MONITOR OPSEC

“Prop AMMs are largely unique to Solana. It has to do with the underlying, architecture of Solana's blockchain, but they're basically a new type of AMM where they don't use these public liquidity pools. They're more actively managed by professional market makers, and they can actually provide better spreads than going to a centralized exchange like Binance. And so because of this better, fill orders and user experience, you're seeing, a lot of traders on Solana actually gravitate toward these prop AMMs.”

“That's my favorite one when you dumb people down to the, you know, mentality of, like, a goldfish. Like, the intelligence of a goldfish, you just say nothing's better marketing than a for an asset than higher prices of that asset. It's true. It should work in the opposite way, but, yeah, and crypto, generally how it works. The best meme. You know, like, the line for Bitcoin at 126 and the line for Bitcoin at 60. It's so true.”

“And so, obviously, MSTR is one of the most traded stocks, in The US. And so, they really are in this great position to continue to do this. And, yeah, we obviously have a very strong positive view of Bitcoin, and so I like their chances. ... Half the treasury model is this intelligent capital issuance, but half of it is being as visible as possible and having everybody know about your company and the ability to invest in it, and nobody does it better than Saylor.”

“To put it in perspective, Eric Balchunas, ETF analyst from Bloomberg, estimated one year flows could be about 5,000,000,000. Now some of those flows will obviously come from other ETFs because this is the lowest cost product on the market. Some of those flows would be new flows that would have went into other ETFs, but some of them will be brand new. So I do think that this is a big signaling issue. It increases the ability for folks to get their hands on Bitcoin, but I also do think it represents a new material source of demand over the medium to long term.”

“We stake to turn the treasury into this productive asset. We make six to 7% on that treasury. If we do nothing else, 40% of our Solana is locked Solana that we bought at a roughly 15% discount. If you think of that as like OID on a bond and you put into a yield equivalent, we still get the six to 7% staking yield, but it effectively doubles that. So all in, we can increase our sole per share by 10% if we do nothing else. And then there is that accretive issuance which we did a $200,000,000 subsequent raise in July.”

“The good news and the thing that is making me happy is that it these were generally OPSEC issues rather than, like, smart contract issues or program issues, and so, I do think that smart contracts are getting safer and safer to use. I think it's so nascent that we're in process of upgrading processes and protocols, and so there's a lot of talk, like, could circle have frozen USDC from the drift hack and things like that that I do think will improve over time.”

“I would just like to offer my opinion is that if I had everyone else's money to invest with that I had stolen and I was given access to every VC investment, I would also put $200,000 into literally everything, complete spray and pray, and look like a genius down the road. Nobody's listing the hundreds of things that they invested in that did not go up, And this was not his money, and he had no risk. So that's why he's in jail.”