Mocha @monster_models

Wait, the Bitcoin maxis think that #Bitcoin is money, but nobody is allowed to turn it into... different money? 😂😂 I'm not sure it's even possible to make peace with them. They are fighting an ideological battle for *how* Bitcoin should be used, whereas Saylor is fighting to get it used everywhere, by everyone, in whatever way works best for them. That said, it's always worth giving peace a chance! 🧡

In this post, Brian illustrates why basic mNAV — what I call mGAV, which is any variant of mNAV where debt and preferreds are not factored in — is a borderline useless metric. Definitely worth a read. I originally implemented seven variants of mNAV in the Monster Model Framework, including three for mGAV, but I removed them several weeks ago because I couldn't find a situation in which they make sense. As Brian explains, they are always misleading except in the trivial case of a company with no debt or preferred stock. The four remaining variants are: mEV and three variants of price-to-book (P/B) — one each based on basic, effective, and assumed diluted shares outstanding. I believe these are much closer to how the market actually places a multiple on companies like @Strategy and @Strive. My preference, if I could only pick one, is diluted P/B, but honestly I'm fine with any variant of P/B. 🍻 $MSTR $ASST #Bitcoin

Brian Brookshire @btc_overflow

7 hours ago

You simply can't look at mNAV in isolation to judge the health of a Bitcoin Treasury Company. You need to know why the numbers are moving. The latest smear tactic has been to say "look at activity below 1x basic mNAV, it reveals equity destruction." The trick relies on

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diglloyd gets it. The key — and mostly semantic — distinction that some Bitcoiners cling to is that there exists a time horizon over which @Strategy was a net seller of #BTC, even if it was only a few hours or days. The pragmatist majority understands that for a carry trade as epic as the one that Saylor and Phong are guiding us through, time horizons shorter than, say, 2-3 weeks are functionally instantaneous. If we can agree that we are buying #Bitcoin as an investment priced in fiat, then never selling even a tiny amount of your BTC only matters at those moments in history when you will never see those prices again, which are rare. In most real-world cases, I'll take the certain tax-loss harvesting benefit over the unlikely possibility that those prices are never revisited. $MSTR $STRC

diglloyd @diglloyd

a day ago

@ZynxBTC If I could sell my Bitcoin, take the capital loss, and then rebuy 10% lower (and more of it), I would NOT consider myself to have violated the "never sell your Bitcoin". It's no different for swapping one set of $100 bills in my wallet for another set, plus some $20's.

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@David0039456153 @LawrenceLepard @idahohodl @btcbourne @oinkbaamoo There's one Saylor quote I'll never forget. He said -- and I'm probably paraphrasing somewhat -- "The goal of any business is: keep your options open. That's it." I wish I could remember which interview it was.

@ableinch @claudeai Slowly then suddenly. 😉 It's the second of eight, but that entire tranche of tasks is quite far along.

My favorite part of my hours-long co-planning sessions with @claudeai: when I finally get to paste a 176-line prompt into Claude Code and watch Opus do in 15 glorious minutes what would have taken me 6-8 weeks to do by hand. That's a ~200× boost for the least-fulfilling and most tedious, error-prone part of the project. So I get most of my time back, and I get to realize my project faster. These tools are immensely powerful. ⚡️

@diglloyd @ZynxBTC This is a poignant take, diglloyd. 🎯 It's a acknowledgement of how temporary gyrations provide opportunities. Unsurprising, given that Saylor has always been a realist who, at times, wears the disguise of an idealist.

You don’t see it. He is Machiavelli and Sun Tzu rolled into one. He is involved in a financial war with the largest criminals on the planet: the Fiat Lords. You think he isn’t going to fight somewhat dirty? You think his strategy (pun intended) isn’t going to evolve? He wants to win. And I believe for the right reasons. I believe his motives are pure and I trust him. A sound money world would massively benefit mankind. Can you nit pick some moves. Sure. But don’t lose sight of the big picture.@saylor @CJ_Bitcoin

@stonychambers Fascinating stuff, Stony. Thank you for the write-up! Happy to see innovation wherever it crops up in the Bitcoin network. 🥳🍻🧡

@AngryBuhda @over21m @claudeai 16-bit pixel graphics Gamma! 😍🎮

Watching your progress has been an absolute delight, Buhda. If you ask my siblings or dad, they'll say I've been asking questions since I learned how to talk. 😆😆 Glad to hear they were helpful! Keep building, brother. You're doing amazing work, most of it behind the scenes that people don't even see! 🧡🍻🚀

@MartianLawyerB Thank you for that encouragement, MartianLaywer! 😭🧡 Really means a lot to me to hear from people like you. (And apologies for the delayed response. Somehow the notification for your message and one other slipped through the cracks.)

Something I struggle with in community participation is that contributions are not always visible. Similarly, in relationships, expressions of support are not always public. To everyone who takes the time to interact with me constructively, I want you to know that I appreciate you. This holds true regardless of how often I post. And it is especially true regardless of how often I like or interact with your content. Lately I have felt that while I adore the Bitcoin community, the X algorithm is not entirely aligned with how I want to contribute to that community. It's a subtle reminder that my goal is not to live on the app. My goal is to build. And I suppose, now that I think about it, most of one's time spent building is done quietly, out of public view. As I merrily work on the Monster Model Framework website — neck-deep in formulas, CSS, JSON, and TypeScript — please know that I never take for granted the people who show up to engage with me positively and in good faith. In fact, you are why I keep coming back to X. This project started off as an ugly spreadsheet. But you helped me understand that it could be something more — something beautiful, powerful, and truly special. And my hope is that one day, after I'm able to share the final product, it will make more sense. Thank you sincerely for your support. 🧡 Especially the support that I don't always see. ✨ $MSTR $STRC #Bitcoin

@DylanLeClair @Metaplanet Well done, Dylan and Simon! 🥳🎉 Excited for all of you! 🧡🚀

@Strive Oh wow, I think I initially misunderstood dividend mechanics then. I thought you had to be a shareholder of record by the previous record date -- the one from last month. Today being the true deadline is even better! 🥳

Still no date yet, but it's getting closer! 🥳 I just had Opus translate the 2nd of 8 subsystems last night. AI is SO effin smart. It caught a subtle (thankfully not very consequential) bug in my computation of $STRE that had been in place for months. Thank you for your support and enthusiasm, Bulldog! 🧡

@ryQuant Love and respect are like the peanut butter and jelly of positive sentiments one can convey in emoji, so it makes sense! 🍻

@ryQuant @48LawsofPowerr I never cease to be amazed by how timeless Jobs' early interviews are. ✨

Ohh, gotcha. Yes, I generally don't use the chatbots to do math. If I had an AI therapist, it would say that I have trust issues. 😆😆 That's the part I love most about the MMF -- I developed 99% of the math by hand, and for the 1% that I used AI to develop, I had it explain the math until I understood it (or I studied it independently until I understood it). That DOESN'T mean there can't still be bugs, but I've done so much testing and iterating that the bugs are in all likelihood either very sparse, or don't impact the output in meaningful ways. Can't wait to show you, Lloyd. Thanks for following and commenting so frequently. Appreciate you, buddy!

LOL. I've had really good luck so far, but admittedly I spend a LOT of time in the planning stage. Claude.ai and I will spend literally hours developing the plan -- and I occasionally catching it making mistakes, but the same goes true of it catching me making mistakes. But that teamwork makes a huge difference, because once Claude Code goes to work, the task always goes smoothly (or more smoothly). I know that's not how everyone works, and so different approaches definitely might lead to different experiences.

@over21m @claudeai Thank you so much for letting me know about the DM issue! I think I've fixed it now. I've added you to my list! I'll reach out once development is further along. 🍻