The fatal flaw of perpetual preferred stock on a "Bitcoin standard": Saylor’s entire thesis is that fiat is programmed to debase to zero. Yet, he built a capital structure that requires continuous, permanent fiat cash flow to survive: 1. No Expiration: Unlike convertible bonds that mature or convert, $STRC perpetual dividends never stop draining cash. 2. The Dilution Engine: To pay billions in fiat yield without selling Bitcoin, Strategy has to continuously print and sell common equity into retail bids. 3. The Irony: Common shareholders get permanently diluted to fund fiat checks that will eventually be worth nothing anyway. Real Bitcoiners don't chase synthetic fiat yield on corporate balance sheets because they know fiat has an infinite supply.