Also, I am sympathetic to those who came in at higher mNAVs. It was perfectly set up to get you in.
The idea of bringing bitcoin to Japan, a low interest rate, high inflation country is still a seductive narrative. It is still true. The tax rate arbitrage on owning a public treasury rather than actual bitcoin, was another great reason.
You also had a guy who probably had one of the best, if not, the best reputation in all of bitcoin, Dylan.
He sold you out.
Buffett talks about how another page of a contract won’t save you. If the other side wants to screw you over, they will find a way. I certainly let my guard down. I severely misjudged someone’s character. And that’s why Simon hired him. That’s why he got paid the big bucks. It was a hugely important role.
They had the flashy dashboard with more metrics than I can count. “Days to cover” and what not. It was updated every 10 minutes or so. It made you focus on what didn’t matter. More importantly, it gave you a sense that everything was out in the open. That was by design.
Again, please don’t be too hard on yourself.
You trusted other humans. That’s all.
It is time for me to move on from @Metaplanet
I just took the baton for a week and ran as hard as I could.
It was never a big position for me. I didn't get suckered in at crazy mNAV's; I arrived late, dumpster-diving a pump-and-dump. But I watched the whole thing.
What
@BitcoinTeacher_ Enjoy paying your pleb tax. Energy drinks are for the poor and retarded.
"A systematic review found low socioeconomic status among the factors most consistently associated with energy-drink consumption."
pubmed.ncbi.nlm.nih.gov/40457699/
@jonwillbanks@Metaplanet Let's not lose sight of the fact that Gerovich will be a billionaire once the stock reaches $6. Half outrageous compensation is still outrageous compensation.
At $6 a share, Simon becomes a billionaire after this. Think about that.
Ran a hotel company bankrupt, missing the Bitcoin goals for 2026 and likely 2027, went radio silent when investors asked questions (didn't disclose things in English) and personally incentived himself
A Letter to Metaplanet Shareholders:
Over the past several weeks, many of you have asked questions about Metaplanet's compensation structure, governance, and the decisions we made as we transformed the business in less than two years from a struggling Japan-centric hotel
@gerovich Show me the analysis demonstrating that the retained Series 10 value represents reasonable compensation for value created by management rather than simply the largest amount you believed shareholders would tolerate.
@mikewmunz even after this concession, they are preserving more than three times the original share entitlement purely from the anti-dilution adjustment
@gerovich even after this concession, they are preserving more than three times the original share entitlement purely from the anti-dilution adjustment
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