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A Simple Theory of Illiquid Wrong-Way Risk:
1. It doesn’t end well, especially for equity holders
Mar 14, 22:27
A Simple Theory of Digital Credit:
1. Acquire a large pool of appreciating capital ($BTC).
2. Issue credit ($STRC) against that capital, overcollateralized by the equity base.
3. Monetize a portion of the appreciation—directly or via derivatives ($MSTR)—to fund the dividend.
There is no reason to own the equity instead of the underlying. None.
Seems a lot of people have figured this out over the last ~18 months
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