Zack is touching on something real here. @saylor must have figured out what every good Ponzi operator eventually learns: people are greedy, and greed makes them forgetful. When things are going up, they’ll cheer almost anything — even highly leveraged structures with terrible incentives. Max Tegmark once pointed out that the universe itself kind of runs on Ponzi-like mechanics. It keeps creating more structure, more complexity, and more “growth” out of what looks like nothing, through constant expansion and leverage. In that sense, Saylor, Madoff, and even nature discovered the same hack: exponential growth looks sustainable… until it isn’t. We’re seeing that play out again right now. Bitcoin is correcting hard, and suddenly the same people who were celebrating “Bitcoin treasury companies” are quiet or in pain. The question is whether Saylor’s loudest admirers will finally see what was obvious from the beginning, or if they’ll just wait for the next leg up to forget again. I warned about this months ago when everyone was cheering these structures. https://t.co/A8TbWpbWN3 @zackvoell @tegmark