoins has led to adjustments in long-term Bitcoin price forecasts by analysts [7][8]

Core Principles - People have consistently sought stores of value [1] - The world's increasing digitization necessitates digital versions of stores of value [1] - Bitcoin's success validates the concept of digital stores of value [1] Challenges & Solutions - The digital world inherently compromises privacy [1] - There is a growing need for private digital stores of value [1] - The concept is akin to having a Swiss gold vault in your pocket [1]

RT Ignas | DeFi (@DefiIgnas)The 10% SoV Law:- Gold: $28.3T MC- BTC at 10% of gold = $141k (+52%)- ZEC at 10% of BTC = $17.4k (+2725%) ...

if you reason from first principles without historical baggageZEC is the correct derivation of an internet-native SoV from a technical PoVnote how I'm not saying it's the only one or that BTC can't exist or that early ZEC did not have issuesbut when talking about gold-like properties, on top of durability, scarcity, and portability, you do need one other key trait: fungibilitycash is fungible for other cash; gold is fungible for other gold (even if it has a serial number, you can melt it)on the internet tho ...

Market Valuation & Potential - Gold's market capitalization is $283 trillion [1] - Bitcoin at 10% of gold's value implies a price of $141 thousand, a 52% increase [1] - Zcash at 10% of Bitcoin's implied value suggests a price of $174 thousand, a 2725% increase [1]

Group 1 - Bitcoin ETFs have surged approximately 100% since January 2024, matching the returns of physical gold ETFs, while the S&P 500 has returned only 45% [2] - This performance has ignited a debate regarding Bitcoin's classification as either a "risk-on" asset like stocks or a "store of value" akin to gold [2][3] - Despite Bitcoin's reputation as a volatile asset, its ETF performance has aligned with historically stable investment vehicles, prompting investors to reconsider the risk-reward balance [3] Group 2 - The volatility of cryptocurrencies remains a concern, with risk-adjusted returns being a critical factor in assessing their role in diversified portfolios [4] - BlackRock's People & Money report indicates a growing retail interest in ETFs, particularly among younger investors, with 19 million US adults likely to purchase ETFs in the next year [4] - Among these new investors, 47% are expected to invest in crypto ETFs, highlighting a significant shift towards equity and crypto allocations [4]

encryption is not a "feature", surveillance is a bugit is disappointing how much these people have lost the plotif you don't believe me, go and use unencrypted chats for your messaging, unencrypted cloud hosting for your data, and go use HTTP internet, so all your credit card and password info leakswhile you're at it, show me all your bank accountswhere do you think the word "cypher" in "cypherpunk" comes from? what do you think the word "crypto" is derived from?this entire industry was created by the cyphe ...

RT Symbiotic (@symbioticfi)Bitcoin is a world class store of value. The next step is now unlocking real utility onchain.At @stakingsummit, @Sylvie0301, @NatanGranit, @otaliptus, and @roth_edgar dug into what meaningful Bitcoin utility could look like. https://t.co/buMJamHflk ...