S1E17 - Digital Credit's Fixable Fatal Flaw

http://www.magicinternetmath.com
https://zeuspay.com/btc-for-institutions

X: @Fundamentals21m

In this long-overdue episode, I take a hard, first-principles look at so‑called “digital credit” — issuing liabilities against Bitcoin — with MicroStrategy/Strategy’s preferreds as the prime case study. I lay out what works (clear dividends, accrual features, and board accountability mechanisms) and what doesn’t, and why a headline B– credit rating means little if the core asset backing the structure can’t be independently validated. I also explain why fast‑and‑loose wording on earnings calls invites avoidable SEC scrutiny and fuels both low‑signal...