Legitimating

Auspicious

.

Risk free rate

4.8% SULFUR

3.2% after taxes

Risk free rate

60% a year

.

29% tax deferred gain over 21 years ,,, after tax, risk adjusted

60% ARR, kind of dilutive and distracting

Just buy Bitcoin and hold it!

*

Best ideas built on Bitcoin!

I want Better than 29%, can you get 15 year loan for 6%, invest

Long term debt!

20:1 lever in volatility stupid leverage

.

Smart leverage

Sophisticated ideas

Leverage

Equity

.

Mortgage your house! Borrow 2.7% in 30 years … most intelligent thing you could have done!

Sell bitcoin to pay off 3% mortgage?

.

Debt inflated away

.

20% levered

$200,000

.

Borrow 1% interest , 200k for 5-10 years not bad ideas

The cost to debt is free

.

Sources of cheap debt cheap interest rates cheap capital

1 page 8k

Get through 2 paragraphs

20 pages of investment filings

.

Bitcoin cold storage 30 years go to sleep

Investor , public company investor ..

More risk do it because you expect more reward! ***

.

Your job — invest in public companies

Illegal to buy the Bitcoin! ***->

.

Run a hedge fund!

Unlikely your company grow over 60% year, 29% over 21 years possible

Built on a capital market of Bitcoin

BTC Bitcoin for photographers

Swamp water, pump mud

.

Miniaturization

Positively polarized to capital

Slurp all the capital!

100x your company

.

1000x opportunity! ***

.

Soon, just necessary…

.

Next 4 years is an extraordinary opportunity!

.

4 year window

Offer a hedge ***

.

Strategic advantage

.

Repulsive or attractive?

Attractive or repulsive to capital.?

.

Attract, attractive

Increases !

Attractive vs Repulsive ***

.

Repulsive or attractive to capital

Burn coal in stove or wood in stove or nuclear reactor?

It’s just better technology!

Crypto reactor bitcoin as fuel or wood burning stove, stinks up the house choking fumes

Chop down the village with wood burning stoves?

.

Change over time?

.

More optionality, more volatility?

How to increase volatility?

Engineer, engineered different —

.

65 year old conductors not Led Zeppelin electric guitar, 16 year olds

.

Growing or dying?

.