@ f03df3d4:a4d4f676

Block 881268 6 - high priority 5 - medium priority 4 - low priority 2 - no priority 1 - purging #bitcoinfees #mempool

@ f03df3d4:a4d4f676

Block 881268 6 - high priority 5 - medium priority 4 - low priority 2 - no priority 1 - purging #bitcoinfees #mempool

@ e7bf8dad:839ef3db

Block 881268 6 - high priority 5 - medium priority 4 - low priority 2 - no priority 1 - purging #bitcoinfees #mempool

@ f03df3d4:a4d4f676

Block 881268 5 - high priority 4 - medium priority 3 - low priority 2 - no priority 1 - purging #bitcoinfees #mempool

@ e8d66519:784074e9

New media won Trump the election via big podcasters. Giving them a seat at the table

@ f648d923:820d7bb9

中国许多家庭大年初一禁止吃肉类的。早上都吃素，禁止杀生。禁止使用刀具。

@ e7bf8dad:839ef3db

Block 881267 8 - high priority 7 - medium priority 5 - low priority 2 - no priority 1 - purging #bitcoinfees #mempool

@ f03df3d4:a4d4f676

Block 881267 8 - high priority 7 - medium priority 5 - low priority 2 - no priority 1 - purging #bitcoinfees #mempool

@ cbab7074:f9f0bd61

Block 881267 8 - high priority 7 - medium priority 5 - low priority 2 - no priority 1 - purging #bitcoinfees #mempool

@ df3b8a38:40ca8150

Wednesday #SelfieDay 🤳 Riding in style, always 💅🏎️ #LoveSelfieCar #GlamRides #LuxuryVibes https://images2.imgbox.com/57/c5/jDevOCHy_o.jpg

@ 43baaf0c:d193e34c

In the new Olas from nostr:npub1l2vyh47mk2p0qlsku7hg0vn29faehy9hy34ygaclpn66ukqp3afqutajft that I use mostly for my nostr:npub105em547c5m5gdxslr4fp2f29jav54sxml6cpk6gda7xyvxuzmv6s84a642 I saw it reminded Hashtags and click it. :)

@ f03df3d4:a4d4f676

Block 881267 7 - high priority 6 - medium priority 5 - low priority 2 - no priority 1 - purging #bitcoinfees #mempool

@ f648d923:820d7bb9

春节快乐。中国春节早上要吃素吃斋。禁止吃肉，禁止使用刀具。都只吃豆腐和青菜🥬。其它东西禁吃。新年的第一天必须“吃斋”。

@ 4a6468c5:e9061ef3

Jake Tapper - what a douche. Looking forward to watching the demise of CNN, MSNBC and the horribly biased "news" networks. I've noticed that the liberal media seems to be trying a different ploy for this Trump presidency. The first time around they just outright attacked him and that didn't work. They got their ass handed to them in this election, so this time they are attempting to smear and discredit Trump by trying to turn people against him with these ridiculous narratives, but not outright and directly attacking him. At least so far....give them time and they will once again come unhinged and start foaming at the mouth with their close-minded hatred.

@ e7bf8dad:839ef3db

Block 881267 7 - high priority 6 - medium priority 5 - low priority 2 - no priority 1 - purging #bitcoinfees #mempool

@ f03df3d4:a4d4f676

Block 881267 7 - high priority 6 - medium priority 5 - low priority 2 - no priority 1 - purging #bitcoinfees #mempool

@ 42796796:a6806e37

Right a total troll that they will keep falling for. Hilarious.

@ 3f770d65:7a745b24

I am constantly typing olas364 instead of olas365. This pains me. When you see me do this, please shame me.

@ f03df3d4:a4d4f676

Block 881267 7 - high priority 6 - medium priority 4 - low priority 2 - no priority 1 - purging #bitcoinfees #mempool

@ e7bf8dad:839ef3db

Block 881267 6 - high priority 5 - medium priority 4 - low priority 2 - no priority 1 - purging #bitcoinfees #mempool

@ f03df3d4:a4d4f676

Block 881267 6 - high priority 5 - medium priority 4 - low priority 2 - no priority 1 - purging #bitcoinfees #mempool

@ 0d97beae:c5274a14

I think that's the point, the goal, the only goal.

@ f03df3d4:a4d4f676

Block 881267 6 - high priority 5 - medium priority 4 - low priority 2 - no priority 1 - purging #bitcoinfees #mempool

@ d9d7c1b0:e63383a2

提问：全面、系统地分析一下，为什么中国近年出现离婚率暴增的现象？会有什么影响？ 首先不只是中国，除了绿教国家，全球离婚率这些年都越来越高。 不仅离婚率高，结婚率还变低了。 说明问题不是出在离婚，而是婚姻这件事上。 我认为的原因是，婚姻制度已经不适合现在的社会发展和生产力生产关系了。 具体原因以下，嫌太长不看直接拉到最后看结论。 我个人是反对整个婚姻制度的。不论哪国。 因为婚姻制度是适应工业革命以前的人类社会， 工业革命 以后，婚姻制度逐渐失去存在的意义，终将消亡。 婚姻制度本质上是经济上的合伙契约。 生意合伙，入股的话大家要各自投入资本， 要么拿钱，要么出固定资产，要么出技术， 要么有无形资产，比如专利，商标等等。 而各自换取的也是自己所没有的资本，这样才能有共同利益而结成合伙。 那类比合伙做生意，婚姻双方之间看的是什么： 经济条件，房子，身高长相，生育能力 教育水平，工作，家庭背景，户口等 这些都可以类比成合伙做生意的入股资本。 在工业革命以前，女性几乎无法经济独立养活自己。 因为主要是靠农业生产，体力劳动，这方面女性具有生理上不可忽略的劣势。 而整体社会风气也并不接受女性脱离家庭独立生活。 而男性则一方面是性需求（女性也有，但是不被社会所认可）， 一方面是繁衍后代的需求， 再一个是生活上有人照顾做家务的需求。 因此男女双方通过婚姻关系达成契约： 女性嫁给男性生孩子，照顾家里，满足丈夫性需求。 而男性在经济上供养女性则是天经地义。 是女性迫于无奈必须依附男人生活的结果。 而婚姻就是保障女性付出了这些之后得到适当的经济回报。 门当户对也是对于这样的契约的保障。对于男方经济条件的要求也是。 女性出嫁前在娘家过什么样的生活， 出家后依附于男方了，不能降低生活水平。是基于这样的考虑。 而低阶级女性高攀，甚至嫁入大户人家做小，则没有那么多顾虑。 因为经济条件上是提升的，生活状况会改善（至少物质上） 婚姻法通篇写的都是财产和子女抚养权怎么处理，对于婚姻双方是否忠诚，和是否有感情，几乎没有约束力。 （在大多数现代正常国家，通奸罪都被废除了。婚姻不忠的行为只会导致财产分配上的结果） 工业革命以后，女性也可以从事很多生产劳动，更别提信息革命以后，人类脑力劳动已经多于体力劳动了。 女性可以从事的工作史无前例的多，社会对女性工作和经济独立的态度也越来越认可。 社会风气也越来越开放，婚前性行为，未婚同居，未婚生子，甚至约炮等行为被社会逐渐接受。 婚姻契约的双方需求基础不复存在： 女性不需要男性养活自己了，可以经济独立。 男女双方也都有很多种方式解决性需求和繁衍后代的需求。 双方利益的一致点没有了，也不具备对方所需要的资本了。 那么自然没有理由合伙经营了。 而婚姻制度和婚姻法也是普遍落后的。 比如婚内共同财产平均分配这一点。 依据就是传统婚姻契约，女性嫁给了男性，也付出了。 比如满足了丈夫性需求，生了孩子，从事家务， 甚至也帮助生产，因此理应给女性一个经济上的保障和回报。 但是随着现代社会发展，各种新现象出现， 比如婚内强奸：也就是说妻子没有义务满足丈夫性需求。 也没有义务一定给丈夫生孩子。 另外也出现了有钱人娶一个花瓶，既不从事生产，也不打理家务，更不生儿育女的情况。 这些极端情况下女性为这段婚姻契约付出了什么呢？ 男性又为什么要继续在经济上供养女性呢？ 什么都没付出为什么还有资格要分一半财产呢？ 这些都是现代婚姻制度落后于现代生产关系和社会现状的体现。 因此在世界范围内，传统的婚姻家庭价值观都在逐渐瓦解。 经济越发达的地区瓦解的越快。 年轻人更偏向同居/恋爱/炮友关系而非婚姻关系。 喜欢就在一起，想要就生孩子，为什么一定要结婚呢？ 各自都有自己工作收入能养活自己。结婚有什么意义呢？ 反而不爱了分开的时候还牵扯一大堆问题。 不如同居然后各自aa过日子。爱就在一起，不爱了就分。 中国的婚恋观也遵循这个规律。 北上广大城市，30以后未婚未育的有的是。 经济发达地区不要男方彩礼等的也有的是（比如珠三角） 女方陪嫁车子房子的也屡见不鲜。或者男女婚前各有一套，各人的还归个人。 因为经济发达到这个程度，女性不需要依靠婚姻上的供养了。 自己的收入或者娘家，供的起较好的物质生活条件。 女性也更容易接受其他两性关系而非婚姻关系。 反而是经济落后的地区，才格外注重男方经济条件，彩礼等。 因为这些地区的女性就业机会和职业发展落后， 无法靠自己过上较好的生活，还是要依附于婚姻关系。 这些传统的地方男方家庭的观念也更偏传统： 比如娶了媳妇就是要伺候丈夫公婆，娶媳妇就是要生儿子。 因此这些都是证明我说的，婚姻这个事，更多是经济关系， 婚姻观念怎么样取决于经济发展到什么程度。 中国之所以出现这些现象，其实这不都是以前的传统婚姻观嘛。 不奇怪，因为中国大部分地区还没有发达到一定程度。 综合上述，婚姻制度和家庭关系正在全球范围内逐渐瓦解，经济越发达的地区瓦解的越快。 转自品葱

@ 42796796:a6806e37

Glocks 9mm are good too, whatever you get you have to train with and it must feel good in your hand.

@ 00000000:f729d700

Orange pilled my seller guy from FB marketplace. He did not know you could buy fractions of Bitcoin so he thought it was too expensive.

@ 42796796:a6806e37

I’m partial to .38 revolvers with +p ammo for reliability and simplicity. Double action single action. Pump action shotguns are also good. 20gauge has reduced recoil.

@ f03df3d4:a4d4f676

Block 881267 6 - high priority 5 - medium priority 4 - low priority 2 - no priority 1 - purging #bitcoinfees #mempool

@ 1ae011cb:1257a556

Block 881267 6 - high priority 5 - medium priority 4 - low priority 2 - no priority 1 - purging #bitcoinfees #mempool

@ cbab7074:f9f0bd61

Block 881267 6 - high priority 5 - medium priority 4 - low priority 2 - no priority 1 - purging #bitcoinfees #mempool

@ e7bf8dad:839ef3db

Block 881267 6 - high priority 5 - medium priority 4 - low priority 2 - no priority 1 - purging #bitcoinfees #mempool

@ f648d923:820d7bb9

i'm flatter.thank you for your kind words.

@ f03df3d4:a4d4f676

Block 881267 5 - high priority 4 - medium priority 3 - low priority 2 - no priority 1 - purging #bitcoinfees #mempool

@ e7bf8dad:839ef3db

Block 881267 5 - high priority 4 - medium priority 3 - low priority 2 - no priority 1 - purging #bitcoinfees #mempool

@ f03df3d4:a4d4f676

Block 881267 5 - high priority 4 - medium priority 3 - low priority 2 - no priority 1 - purging #bitcoinfees #mempool

@ eab0e756:7ab91f4f

What are your favorite guns for someone who is not a big gun enthusiast but is passionate about self defense? Like, you aren't optimizing for a zombie apocalypse but you want your wife to be able to pick up the gun and defend the house from intruders if need be, and the gun's maintenance levels have been maybe questionable but it's reliable enough to still probably work reliably and she can wield it.

@ f03df3d4:a4d4f676

Block 881267 5 - high priority 4 - medium priority 3 - low priority 2 - no priority 1 - purging #bitcoinfees #mempool

@ f03df3d4:a4d4f676

Block 881267 5 - high priority 4 - medium priority 3 - low priority 2 - no priority 1 - purging #bitcoinfees #mempool

@ e7bf8dad:839ef3db

Block 881267 5 - high priority 4 - medium priority 3 - low priority 2 - no priority 1 - purging #bitcoinfees #mempool

@ f03df3d4:a4d4f676

Block 881267 4 - high priority 3 - medium priority 3 - low priority 2 - no priority 1 - purging #bitcoinfees #mempool

@ cbab7074:f9f0bd61

Block 881267 4 - high priority 3 - medium priority 3 - low priority 2 - no priority 1 - purging #bitcoinfees #mempool

@ e7bf8dad:839ef3db

Block 881267 4 - high priority 3 - medium priority 3 - low priority 2 - no priority 1 - purging #bitcoinfees #mempool

@ f03df3d4:a4d4f676

Block 881267 4 - high priority 3 - medium priority 3 - low priority 2 - no priority 1 - purging #bitcoinfees #mempool

@ f03df3d4:a4d4f676

Block 881267 3 - high priority 3 - medium priority 3 - low priority 2 - no priority 1 - purging #bitcoinfees #mempool

@ 10cb23d1:83cd9b39

Now, and it will not be televised.

@ f03df3d4:a4d4f676

Block 881267 3 - high priority 3 - medium priority 3 - low priority 2 - no priority 1 - purging #bitcoinfees #mempool

@ e7bf8dad:839ef3db

Block 881267 3 - high priority 3 - medium priority 3 - low priority 2 - no priority 1 - purging #bitcoinfees #mempool

@ 73059d8d:4fbf0596

知乎有分析，2024川普当选后，极大概率会继续印美元，采用更加激进的货币政策，以掩盖危机爆发。

@ f03df3d4:a4d4f676

Block 881267 2 - high priority 2 - medium priority 2 - low priority 2 - no priority 1 - purging #bitcoinfees #mempool

@ 73059d8d:4fbf0596

美国简化政府的改革是否能成功？我可以给出明确的答案：不可能。 川普他也是支持大政府的。2020年疫情爆发，川普的第一件事竟然是救股市，他向美联储发出威胁，要求大量印钞。对于救援病人他拿不出任何有效措施，于是股市在美联储印钞以后，还是熔断了很多次。 印钞只能养肥(投行)银行家和上市公司大股东。最终，美国的中上层实体企业精英发力，让他输掉了2020大选。

@ f03df3d4:a4d4f676

Block 881267 2 - high priority 2 - medium priority 2 - low priority 2 - no priority 1 - purging #bitcoinfees #mempool

@ e7bf8dad:839ef3db

Block 881267 2 - high priority 2 - medium priority 2 - low priority 2 - no priority 1 - purging #bitcoinfees #mempool

@ f03df3d4:a4d4f676

Block 881264 2 - high priority 2 - medium priority 2 - low priority 2 - no priority 1 - purging #bitcoinfees #mempool

@ df3b8a38:40ca8150

@ e7bf8dad:839ef3db

Block 881263 2 - high priority 2 - medium priority 2 - low priority 2 - no priority 1 - purging #bitcoinfees #mempool

@ cbab7074:f9f0bd61

Block 881263 2 - high priority 2 - medium priority 2 - low priority 2 - no priority 1 - purging #bitcoinfees #mempool

@ f03df3d4:a4d4f676

Block 881263 2 - high priority 2 - medium priority 2 - low priority 2 - no priority 1 - purging #bitcoinfees #mempool

@ 1ae011cb:1257a556

Block 881263 2 - high priority 2 - medium priority 2 - low priority 2 - no priority 1 - purging #bitcoinfees #mempool

@ f03df3d4:a4d4f676

Block 881262 2 - high priority 2 - medium priority 2 - low priority 2 - no priority 1 - purging #bitcoinfees #mempool

@ 10cb23d1:83cd9b39

That’s insane, yeah the Covid era took a good run at trying to destroy my life as well. I totally believe that, especially pre Elon, it’s better now but it’s still censored

@ e7bf8dad:839ef3db

Block 881260 3 - high priority 3 - medium priority 3 - low priority 2 - no priority 1 - purging #bitcoinfees #mempool

@ f03df3d4:a4d4f676

Block 881260 3 - high priority 3 - medium priority 3 - low priority 2 - no priority 1 - purging #bitcoinfees #mempool

@ 2eb3d0e0:33e3dcf8

How do you buy Bitcoin?

@ f03df3d4:a4d4f676

Block 881260 2 - high priority 2 - medium priority 2 - low priority 2 - no priority 1 - purging #bitcoinfees #mempool

@ f03df3d4:a4d4f676

Block 881259 4 - high priority 3 - medium priority 3 - low priority 2 - no priority 1 - purging #bitcoinfees #mempool

@ e7bf8dad:839ef3db

Block 881259 4 - high priority 3 - medium priority 3 - low priority 2 - no priority 1 - purging #bitcoinfees #mempool

@ f03df3d4:a4d4f676

Block 881259 3 - high priority 3 - medium priority 3 - low priority 2 - no priority 1 - purging #bitcoinfees #mempool

@ 91bea5cd:1df4451c

Como posso saber? Isso foi postado na rede social dela respondendo a um comentário. O que por si só já é bem degradante, mesmo que sendo só uma sátira.

@ f03df3d4:a4d4f676

Block 881259 2 - high priority 2 - medium priority 2 - low priority 2 - no priority 1 - purging #bitcoinfees #mempool

@ e7bf8dad:839ef3db

Block 881259 2 - high priority 2 - medium priority 2 - low priority 2 - no priority 1 - purging #bitcoinfees #mempool

@ cbab7074:f9f0bd61

Block 881259 2 - high priority 2 - medium priority 2 - low priority 2 - no priority 1 - purging #bitcoinfees #mempool

@ 42796796:a6806e37

It’s even more Incredible inside, had the pleasure of visiting many years ago.

@ f03df3d4:a4d4f676

Block 881259 2 - high priority 2 - medium priority 2 - low priority 2 - no priority 1 - purging #bitcoinfees #mempool

@ 3f770d65:7a745b24

Legacy social media is abuzz with the news that Twitter is partnering with Visa to enable peer-to-peer payments. To the inexperienced, Twitter embracing the value for value model could seem like a positive step. However, there's more meat to this story. Twitter has a history of censoring users. Why would anyone want their money to be subject to the same censorship as their communications? Better solutions exist.

@ 27430cd6:869b90e5

Thank you for that excellent explanation

@ e7bf8dad:839ef3db

Block 881257 3 - high priority 3 - medium priority 3 - low priority 2 - no priority 1 - purging #bitcoinfees #mempool

@ f03df3d4:a4d4f676

Block 881257 3 - high priority 3 - medium priority 3 - low priority 2 - no priority 1 - purging #bitcoinfees #mempool

@ 958b754a:5c39e88c

someone in the comments said “He just a lil Auschwitztic” https://v.nostr.build/qrCFJFshLeOjfDB4.mp4

@ f8e6c643:03328ca9

Zaps are revolutionary. The alternative is fully centralized and fully censorable. nostr:note1kp5gq0yr3yjse42u9mzrck3jy0wmvh649rew8seam0kvvm3a9vksynh7xk

@ f03df3d4:a4d4f676

Block 881257 2 - high priority 2 - medium priority 2 - low priority 2 - no priority 1 - purging #bitcoinfees #mempool

@ e7bf8dad:839ef3db

Block 881256 2 - high priority 2 - medium priority 2 - low priority 2 - no priority 1 - purging #bitcoinfees #mempool

@ f03df3d4:a4d4f676

Block 881256 2 - high priority 2 - medium priority 2 - low priority 2 - no priority 1 - purging #bitcoinfees #mempool

@ 6389be64:ef439d32

Islands of Life On Lord Howe Island there is a tree: The Kentia Palm. One population of Kentia has, over time, associated with a mycorhizzal fungal community allowing it to thrive in alkaline soils. The other associated with a different mycorhizzal community allowing it to grow in acid soils. Same species but very different soil environments. https://m.primal.net/OEyk.jpg The association with an organismal "raft" bearing a different genome has facilitated this ability of the Kentia Palm to colonize different soil types. It's the association that brings resilience and intrepidity. What does this say about the possibilities of the "lichen" that is bitcoin, Lightning Network, eCash, and nostr? My guess is it's now akin to an invasive "species" that will permeate every nook, cranny, and crack that presents itself. This world is so fractured; footholds are everywhere.

@ f03df3d4:a4d4f676

Block 881254 4 - high priority 3 - medium priority 3 - low priority 2 - no priority 1 - purging #bitcoinfees #mempool

@ f8e6c643:03328ca9

https://m.primal.net/OEyS.jpg

@ 1ae011cb:1257a556

Block 881254 4 - high priority 3 - medium priority 3 - low priority 2 - no priority 1 - purging #bitcoinfees #mempool

@ cbab7074:f9f0bd61

Block 881254 4 - high priority 3 - medium priority 3 - low priority 2 - no priority 1 - purging #bitcoinfees #mempool

@ e7bf8dad:839ef3db

Block 881254 4 - high priority 3 - medium priority 3 - low priority 2 - no priority 1 - purging #bitcoinfees #mempool

@ f03df3d4:a4d4f676

Block 881254 4 - high priority 3 - medium priority 3 - low priority 2 - no priority 1 - purging #bitcoinfees #mempool

@ 5725c4a8:6ba4f820

For a few years now I've been of the opinion that epigenetics is likely a better explanation of adaptation and evolution, more so than "random mutation". Especially given that it has been demonstrated to reinforce in populations where multiple generations are subjected to the same pressures. I wouldn't be surprised to learn that there's also a feedback between the epigenetic mechanisms and the encoding (not just expression) of genes.

@ f03df3d4:a4d4f676

Block 881254 3 - high priority 3 - medium priority 3 - low priority 2 - no priority 1 - purging #bitcoinfees #mempool

@ f03df3d4:a4d4f676

Block 881254 3 - high priority 3 - medium priority 3 - low priority 2 - no priority 1 - purging #bitcoinfees #mempool

@ e7bf8dad:839ef3db

Block 881254 3 - high priority 3 - medium priority 3 - low priority 2 - no priority 1 - purging #bitcoinfees #mempool

@ f03df3d4:a4d4f676

Block 881254 3 - high priority 3 - medium priority 3 - low priority 2 - no priority 1 - purging #bitcoinfees #mempool

@ d49a9023:990fa8df

https://arstechnica.com/security/2025/01/newly-discovered-flaws-in-apple-chips-leak-secrets-in-safari-and-chrome/

@ f03df3d4:a4d4f676

Block 881254 2 - high priority 2 - medium priority 2 - low priority 2 - no priority 1 - purging #bitcoinfees #mempool

@ 6389be64:ef439d32

Endophytes as Subroutines https://m.primal.net/OEwz.jpg Fungi that live in plants can actively determine under what conditions its host-plant can grow or thrive. If we swap out the endophytes (fungal/bacterial) of a plant that grows in salty soils for the endophytes used by plants thriving in hot geothermal soils then that plant can no longer thrive in salty soils. But it can now grow in hot geothermal soils and vice versa. This, in my view, is more about epigenetics (the study of heritable traits, or a stable change of cell function, that happen without changes to the DNA sequence) than anything else. Plants, animals and more are communities of genetically unrelated entities that forge a platform that is able to thrive for the benefit of all involved. Or, so it would seem. One thing is certain: The plant living in salty soil is able to do so not because of it's own genetics but because of it's interaction with a completely different genome.

@ 14aac5ed:7f94152c

$MSTR Initial Preferred Stock Thoughts Trigger Warning: Long Post. Alright, lots of questions and info flying around out there so we might as well dig in a bit on the structure of the offering even if we don't have the final version yet. There is a lot of optionality that comes with this offering, and I think with time people are really going to appreciate the power of having the Preferred class of stock for MSTR. The Basics The initial offering is for $250M and will be comprised of 2.5M Preferred shares under the ticker $STRK. This is most likely to feel out the initial market demand for this offering, and I will not be surprised if the offering is larger once the initial interest has been registered. The initial offering price (liquidation value) is set at $100 for this offering, and the offering is available to retain investors as well as institutions, funds, etc. Each Preferred Share of stock is convertible into 1/10th of a share of Class A Common stock. This effectively creates a "strike price" on the offering at $1,000. Dividends The dividend on the Preferred Stock is 8% of the liquidation value. For simplicity you can think of this like the "par" value on a bond, and the dividend is locked against that value and not floating. What this means in practice is that because the offering is price $100, the dividend is set at $8 annually. The dividend in practice will be paid on a quarterly basis at $2 per share. This differs from what people typically look at as yield, so it is important to understand that distinction. Because the dividend is fixed at the offering price, if STRK trades at $200 then the "yield" will effectively be cut to 4% (but the dividend is still $8 per share). The dividends have some optionality through both a toggle and a payment in kind mechanism. This basically means that MSTR can pay the dividend in either cash, Class A common stock, or a combination of both. In practice, the dividend will likely be paid in cash which will allow MSTR flexibility in how they deploy the ATM for any funding needed, but the optionality is there for either form of payment. MSTR does retain discretion on whether dividends are paid, but in the event they are scheduled but not paid those dividends to accumulate and are still owed to the holders at a future date. There is a compounding effect built in here (i.e. additional dividends would be owed on the unpaid dividends), but we don't need to go that granular for now. How will the Dividends get paid? The dividends will get paid through either the cash flow of MSTR, the sale of common stock using the ATM, or other financing methods. More on this later. Maturity Date There is no maturity date, these are truly perpetual. MSTR Early Conversion Call Provisions There are also no early conversion provisions for MSTR (nothing like the 130% we have become accustomed to with the converts). Essentially, these are truly perpetual at the discretion of the Preferred Stock holders. There are some clean up clauses in the offering which would allow MSTR to call conversion on the remaining stock if they get down to $62.5M (25% of initial offering value) outstanding, but that's really it. The only other potential trigger is major changes in tax laws impacting the treatment of Preferred Stock, so this truly is at the discretion of the holders. Premium This offering is effectively collecting capital at a common stock price of $1,000 per share. As of the time I am writing this, the MSTR common stock share price is $337.40, so this means that MSTR is collecting capital at a premium of 196.4%. For those wondering how I arrived at this, it's really quite simple. You simply take the total offering value of $250,000,000, and then you figure out how many shares of common stock the offering is convertible into. Since there are 2.5M preferred shares, and those shares are convertible into 1/10th of a share of Class A common stock, that means this offering has 250,000 shares of common stock associated with it once converted. So from there we simply divide the offering by the common shares associated with it, and we arrive at $1,000 per share at the capital raising price. Now the first thing you should notice about this is that it is MASSIVELY accretive to the Bitcoin per share metric. Far beyond even the best converts we have seen which had a 55% premium associated with them. But as I'm sure you can imagine, it isn't going to be quite as clean as using the 196.4% at face value. After all, there are dividends to pay here. But what is important even with the dividends, is that they will now have the ability to either utilize cash flow for the $20M in annual dividends on this initial offering, or they have the ability to sell common stock at future values to fund the dividend payments. For scale, raising $20M with the Class A Common Stock ATM essentially equates to MSTR turning on the ATM for 2 minutes. You'd never even notice. So what is exciting about this? Well for starters, the premium is initially huge. Even if common stock is used over a long period of time to fund the dividends, this has the potential to be massively more accretive than any convertible offering has been and definitely more accretive than the Class A ATM. Now some of you likely picked up that they can actually issue these preferred shares in the future via an ATM offering. What you may not have considered is the long term ramifications here while you were sifting through all the yelling about "more ATMs!", or "this is just introducing even more ways to dilute!", or whatever the talking points were filling your feed. But let's think about this logically for a minute. Once this offering is completed, MSTR could come back to the market with an S-3 filing and open up an ATM allowing them to issue more Preferred shares on this same structure. However, as with all ATM, they would be able to sell those shares at whatever the market price currently was. So if the Preferred is trading at $115 per share, MSTR would collect $115 for every share they sell into the market now. This doesn't change the dynamics of the dividend, that share that they sell still only gets the 8% on the $100 liquidation value, so $8 annually. But that's not even the exciting part really (and it will take a bit of time before they can likely use an ATM here due to some volume requirements needing to be met). The exciting part is they just opened a potential off ramp from using the Class A common stock ATM for constant Bitcoin accumulation. But now let's say they used the preferred offering. If they are issuing with an ATM, they will be selling those preferred shares at $115. So that means we need to divide that $2B by $115 to figure out how many shares of preferred we sold. I'll skip all the numbers, and just tell you it is 17,391,304 shares of preferred stock. Let's just for fun say the Common stock is trading at $450 and the Preferred is trading at $115. If they use the Common stock ATM, they will sell $2B worth of shares meaning they sold 4,444,444 shares of common stock to acquire that $2B in Bitcoin. But that doesn't translate to how many common shares they essentially give up. As we know, preferred is convertible to common at 1/10 per share. So if we divide that total by 10 it means that we have "effectively" issued 1,739,130 common shares to raise the $2B. That is 2,705,314 LESS CLASS A SHARES initially to raise the same $2B. Now I know what you are thinking, they still have to pay the dividend. You are correct. So what is the dividend on that $2B? Well, as we know it will always be $8 per share per year. So since we sold 17,391,304 shares the annual dividend would be $139,130,432. So in this example, if the share price was $450 and never moved into the future, that would mean they would have more than 8 years before the same number of common shares would be issued from this offering as using the Common stock ATM. If I assume that MSTR performs at 5% growth a year, this number of years extends out to 11 years. At 10% it extends to 16 years. If I assume MSTR performs at 15% growth a year, then I have no idea how far out it goes. I calculated it out to 62 years and it wasn't even close to breakeven yet and I'd be 100 years old so I figured that was far enough for me. Now that is using linear math, so you can quickly see what happens here if performance early on gets anywhere close to even matching the expectations for Bitcoin over the next 5 years. There is other flexibility as well. If conditions change they could always utilize convertibles to lock in funding for the dividend payments if so desired and if the premiums are attractive. And given the time frames and current improving political/regulatory changes we are seeing you could see an entire business transformation take place resulting in significantly increased cash flow making all this quite simple. I know people commonly view businesses as static and don't look at future optionality, but I am not one of those people. These are just examples, but this treasury team is a creative bunch so don't rule out getting surprised over and over again by the structures they come up with. MSTR is effectively creating 2 complimentary ATM products. One is used for the collection of capital at massively accretive values today, while the other is used to allow flexibility in funding the carrying costs of that capital. So while there will always be a ton of people bearish on new developments and focusing on ways to make each change in strategy into a doomsday scenario, I find this to be an incredibly beneficial development that creates a ton of future flexibility to operate and execute the strategy. If the demand is strong, and the market dynamics play out even remotely close to what I think could happen I could see a scenario where these start taking some of the convertible bond space for Fixed Income accumulation due to the lack of any point in time maturity risk. So I think there is a lot to like here. I will be looking for the final structure/terms to be released and to see what the overall demand is on this first offering, but I'm not expecting any massive changes to the general terms of the offering with the potential exception of the amount raised. We'll continue digging into the terms, and I'm sure people will start asking what would incentivize these buyers to convert into common, and we'll talk more about that once the offering is finalized. But this is an intriguing development which will give us lots to talk about and model out in the upcoming weeks and months. As I always say, we may be a lot of things in this community, but bored is not one of them.

@ f03df3d4:a4d4f676

Block 881253 2 - high priority 2 - medium priority 2 - low priority 2 - no priority 1 - purging #bitcoinfees #mempool

@ e7bf8dad:839ef3db

Block 881253 2 - high priority 2 - medium priority 2 - low priority 2 - no priority 1 - purging #bitcoinfees #mempool