dpark
David Park

Learning about Bitcoin

Public Key

npub189xvm6rtgwz0cct3fedal9vdqcwzq6pjauf8jq038rwt9nvad8lq8pyrkg

Profile Code

nprofile1qqsrjnxdap458p8uv9c5uk7ljkxsv8pqdqew7yneq8cn3h9jekwknlspz3mhxue69uhhyetvv9ujuerpd46hxtnfduqs6amnwvaz7tmwdaejumr0dslfq2cf

Publishing to

relay.damus.io

nos.lol

Author Public Key

npub189xvm6rtgwz0cct3fedal9vdqcwzq6pjauf8jq038rwt9nvad8lq8pyrkg

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Last Notes

2025-05-01 10:22:39 GMT

Bitcoin is both a convergent solution and a divergent problem
https://blossom.primal.net/a1d38f0022c389f21000340fd0605ec1825d0caccfa7b430b4fd3e815fa42bae.jpg

2025-03-25 02:05:58 GMT

Michael Saylor’s bitcoin waterfall analogy:
Bitcoin is a waterfall moving capital from a 500T “gallon” mountain lake. 🌦️🏔️
Water naturally flows from an unstable, high potential energy state to a lower, energy efficient state via gravity. ⛷️
The world’s assets are doing the same by moving towards digital capital. 🌍
@nprofile…984k is engineering a dam & turbine to capture the turbulent kinetic energy released from the waterfall (volatility) and using it to light up a city (create shareholder value at $MSTR). ⚡️
https://youtu.be/u-NyIu1VGN0?si=fes1MY4XFQtkQH5Z

2025-02-22 03:50:10 GMT

Michael Saylor can lower and raise the mNAV at $MSTR
https://m.primal.net/PGPy.jpg

2025-02-20 19:01:36 GMT

The most intolerant wins: the dominance of the stubborn minority
E.g. #bitcoin
Nassim Taleb
https://m.primal.net/PEcB.png

2024-11-13 13:14:42 GMT

Once Saylor figured out bitcoin he was worried he wouldn’t be able to buy enough I.e. scarcity
https://x.com/thebtctherapist/status/1814708363810267627?s=46

2024-11-05 14:51:27 GMT

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“We’re the only company that can actually create bonds backed by Bitcoin. That’s the big idea.”
— @npub15dq…lm5m Saylor

2024-11-05 14:13:51 GMT

#MSTR vs others
https://bit.ly/48253HM
https://m.primal.net/LtXR.png

2024-11-04 18:03:32 GMT

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“If you own #MSTR, you’re my partner.”
- @npub15dq…lm5m

2024-11-04 18:00:05 GMT

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“#Bitcoin is the best use of proceeds maybe in the history of the capital markets.”
- @npub15dq…lm5m on issuing $21B of equity

2024-11-04 17:55:49 GMT

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That’s like 50k bitcoin annually or $3.6B annualized BTC gain. 30-50x multiple gets you get a $108B - $180B value then you tack on another $18B for the Bitcoin.
The operation is 6-10x NAV plus the reserves

2024-11-04 17:43:00 GMT

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If we have a 5% BTC yield in the quarter, that’s the same as acquiring 12500 bitcoin for our shareholders without dilution

2024-11-04 17:40:55 GMT

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If we were holding treasury bills at 0% a year it would trade at a 20x PE but we’re holding Bitcoin so that’s conservative (20 x 10% = 2x Premium)

2024-11-04 17:34:05 GMT

If #bitcoin is growing at 30-50% CAGR then it’s not unreasonable for the stock to trade at 30-50x PE.
If $MSTR is accreting bitcoin at 6-10% CAGR then
30x10% is a 3x premium to NAV
50x10% is a 5x premium to NAV
https://www.youtube.com/live/TasvNr1gBGs?si=e_jd7BAvtVR9J6cf
@npub15dq…lm5m
#note17jh…9rym

2024-11-03 15:41:09 GMT

“There’s a point of humility when you realize that maybe your brilliance was that someone else had a good idea, and to embrace the idea.”
- @npub15dq…lm5m
“People who are gifted, smart, and high energy, it's not their natural inclination to be able to embrace and accept things that are done on your behalf rather than by your active work.”
- Tom Gayner
“To be open to the idea of cloning, it requires you to be humble (release your ego)
You need to be willing to think ‘everyone is smarter than me, and so I should copy what works’”
- Mohnish Pabrai

2024-10-30 22:28:49 GMT

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Building trust and transparency with BTC principles
https://m.primal.net/LnYB.jpg

2024-10-30 22:05:21 GMT

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Analogy to an oil company that refines a crude commodity
https://m.primal.net/LnWz.jpg

2024-10-30 22:02:22 GMT

$MSTR = Bitcoin Treasury Company (BTC)
https://m.primal.net/LnWs.jpg

2024-10-18 16:38:02 GMT

What an interview with @npub15dq…lm5m
Likens $MSTR to Standard Oil, taking in “crude oil” and allowing it to be “refined” for institutions to use via convertible bonds, options, fixed income etc
https://www.youtube.com/watch?v=eThjo9wYoF0

2024-09-22 22:32:25 GMT

If $MSTR has $3.8B in debt with 226,500 #bitcoin
Bitcoin’s price could fall to $16,777 to pay back all their loans (if no one converted their debt into shares).
https://m.primal.net/Kyir.png

2024-09-22 22:16:28 GMT

$MSTR shows us the assumed increase in share count from the convertible debt.
Unlike debt, these won’t have to be paid back if #bitcoin continues to go up and the holders decide to convert.
https://m.primal.net/KyiU.png

2024-09-22 22:14:23 GMT

Considerable digital asset impairment losses due to the old FASB accounting standards.
$MSTR will be able to show its gains from holding #bitcoin after 12/15/24.
https://m.primal.net/KyiO.png

2024-09-19 01:17:42 GMT

$MSTR making moves to become more resilient
https://m.primal.net/KuQo.jpg
https://m.primal.net/KuQt.jpg

2024-09-09 11:49:27 GMT

What an interview by @npub15dq…lm5m on CNBC
https://x.com/saylor/status/1833106549432094956?s=46

2024-08-17 11:45:24 GMT

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Think about your life before:
Science crashed into medicine
Science impinged on astronomy
Science blasted into navigation
Now science is colliding with economics…
Pretty big deal
-@npub15dq…lm5m
@npub1d9u…yh73
https://youtu.be/A60jVnAIX40?si=7DdzLZvOOVbinnQo&t=734

2024-08-15 22:15:47 GMT

“Economics is pseudoscience before Satoshi… if you don’t have an instrument of proper money, you can’t posit a properly functioning economy…. #bitcoin is the singularity where science collides with economics.”
- @npub15dq…lm5m
https://www.youtube.com/watch?v=A60jVnAIX40&t=376s
@npub1d9u…yh73

2024-08-11 22:29:43 GMT

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@saylor sees #bitcoin growing at 21-37% from here
https://m.primal.net/JwWd.jpg

2024-08-11 13:50:18 GMT

Can anyone help me set up my primal wallet as a New Yorker?
If it matters I’ll be moving to New Jersey soon.
All I get are “Our apologies, we are not able to activate your Primal Wallet based on the information you provided.”
@npub12vk…pugg

2024-08-01 21:47:48 GMT

How @npub15dq…lm5m keeps track of the BTC accretion at $mstr:
Look at the change (%) in BTC/Assumed diluted shares outstanding
https://m.primal.net/JlVB.jpg

2024-04-27 03:32:10 GMT

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https://youtu.be/bUfVLzNdOyc?si=z2teOjYVbZzKaxug&t=1815

2024-04-27 03:31:31 GMT

#MSTR ‘s volatility is a feature not a bug.
@npub15dq…lm5m describes buying bitcoin as putting a “crypto oscillator” or “crypto engine” onto the balance sheet.
With such a large #bitcoin position, the crypto economy drives the volatility at #MSTR
- this volatility is driving the equity
- the equity is driving the options
- the options are driving the arbitragers
- the arbitragers are providing unsecured, almost interest free capital
- the capital is then used to reinvest into #bitcoin for the benefit of shareholders

2024-03-30 00:45:45 GMT

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Unsure lol

2024-03-30 00:23:07 GMT

This upcoming halving “will be the most consequential halving in the history of #Bitcoin in my opinion. It will create a squeeze.”
- @npub15dq…lm5m
https://youtu.be/cifuTy4fBfg?si=KIa-dTxTcRsCc1ig&t=4754

2024-03-27 05:05:37 GMT

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Pumping it https://image.nostr.build/d6ebe9ba768090249f7c3c527470fb5d401c62dc28599710392c2b8a008d2c37.jpg

2024-03-27 04:58:55 GMT

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“If I thought we were going through another [#Bitcoin] cycle, let’s say it goes to $400-$500k, where is it coming back down to?
I would say $90-$100k would be the low call it.”

2024-03-27 04:41:05 GMT

@npub1s5y…6q7z ultra bullish on #Bitcoin and #mstr
“[MSTR] is going down in the history books as one of the most obscene transitions of a company that’s going to be a global dominant player in the future.
In 10 years everyone will know what microstrategy is just like Apple.”
https://twitter.com/coletenold/status/1772811033263939754

2024-03-26 16:56:52 GMT

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https://x.com/saylor/status/1772668700438491493?s=46&t=ps6aTw4ibalKEFrDR9D5og

2024-03-26 13:18:00 GMT

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I.e. Metcalfe’s Law https://image.nostr.build/b66a807ca0f87e8fe573b17721bcd63e62b001d32f54543ddcab102abb1db664.jpg

2024-03-26 12:06:57 GMT

Big tech is asset poor and cash flow rich vs bitcoin which is asset rich
It gets harder for companies to generate more cash flows as they gets larger vs bitcoin which becomes more compelling as its value increases bc its liquidity increases and the network of holders increases
@npub15dq…lm5m
#MSTR Q4 2023

2024-03-22 21:24:26 GMT

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The #bitcoin ETF approval isn’t a step function, it’s more like slowly opening a valve.
- Matt Hougan

2024-03-22 14:14:17 GMT

Bitcoin Investor Day NYC https://image.nostr.build/6401599678c8d49caa4da5b9b8d2397f335e14a99e40ab0970d72fca1af2b65f.jpg https://image.nostr.build/2b1d03e77f52c6661904d076adacb08683f224f3d641e468fa1c6d52ec6b70b6.jpg

2024-03-21 18:02:42 GMT

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Michael Novogratz
https://youtu.be/uDklQ3seV18?si=D3s6hM-jmSNyp_1s&t=367s

2024-03-21 18:01:32 GMT

2 stories with #bitcoin that always happens:
1) it’s a macro asset
2) it’s early in in the lifecycle
Right now this is all adoption (cycle). New buyers coming in and being told the big picture story.
It’s still a macro asset, and the Fed pivoting on interest rates will affect the price of bitcoin.

2024-03-19 21:43:09 GMT

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https://www.mstr-tracker.com

2024-03-19 21:42:30 GMT

Live charts for #MSTR
BTC / sh
NAV Premium
MSTR / BTC

2024-03-19 13:02:15 GMT

#MSTR share conversions to buy #Bitcoin at these prices haven’t been dilutive (slightly accretive).
I was confused at first bc it seemed they were producing much more shares than the number of bitcoin they were buying.
What I was missing was that they had a very large base of existing shares compared to their number of bitcoin.
Issuing shares when the price of MSTR is high and BTC is low has the largest accretive effect.
However, it doesn’t seem like @npub15dq…lm5m is more interested in increasing the total amount of BTC as he never really mentions BTC/ sh. https://image.nostr.build/85a5932f5a7f1b3769728d8bbef945838c405c40a4c093726ba8c843ce3e48cd.jpg

2024-03-17 22:01:59 GMT

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@npub1hxw…40pf & @npub1s5y…6q7z believe #bitcoin will have a CAGR of 30-50% going forward

2024-03-17 22:00:56 GMT

“If they're not raising interest rates then I do think that it creates tailwinds for #Bitcoin and we're easily going in the six figures this year.
If we zoom out and look 18 months after the having where are maybe we are touching a million dollars.
There's not anything stopping us from getting there and there's lots of catalysts pushing us towards that that price point.”
@npub1hxw…40pf @npub1s5y…6q7z
https://youtu.be/-IPcQvkMJIc?si=Y6x3E0t55sYR6rJR

2024-03-17 21:50:16 GMT

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Big tech is cash flow rich and asset poor.
- it gets harder to produce greater cash flows as the companies get larger
Bitcoin is asset rich.
- it becomes more compelling as its value increases
- as it gets larger the liquidity and the network of holders increases

2024-03-17 21:47:59 GMT

Before taking on debt/equity #MSTR asks themselves:
- Is this prudent?
- Is this accretive?
- Is this going to be good for our shareholders?
“We don’t want too much leverage, just the right amount without creating undue uncertainty.
We pride ourselves in being nimble and taking advantages as they present themselves
Sometimes it’s appropriate to go fast, go slow, or do nothing and wait for a better opportunity.”
- @npub15dq…lm5m
They never mention the “BTC/ Sh” metric.
Instead they make decisions “accretive to shareholders”

2024-03-17 21:44:46 GMT

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With the approval of the #Bitcoin ETPs, the Bitcoin deniers are being discredited and the skeptics are being silenced.
If you don’t think it’s a legitimate asset there’s no way the sec would have approved an ETP for “tulip bulbs.”
It’s not going to be banned because it’s being viewed and accepted as an asset not a currency via Fidelity, BlackRock, etc.
All that remains are traders, investors, or maximalists.
Awareness and acceptance is spreading.

2024-03-17 17:01:40 GMT

“The historical track record of old white men who don't understand technology crapping on new technology is I think at a 100%." #bitcoin
- Marc Andreessen
https://youtu.be/iir5J6Z3Z1Q?si=hRQRd7U-ql7xHmob&t=2565

2024-03-15 16:33:45 GMT

The 5 stages of a bitcoiner
@npub15dq…lm5m
https://youtu.be/qXn5M31Y4yQ?si=P1ip6ZUGgqG4HcAE https://image.nostr.build/a7561e0352fe2d63987bbe89690c0170a2f9f9c619574b72ccb96b9779addf6c.jpg

2024-03-12 06:37:39 GMT

#MSTR a company that’s able to reinvest their capital at high rates of return via #bitcoin
#100baggers

2024-03-12 04:25:13 GMT

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“#bitcoin has no cash flows
The critics think it’s a defect…it’s a feature
With no cash flows, quarterly results, no product cycles, this is the longest lived asset in the financial ecosystem with the least uncertainty.
We’re buying it to hold it for 100 years.”

2024-03-12 04:19:08 GMT

“With Bitcoin it’s been the case that people basically make up their mind first, and then look for the confirming evidence.
With Warren and Charlie it’s easy, it’s not a productive asset.
That’s all they need to know, and therefore they don’t like it.”
Bill Miller III
https://youtu.be/BN2XgTfollM?si=IKQJonnf1mMU8Qi-&t=5491

2024-03-12 03:05:40 GMT

“#bitcoin isn’t digital currency, it’s digital property
Once you make that big leap, the compelling use case is capital preservation for everyone in the world.
Medium of exchange is only worth $1T
Store of value is worth $100T
No ones trying to buy a cup of coffee with fraction of their building
Medium of exchange is a distraction”
@npub15dq…lm5m
https://x.com/saylor/status/1767178599390458285?s=46&t=ps6aTw4ibalKEFrDR9D5og

2024-03-11 21:43:54 GMT

Samantha Mclemor’s path from skeptic to believer of #bitcoin as digital gold starting in 2020 via Bill Miller III
https://www.youtube.com/watch?v=4RZ2nPQae44&t=2012s

2024-03-10 21:19:37 GMT

Each cycle brings in another cohort #bitcoin https://image.nostr.build/c336845505bc978a251efeb1aba4f858615487015dfccb4ca4dd510f2b6e4c41.jpg

2024-03-09 12:29:17 GMT

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@npub15n9…qru4
https://dashboard.clarkmoody.com/ https://image.nostr.build/a6a3f12dec4dc459245bd0e3d38997496e0da05b54ba85f72eebc798d84297bc.jpg

2024-03-09 12:00:04 GMT

The beginning of the gold rush #bitcoin
Seen at LaGuardia Airport https://image.nostr.build/344b16df679fc461409d77862c865c033a04969115a6e64772cb9b11f5a45317.jpg

2024-03-09 03:44:13 GMT

“I think we’re in the #Bitcoin gold rush era.
It started in January of 2024 (w Bitcoin ETFs) and it will run until about November 2034.
In November 2034, 99% of all Bitcoin will have been mined.
The last 1% will comes out over the next 100 years.”
@npub15dq…lm5m
https://www.youtube.com/live/SKAHlCpwsLc?si=psuXebi61vVIid4P&t=29748

2024-03-09 01:38:18 GMT

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I realize @npub1s5y…6q7z meant increasing the market value of MSTR’s BTC vs marketcap of MSTR (per share)
Which can be done by buying more bitcoin before the halving when the stock price is high.

2024-03-08 14:59:46 GMT

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Ah thank you.
How do you keep up with MSTR’s BTC/sh?
I know saylortracker.com shows his purchases.

2024-03-07 23:33:40 GMT

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It seems like the BTC per share would go up only if MSTR is able to buy more bitcoin (at $65k) with the money raised ($700m) than the number of notes that are converted into shares (at $1.5k).
However, $700M/ $.065M < $700M / $.0015
Am I getting this wrong?
@npub1s5y…6q7z

2024-03-07 23:10:41 GMT

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@npub1s5y…6q7z

2024-03-07 23:07:28 GMT

Buy back shares when your stock is undervalued (Buffett)
- reduces share count at favorable prices
Issue new shares and buy Bitcoin when your stock is overvalued (Saylor)
- raises more money per share at favorable prices
Am I getting this right? @preston
#MSTR
https://youtu.be/L0kuVPw8qM0?si=_gmayfvsdGAW_op3

2024-03-07 01:25:08 GMT

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As a #mstr shareholder, are you be looking at the amount of bitcoin / sh?
Or are you just looking at the increasing amount of bitcoins vs fiat debt?
Slightly confused on how this shakes out (lots of notes converted means less bitcoin / sh)

2024-03-04 23:47:38 GMT

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I was able to use LightningTipBot on #Telegram to provide me a LN URL for my profile

2024-03-04 14:22:51 GMT

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Setting up my profile but got stuck
Do I need to find an iOS app that provides me a lightning address/ LNURL in New York?
Connected @Mutiny Wallet to @damus which I think allows me to zap others but still don’t have my own LNURL

2024-03-03 16:32:39 GMT

Here after watching @npub1sg6…f63m on stage on Bitcoin Atlantis
#introductions