Although everyone is interpreting why micro strategy @ Strategy STRC is different from simple Ponzi schemes like Luna or others, But what Hu Bo said in this paragraph is easier to understand than the lengthy rambling I had before, Recommend Bitcoin investors to study and research diligently! one ️⃣ In essence, one sentence: Micro strategy is not using BTC to pay interest, but using human nature to pay interest. Micro strategy is not arbitrage Bitcoin, but arbitrage something more stable: human obsession with "interest". two ️⃣ Core mechanism: BTC is an interest free but long-term rising asset, Investors who want 'stable interest', Micro strategy=doing intermediate arbitrage. three ️⃣ Why don't we need to sell coins? Because it is not a cash flow model, but a financing life extension model: new investors' money → paying interest to old investors, as long as the funds continue to flow in → the system can roll over four ️⃣ Why can this' Ponzi 'be established: Because there is a contradictory group of people who believe that BTC will rise but are unwilling to bear the uncertainty of "no interest", the micro strategy earns a premium due to inconsistent cognition five ️⃣ Analogy helps to understand: Like a pension. six ️⃣ Life and death conditions: He is an unlimited renewal financing with weak Ponzi+strong narrative support (BTC upward expectation), paying interest, not from the micro strategy itself, but from human nature and fiat currency loopholes. So the premise for the validity of this model is that BTC has been rising for a long time and there is a persistent "interest illusion" of someone buying, If BTC does not rise for a long time, or if the market no longer needs "interest packaging", the model may become invalid