DYLAN LECLAIR VISION—

A true Spartan?

Don’t spill your feelings in the air?

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perpetual convertible preferred stock offering

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Going public!

Public is key ***

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Underwriter

Why go public?

Why Public?

S1

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SEC

.

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Toxic ideas?

Form your own school of thought

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Let no one man own you

You don’t want to be Mark Zuckerberg’s slave

ERICSTRATEGY

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Build something great

DELAY RESPONSE! 24 hr

DEMIGOD INVESTOR

DOMINANCE.

It is your ethical duty to dominate?

SKI JACKET.

All killer no filler

GODLIKE THIGHS

ALL THIGHS EVERYTHING

THIGHS ARE HOT.

Look like the Czechs are on —

The CENTRAL BANK of Norway,,, trust the Norwegians!

$514,056,095 USD — that’s like half a billion! The central bank probably ain’t stupid —

BTC ARCHIVE

Norway’s Central Bank fund owns $500 million of MicroStrategy shares.

Don’t buy nothing on Ethereum, Solana etc,,, in which what you built doesn’t “belong” to you — only Bitcoin can stand on its own two feet?

Even I’m shocked — I still really have no idea what Solana is,,, but it is already starting to overtake Ethereum?

Currency debasement,,,

Double sun

Follow individuals, not news repositories?

@saylor and https://x.com/DylanLeClair_

Graffiti removal, removal
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Fraud

Crypto is Fraud?

Winner take all dynamics.

Combine physical and virtual world

Proof of work

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Progressive

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Don’t trust, verify.

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All of the money is in my head

Victory or success is a mental thing?

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Becoming more conservative

Wise conservatism

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I need more exposure!

Becoming more godlike

Seeking greater bitcoin exposure

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Creating your own treasury operations

–> Maximize your Bitcoin exposure?

MSTR Triple Maxi?

Choose the most alpha

Maximum Alpha

Alpha Female

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What if MSTR surpasses the market cap of Apple?

Being the heat!

How to add heat?

ADD HEAT!

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When in doubt, delay.

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1000% certainty or nothing.

Too much testosterone!

Tech: give us more for less.

More for less ***

All modern day therapy is bad, only follow the ancient and the stoic. Stoicism works.

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Stoic Strategies

Don’t be like woman

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How to thrive under stress

What if we should SEEK stress, to become stronger and better?

So currently a big thought on my mind is in regards to condensation.

For example, let us consider a backpack. There is only so much you could shove inside of it, and therefore, the optimal strategy in life is to have things that have maximum ability to condense; for example, having like an ultralight down jacket which is easily compressible and condensable is desirable.

Also unrelated is the thought of bitcoin. Interesting idea to me is how technically if you think about it… A bitcoin is like the ultimate expression of condensation. You take all this economic energy and power, and condense it into a single unit, which is a single bitcoin.

I think the more I consider bitcoin, and the underlying philosophy and ethos behind it, in actuality… The more fascinating it becomes.

For example, just came back from a month trip to Asia in Vietnam in Hong Kong, and the truth is, you can’t travel or take your single-family home or your cybertruck with you.  if anything… Each and every single day in which I woke up in my Hong Kong apartment, just enjoying the sun, and the spotty Wi-Fi… the Takeaway point was that after all of it, the only thing you have is your body, your mind, and your zest for adventure and freedom.

Even being back home in LA… One thing that I couldn’t take with me when I was traveling was my beloved 60 pound weight best. It’s good to have it back… But knowing that I’m about to hit the road again soon, it is always good to have one foot in, one foot out.

So the general idea is simple… Live your life domestic, planning as if you’re going to hit the road again… And never really too much be too committed to one single thing.

How do we falter?

We new nomads, we new conquerors, even the other day, driving through Beverly Hills… The big idea I had is that with wealth and everything in between… Property etc.… At least people living in LA, their world is so small. They only care about their pink Bentley, their $15 million single-family house, etc. Beverly Hills is their bubble. They never leave it, it is kind of like the dystopic society in “In Time”, the genius Justin Timberlake film in which time is actually predicated in time actually also very interesting thought is in the new Amazon sponsored series “secret level“, the “steampunk” universe in which the orphan guy has his money given to him “bits“ (bits,,, bit, micro bit coins)– he requires 75 bits to repay his debt obligations, in order to reconnect with the love of his life. Also in another unrelated note, the short video clip of the animated series of the girl giving the pilot $3 million of bitcoin in the USB drive, asking the plane pilot to take them somewhere.

Anyways, I think the idea of being unsettled is… unsettling.  I mean it kind of makes sense… To be settled, stable, is typically a good thing. Nobody would want to build their home on the edge of a cliff, knowing that any moment of mudslide can have them tumbling down to their personal death.

I think the difficult thing is let us consider, how hyper different modern day life and society is in respect in regards to our biological predisposition. For example, Technology advances at a much faster pace than our biological predisposition. Can you consider… Even 50 years ago, telling people that one day, each and every single American, regardless of how poor or rich you are, would have access to a god device, that could fit in your front pocket, that you could use with your voice, Your thumbs, your fingers, that could last all day, offer you free directions to anywhere on the planet, with micro precision, free entertainment essentially forever, with trillions of channels, insanely great high fidelity camera and video recorder which is free forever, which cannot be hacked by anybody else, which could also store all of your money on it, and you could instantly video call and new person on the planet, for free, whenever. Wouldn’t they pay like $1 million for this device? And now any person on the planet, regardless of how rich or poor they are, could afford this god device, for only 50 bucks a month.

Anyways, I’m also pretty sure that having this god device comes with downsides. For individuals — honestly it’s like crack cocaine. But maybe worse?

How to live

My simple philosophy with technology life everything etc.… Is reap the upside, kill the downside.

So a very simple thought… Disable all notifications on your phone besides FaceTime. This includes text messages.

The reason why I think this is such a good idea is that if it becomes ultimate filter. Truth be told, there is almost 0% of things which actually require your immediate attention. Reserve FaceTime for your mom, or your wife, everything else is not really necessary. 

---

The will to ignorance

Distractions!

A new thought, ignorance, might be a critical ingredient to your concentration focus, power?

New thing I’m trying to do with my new lifestyle is trying to concentrate and focus better, which means avoiding television news streaming in front of your face?

For example, there’s this really nice hotel close to my house, which I like to just walk across, in order to use the bathroom and the facilities, but just this morning, there’s a fucking television streaming CNBC news, with all this fear clickbait headlines that arise anger and indignation in the viewer.

The thing that is so annoying about this to me is that I did not request the television to be there, nor did I request it to be streaming live television news either. If there had to be something streaming, on the television it would rather be John Wick, the Lego movie, or better yet, the Lego Batman movie.

Things you asked for, things you did not ask for?

I think this is a big thing is that try to not expose yourself to stuff you didn’t ask for. Or better yet, that you did not actually pay for with your own hard earned money.

For example, movies on flights. Obviously you’re boring and you got nothing better to do, the pen is either download a shit load of movies and shows to your iPad off-line, stuff that you paid money for in the Apple TV+ app, and also, games or other destruction stuff that you paid money for.

I think this is a big tricky thing… In two days we’re all in which entertainment is infinitely abundant, how do you stay focused? Simple. Once again, if you did not pay money for it, don’t watch it.

A simple strategy I do is if there is something I really really want to watch or experience, I put my money where my mouth is… I straight up purchased the whole film, even if it is 10 or $20 or $25 or something, in the Apple TV+ store. Even though obviously I could pirate it on pirate Bay for free, this becomes a good filter because in a world in which your time is infinitely valuable and precious, why would you sacrifice any of your precious attention on things you did not pay money for?

Practical thoughts

 so the first very practical thought is don’t bother with anything that is not easily condensable, or compactible.

For example when you’re traveling, let’s say you require a jacket or a warm article of clothing whatever… Only pack things that you could easily roll up and shove into your backpack. The Uniqlo ultra light down jacket is good. Also my personal favorite is the MUJI ultra light down vest.

Can you fold it up?

After being abroad for about a month, then coming back home to LA… I saw a cyber truck on the road the other day, and even though I love the design, it is so big! Too big! As a consequence, it’s really not a good idea because you can’t just magically fold it up. And this becomes critical in moments in which You just gotta find a damn parking spot!

And once again, the big idea is that you cannot magically fold up your car or your assets or whatever and just take it with you on a plane to Cambodia.

Now what?

Obviously the first thought is a kid. At least one, ideally two or more.

Why? To me it’s like the ultimate logical thing.

First, raising Seneca from birth until now has probably been the most satisfying thing in my entire life, multiplied by 1 million. There’s like literally no greater joy than a father raising his own son. His own blood son.

Once again, the greatest blessing as a man, to a son, even better yet, your first born son as a male.

Second, think economics. Michael Saylor said it well, you’ll like spend 1, trillion hours of your life working yourself to death, making money spending money saving money, yet we will not even devote a few hours to critically think about what money is, and also why it matters?

It’s simple; you spend 1 million years of your life making money, without actually questioning what money is or why it matters… You’re technically not leveraging your time well.

For example, for most individuals, the more hours you put in at work, the more moneys you’ll make.  it becomes a simple vector equation:

Input more time, yields more money.

But the reason why this is a poor idea is that you’ll essentially forever be a wage slave. To just equate your time, hourly wage, or even salary, is a losing game.

condense your sphere of concern 

Also in terms of condensation, condense your sphere of concern.

I think it is a zero some game in terms of concern. Let us say that you only have 10 units of concern, in a single day. And once you deplete your concern units, you cannot recover it in a day.

So for me, I would probably devote eight units of concern to Seneca, one to Cindy, one to myself. That is 10 out of 10. Nothing is left.

I think the problem that a lot of people have, especially if you were raised Christian, is that you think you have infinite compassion and concern for the whole planet. But this is not true. I’m almost wondering… If 99% of mental health issues arise from the fact that you overextend your units of concern beyond proper measure?

The more you concern for others, the less you concern for yourself your wife your kid.

Reconsidering the nuclear family

The nuclear family is you your wife or kid. That in itself is its own economy, let us consider that even the ancient word for economics literally meant household management, your wife, your kids, your slaves, your home estate.

Certainly an ancient times, life was probably much simpler. The king of the Josen Dynasty in Korea probably did not concern himself with international matters in the Middle East or Europe. Similarly speaking, King Leonidas only cared for Sparta, maybe the 5000 or so inhabitants etc., he had zero concern for anyone else.

So once again, condense your sphere of concern to the bare minimum. Once again yourself your wife your kid. Cut everything else out?

Becoming more selfish with your time your focus your concentration

Recently Cindy and I have been reading more Thich Nhat Hanh, in one of the really really interesting things that I gleaned is that meditation is simply concentration. 

For example, even when you’re on a flight and you’re bored, and you simply sit and close your eyes, put an earplugs and a face mask, and an eye mask, what you’re actually doing is concentrating. Trying to cut out distractions, is the best definition of meditation.

I even had a random idea that they only reason that I hate graffiti is that it is distracting. Any sort of advertising or spam which is unwarranted to me is positively bad because it is just like graffiti. I kind of know and I kinda get it because when I was a kid or a teenager or in high school, me and my friends guide to graffiti tagging, spray paint simply as kind of a risk game. The game was too use our spray paint or our spray tools to have a contest in which we will try to essentially have a competition:

Who would have the most balls and the most courage, to tag or spray paint in a spot which had maximum risk of getting caught, but yet not getting caught and getting away with it?

The moment that me and my best friend stopped was the moment in which we saw this old Latino woman, on her knees in hand scrubbing our graffiti spray paint game, about the age of our mom… Being teenagers or highschoolers, we didn’t really have a real practical thought that in fact, our mischievousness was predicated on actually having somebody about the age of her mom having to scrub it off herself? After that we swore off graffiti.

I’ve even had this thing in Culver City… Whenever I see ugly or annoying advertisement spam graffiti, I just take it as my own own to tear off the graffiti the spam or whatever and throw it in the trash because I am very visually sensitive, and I always do the same walking paths in the day. If anything I’m thinking about volunteering for my local city to volunteer my time to remove graffiti?

We are much more sensitive than we think we are

I think from an evolution perspective, we are insanely sensitive creatures to sound visual things, stories, ideas etc. In the past it was a matter of life or death.

For example, loud noises. Any in every single human being, is sensitive to loud noises. Because if you heard the rustling of a animal in the bushes, if you were not sensitive to the sound, you would have probably been eaten alive by a bear or something. Or if you saw something frightening with your own two eyes, also a survival mechanism. That is why whenever we see disturbing, could stay with us for days weeks months, maybe even years? Even soldiers, who have experienced tragedy get PTSD, from the sounds of bomb’s warfare, and personal tragedies with their own two eyes.

Practicalities

I have a simple filter: if that matter doesn’t actually involve money, don’t bother with it.

For example, currently my only concentration is bitcoin. And microstrategy stock which is essentially levered long bitcoin. And micro strategy, because I am a proud shareholder. And also, more recently, Dylan Le Clair —  because he has the most intelligent opinions when it comes to microstrategy.

Meek or mean?

Treat them like they’re homeless… Homeless people have no sense or mentality

LA, Los Angeles people are very tolerant that’s why I love them 

We just labor to be beautiful

Zen aesthetics and ethos and ethics

iPhone is good for focus?

Recover

Money PR?

Bitcoin will forever be volatile — thus, individuals with big balls will forever be winning?

Big money

Think big money

Tell me more about his entire Bitcoin journey.

Dylan LeClair’s journey into the Bitcoin space began during his time as a business school student. While working manual labor jobs, he developed a keen interest in finance and economics, which led him to explore Bitcoin’s potential. His curiosity and dedication propelled him to delve deep into the intricacies of Bitcoin and the broader financial system. 

In early 2021, LeClair co-founded 21st Paradigm, a consulting firm aimed at assisting individuals and businesses in understanding Bitcoin’s role as a neutral reserve asset. This venture allowed him to deepen his expertise and establish himself as a thought leader in the industry. 

His analytical skills and insights into on-chain analytics and macroeconomics led to his role as Head of Market Research at Bitcoin Magazine and Lead Analyst at UTXO Management. In these positions, he provided in-depth market analysis and contributed significantly to the discourse on Bitcoin’s economic implications. 

In May 2024, LeClair joined Metaplanet Inc., a Japanese public company, as the Director of Bitcoin Strategy. In this role, he focuses on implementing corporate Bitcoin standards and leveraging financial strategies to accumulate Bitcoin for the company’s balance sheet. 

Throughout his journey, LeClair has emphasized the transformative power of decentralized sound money and its role in promoting human freedom in the digital age. His work continues to influence and inspire many in the Bitcoin and broader financial communities.

For a more personal insight into his journey, you might find this interview informative:

Tell me more about how he joined MetaPlanet, and how is he so knowledgeable at 21 years old?

In May 2024, Dylan LeClair was appointed as the Director of Bitcoin Strategy at Metaplanet Inc., a Japanese public company offering hospitality and technology-related services. Metaplanet, often referred to as the “MicroStrategy of Asia,” embraced Bitcoin as a core corporate treasury asset, acquiring over $6 million worth of Bitcoin prior to LeClair’s appointment. His role involves crafting and implementing the company’s Bitcoin strategy, utilizing public market tools to accumulate Bitcoin for Metaplanet’s balance sheet. 

LeClair’s profound knowledge in the Bitcoin and cryptocurrency space, despite his young age, stems from several key factors:

1. Early Immersion: LeClair began his journey into Bitcoin and economics at a young age, dedicating significant time to researching and understanding the intricacies of digital assets and the broader financial system. 

2. Professional Experience: He has held prominent positions such as Head of Market Research at Bitcoin Magazine and Director of Market Intelligence at UTXO Management. In these roles, he conducted in-depth market analysis, focusing on on-chain analytics and macroeconomic trends, which enhanced his expertise. 

3. Entrepreneurial Ventures: In early 2021, LeClair co-founded 21st Paradigm, a consulting firm aimed at helping individuals and businesses understand Bitcoin’s potential as a neutral reserve asset. This venture allowed him to deepen his understanding of Bitcoin’s role in the global financial landscape. 

4. Educational Background: LeClair pursued studies in Business Administration and Management, with a focus on Finance, at the University of Vermont from 2019 to 2020, providing him with a solid foundation in financial principles. 

Through these experiences, LeClair has developed a comprehensive understanding of Bitcoin and its economic implications, establishing himself as a knowledgeable and influential figure in the cryptocurrency industry at a young age.

….

Dylan LeClair is a prominent figure in the Bitcoin and cryptocurrency space, known for his in-depth market analysis and advocacy for economic empowerment through digital assets. He has held significant roles, including serving as the Head of Market Research at Bitcoin Magazine and as the Director of Market Intelligence at UTXO Management, a digital asset fund focusing on the transition from analog to digital money. 

In early 2021, LeClair co-founded 21st Paradigm, a consulting firm dedicated to assisting individuals and businesses in understanding Bitcoin’s potential as a neutral reserve asset.  His work emphasizes the transformative power of decentralized sound money and its role in promoting human freedom in the digital age.

In May 2024, LeClair joined Metaplanet Inc., a Japanese public company, as the Director of Bitcoin Strategy. In this role, he focuses on implementing corporate Bitcoin standards and leveraging financial strategies to accumulate Bitcoin for the company’s balance sheet. 

LeClair is also recognized for his expertise in on-chain analytics and macroeconomics, contributing to various publications and engaging with the community through social media platforms. His educational background includes studies in Business Administration and Management, with a focus on Finance, at the University of Vermont from 2019 to 2020. 

As of the latest available information, Dylan LeClair is 21 years old. 

only 1.28 BTC for $100k cash?

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To borrow $100,000 in USD Coin (USDC) from Coinbase using Bitcoin (BTC) as collateral, you’ll need to maintain a loan-to-value (LTV) ratio of at least 133%. This means you must pledge Bitcoin worth approximately 133% of the loan amount. Given the current Bitcoin price of $104,136, this equates to approximately 1.28 BTC.

It’s important to monitor your loan’s LTV ratio, as reaching an LTV of 86% will trigger automatic liquidation of your collateral to repay the loan and cover any associated fees. Interest rates are variable and adjust based on market conditions. There are no fixed repayment schedules, allowing you to repay the loan at your convenience. 

Please note that this service is currently available to U.S. customers, excluding those in New York. 

Or $1,600 a share?

Saylor charts

$18,215 a share price?

***

As of January 29, 2025, Apple’s market capitalization is approximately $3.593 trillion.  MicroStrategy (MSTR) currently has about 197.3 million shares outstanding. 

To surpass Apple’s market cap, MicroStrategy’s market capitalization would need to exceed $3.593 trillion. Given the current number of shares outstanding, this would require MSTR’s share price to be approximately $18,215.

It’s important to note that MicroStrategy has recently approved a significant increase in the number of authorized Class A common shares to fund further Bitcoin purchases.  This increase in shares would affect the share price needed to reach a specific market capitalization.

For instance, if the number of outstanding shares increases to 500 million, the share price required to achieve a market cap of $3.593 trillion would be approximately $7,186.

Therefore, the specific share price required for MicroStrategy to surpass Apple’s market cap would depend on the total number of shares outstanding at that time.

So currently a big thought on my mind is in regards to condensation.

For example, let us consider a backpack. There is only so much you could shove inside of it, and therefore, the optimal strategy in life is to have things that have maximum ability to condense; for example, having like an ultralight down jacket which is easily compressible and condensable is desirable.

Also unrelated is the thought of bitcoin. Interesting idea to me is how technically if you think about it… A bitcoin is like the ultimate expression of condensation. You take all this economic energy and power, and condense it into a single unit, which is a single bitcoin.

I think the more I consider bitcoin, and the underlying philosophy and ethos behind it, in actuality… The more fascinating it becomes.

For example, just came back from a month trip to Asia in Vietnam in Hong Kong, and the truth is, you can’t travel or take your single-family home or your cybertruck with you.  if anything… Each and every single day in which I woke up in my Hong Kong apartment, just enjoying the sun, and the spotty Wi-Fi… the Takeaway point was that after all of it, the only thing you have is your body, your mind, and your zest for adventure and freedom.

Even being back home in LA… One thing that I couldn’t take with me when I was traveling was my beloved 60 pound weight best. It’s good to have it back… But knowing that I’m about to hit the road again soon, it is always good to have one foot in, one foot out.

So the general idea is simple… Live your life domestic, planning as if you’re going to hit the road again… And never really too much be too committed to one single thing.

How do we falter?

We new nomads, we new conquerors, even the other day, driving through Beverly Hills… The big idea I had is that with wealth and everything in between… Property etc.… At least people living in LA, their world is so small. They only care about their pink Bentley, their $15 million single-family house, etc. Beverly Hills is their bubble. They never leave it, it is kind of like the dystopic society in “In Time”, the genius Justin Timberlake film in which time is actually predicated in time actually also very interesting thought is in the new Amazon sponsored series “secret level“, the “steampunk” universe in which the orphan guy has his money given to him “bits“ (bits,,, bit, micro bit coins)– he requires 75 bits to repay his debt obligations, in order to reconnect with the love of his life. Also in another unrelated note, the short video clip of the animated series of the girl giving the pilot $3 million of bitcoin in the USB drive, asking the plane pilot to take them somewhere.

Anyways, I think the idea of being unsettled is… unsettling.  I mean it kind of makes sense… To be settled, stable, is typically a good thing. Nobody would want to build their home on the edge of a cliff, knowing that any moment of mudslide can have them tumbling down to their personal death.

I think the difficult thing is let us consider, how hyper different modern day life and society is in respect in regards to our biological predisposition. For example, Technology advances at a much faster pace than our biological predisposition. Can you consider… Even 50 years ago, telling people that one day, each and every single American, regardless of how poor or rich you are, would have access to a god device, that could fit in your front pocket, that you could use with your voice, Your thumbs, your fingers, that could last all day, offer you free directions to anywhere on the planet, with micro precision, free entertainment essentially forever, with trillions of channels, insanely great high fidelity camera and video recorder which is free forever, which cannot be hacked by anybody else, which could also store all of your money on it, and you could instantly video call and new person on the planet, for free, whenever. Wouldn’t they pay like $1 million for this device? And now any person on the planet, regardless of how rich or poor they are, could afford this god device, for only 50 bucks a month.

Anyways, I’m also pretty sure that having this god device comes with downsides. For individuals — honestly it’s like crack cocaine. But maybe worse?

How to live

My simple philosophy with technology life everything etc.… Is reap the upside, kill the downside.

So a very simple thought… Disable all notifications on your phone besides FaceTime. This includes text messages.

The reason why I think this is such a good idea is that if it becomes ultimate filter. Truth be told, there is almost 0% of things which actually require your immediate attention. Reserve FaceTime for your mom, or your wife, everything else is not really necessary. 

---

The will to ignorance

Distractions!

A new thought, ignorance, might be a critical ingredient to your concentration focus, power?

New thing I’m trying to do with my new lifestyle is trying to concentrate and focus better, which means avoiding television news streaming in front of your face?

For example, there’s this really nice hotel close to my house, which I like to just walk across, in order to use the bathroom and the facilities, but just this morning, there’s a fucking television streaming CNBC news, with all this fear clickbait headlines that arise anger and indignation in the viewer.

The thing that is so annoying about this to me is that I did not request the television to be there, nor did I request it to be streaming live television news either. If there had to be something streaming, on the television it would rather be John Wick, the Lego movie, or better yet, the Lego Batman movie.

Things you asked for, things you did not ask for?

I think this is a big thing is that try to not expose yourself to stuff you didn’t ask for. Or better yet, that you did not actually pay for with your own hard earned money.

For example, movies on flights. Obviously you’re boring and you got nothing better to do, the pen is either download a shit load of movies and shows to your iPad off-line, stuff that you paid money for in the Apple TV+ app, and also, games or other destruction stuff that you paid money for.

I think this is a big tricky thing… In two days we’re all in which entertainment is infinitely abundant, how do you stay focused? Simple. Once again, if you did not pay money for it, don’t watch it.

A simple strategy I do is if there is something I really really want to watch or experience, I put my money where my mouth is… I straight up purchased the whole film, even if it is 10 or $20 or $25 or something, in the Apple TV+ store. Even though obviously I could pirate it on pirate Bay for free, this becomes a good filter because in a world in which your time is infinitely valuable and precious, why would you sacrifice any of your precious attention on things you did not pay money for?

Practical thoughts

 so the first very practical thought is don’t bother with anything that is not easily condensable, or compactible.

For example when you’re traveling, let’s say you require a jacket or a warm article of clothing whatever… Only pack things that you could easily roll up and shove into your backpack. The Uniqlo ultra light down jacket is good. Also my personal favorite is the MUJI ultra light down vest.

Can you fold it up?

After being abroad for about a month, then coming back home to LA… I saw a cyber truck on the road the other day, and even though I love the design, it is so big! Too big! As a consequence, it’s really not a good idea because you can’t just magically fold it up. And this becomes critical in moments in which You just gotta find a damn parking spot!

And once again, the big idea is that you cannot magically fold up your car or your assets or whatever and just take it with you on a plane to Cambodia.

Now what?

Obviously the first thought is a kid. At least one, ideally two or more.

Why? To me it’s like the ultimate logical thing.

First, raising Seneca from birth until now has probably been the most satisfying thing in my entire life, multiplied by 1 million. There’s like literally no greater joy than a father raising his own son. His own blood son.

Once again, the greatest blessing as a man, to a son, even better yet, your first born son as a male.

Second, think economics. Michael Saylor said it well, you’ll like spend 1, trillion hours of your life working yourself to death, making money spending money saving money, yet we will not even devote a few hours to critically think about what money is, and also why it matters?

It’s simple; you spend 1 million years of your life making money, without actually questioning what money is or why it matters… You’re technically not leveraging your time well.

For example, for most individuals, the more hours you put in at work, the more moneys you’ll make.  it becomes a simple vector equation:

Input more time, yields more money.

But the reason why this is a poor idea is that you’ll essentially forever be a wage slave. To just equate your time, hourly wage, or even salary, is a losing game.

condense your sphere of concern 

Also in terms of condensation, condense your sphere of concern.

I think it is a zero some game in terms of concern. Let us say that you only have 10 units of concern, in a single day. And once you deplete your concern units, you cannot recover it in a day.

So for me, I would probably devote eight units of concern to Seneca, one to Cindy, one to myself. That is 10 out of 10. Nothing is left.

I think the problem that a lot of people have, especially if you were raised Christian, is that you think you have infinite compassion and concern for the whole planet. But this is not true. I’m almost wondering… If 99% of mental health issues arise from the fact that you overextend your units of concern beyond proper measure?

The more you concern for others, the less you concern for yourself your wife your kid.

Reconsidering the nuclear family

The nuclear family is you your wife or kid. That in itself is its own economy, let us consider that even the ancient word for economics literally meant household management, your wife, your kids, your slaves, your home estate.

Certainly an ancient times, life was probably much simpler. The king of the Josen Dynasty in Korea probably did not concern himself with international matters in the Middle East or Europe. Similarly speaking, King Leonidas only cared for Sparta, maybe the 5000 or so inhabitants etc., he had zero concern for anyone else.

So once again, condense your sphere of concern to the bare minimum. Once again yourself your wife your kid. Cut everything else out?

Becoming more selfish with your time your focus your concentration

Recently Cindy and I have been reading more Thich Nhat Hanh, in one of the really really interesting things that I gleaned is that meditation is simply concentration. 

For example, even when you’re on a flight and you’re bored, and you simply sit and close your eyes, put an earplugs and a face mask, and an eye mask, what you’re actually doing is concentrating. Trying to cut out distractions, is the best definition of meditation.

I even had a random idea that they only reason that I hate graffiti is that it is distracting. Any sort of advertising or spam which is unwarranted to me is positively bad because it is just like graffiti. I kind of know and I kinda get it because when I was a kid or a teenager or in high school, me and my friends guide to graffiti tagging, spray paint simply as kind of a risk game. The game was too use our spray paint or our spray tools to have a contest in which we will try to essentially have a competition:

Who would have the most balls and the most courage, to tag or spray paint in a spot which had maximum risk of getting caught, but yet not getting caught and getting away with it?

The moment that me and my best friend stopped was the moment in which we saw this old Latino woman, on her knees in hand scrubbing our graffiti spray paint game, about the age of our mom… Being teenagers or highschoolers, we didn’t really have a real practical thought that in fact, our mischievousness was predicated on actually having somebody about the age of her mom having to scrub it off herself? After that we swore off graffiti.

I’ve even had this thing in Culver City… Whenever I see ugly or annoying advertisement spam graffiti, I just take it as my own own to tear off the graffiti the spam or whatever and throw it in the trash because I am very visually sensitive, and I always do the same walking paths in the day. If anything I’m thinking about volunteering for my local city to volunteer my time to remove graffiti?

We are much more sensitive than we think we are

I think from an evolution perspective, we are insanely sensitive creatures to sound visual things, stories, ideas etc. In the past it was a matter of life or death.

For example, loud noises. Any in every single human being, is sensitive to loud noises. Because if you heard the rustling of a animal in the bushes, if you were not sensitive to the sound, you would have probably been eaten alive by a bear or something. Or if you saw something frightening with your own two eyes, also a survival mechanism. That is why whenever we see disturbing, could stay with us for days weeks months, maybe even years? Even soldiers, who have experienced tragedy get PTSD, from the sounds of bomb’s warfare, and personal tragedies with their own two eyes.

Practicalities

I have a simple filter: if that matter doesn’t actually involve money, don’t bother with it.

For example, currently my only concentration is bitcoin. And microstrategy stock which is essentially levered long bitcoin. And micro strategy, because I am a proud shareholder. And also, more recently, Dylan Le Clair —  because he has the most intelligent opinions when it comes to microstrategy.

Everything to gain, nothing to lose.

Just take the risk!

Not a system, a protocol.

The English language, we’re going to add it to the English language

All orange everything?

10x bitcoin?

How to get more Bitcoin?

.

500,000 years

New techniques

Software will upgrade, update time to time.

.

Dividend tax

95% forward expositions ,,, cost!

.

Only 5% enterprise value

Don’t recapitalize the company

.

What they own, the stock!

You gave away your assets

.

MATR . MICROSTRATEGY is the 30 year old child of Michael Saylor?

.

30 years > 15 years?

45 years

.

No capital, 1 bad quarter .,, you’re bankrupt!

.

There is a reason we have capital!

We cannot work hard, forever

10-15% hurdle rate

Equity capital, debt Capital

Company like your child

.

Why wouldn’t you want to do it?

.

The most successful ever!

Long term store of value forever , hold not trade it

Compliance problem , HK can buy HK bank etf,

Solve tax issues, easy

No frills easy

450 bitcoin a day, competing a day

$45M a day

All the slack is taken out of the system

How to feel insanely freaking epicly good?

Sleep is the #1 criterion?

.
property you want to own forever

Think cyber real estate, you intend to rent it or REIT finance it.

Think New York family , rent it, finance it, re finance it, give to grand kids

I’m starting the new empire!

Anxiety, heart attack, mental health issues

More mature

I want it to be jittery!

$5B in a day!

We trade the jittery volatile, 100 quarters of anxiety in a few days

I’m not selling! ***-> I’m just the beneficiary, the feature

Bitcoin will be volatile forever!

Volatility is what gives me the EDGE!

The person 75% mark down!

80% mark up, 80% mark down

You don’t want a world where all is erratic — you get rich!

Perfect pricing, you never get rich

The gift,

1000 years

.

Who is Prometheus?

Achieve economic immortality

Someone gave us clean water,

Carte Blanche

.

Black is ugly?

Alcohol causes gout, red wine

.

Not genetic predisposition

The passage of technology

.

Money is corrupt, dirty and defective

People being murdered for their money

.

Store, storage –> forever storage?

.

Tightly bind economic energy to their person

.

To the corporation

Economic energy

Misery

.

Insanely great health is my personal imperative!

Maximum mobility

The least possible amount of obstruction to movement?

.

Keep your life force!

Where to stand? Stand in the right spot!

Insanely great phenomenal health is your personal imperative? With this all is possible!

.

Union, monetary union

Tall dark and handsome

.

Digital

Move billions every milli second

Digital books, digital education *

Digital form of capital

24/7 365 , still utility

.

Re-Capitalize

Carte Blanche Capital

.

Stuff rusts, fire, mayor

.

Chaos & Entropy in the real world

Escape chaos and entropy in the real world

.

Volatility is a feature not a bug!

Sculpture, fashion it into a flywheel , 60 vol

60 rpm, volatility is energy

$45B in Bitcoin, 90 vol

Makes 100 billion options market

I can sell the volatility, 150% interest

If it doesn’t go to 0 in next 3 months, I’m getting rich

.

Most valuable thing in the world!

.

People stupider than you, richer than you

Thermodynamics

Why does water flow downhill ?

Appreciate in a volatile volume

60% volatile or not?

100$B market cap

Because people

Where’s the opportunity in it?

.

Natural selection

If you like money

Risk taking vs volatility taking seeking

Risk seeking vs volatility seeking

.

They don’t need help

Natural characteristic of a life form, it is alive and volatile

.

Capital is not toxic!

Capital is Virtuous ***

Why would you give away your capital?

Why are they desperate to get rid of the money?

You get to keep the money

.

$500b in capital

Half a trillion dollars

.

Need to know basis

.

1, 2, 3–> MSFT

.

Happy life

I dream in Bitcoin

MSTR is the most fascinating thing in the universe ,,, even more so than bitcoin?

Send what you’re excited fascinated in!

Bigger greater ambitions

How great or grand is your ambition? 

Becoming more ambitious?

I fucking love this city!

X

What if we’re all good… Even the bad?

what if even the bad were eminently desirable? ***

I love everybody!

Pure Bliss

Ducks, the quaking of ducks. Alpha ducks?

Don’t hide your beauty

Excellence is not rewarded but expected

Non-competition principle

For Sparta!

Build anything which requires maintenance

Bitcoin Club

Volatility is the product 

Indefinite optionality

Perpetual preferred

Level up to larger pools of capital 

.

The skin flesh hypothesis

Money and speech is the same thing

.

Naval

Bank account in the cloud

.

Not even the NSA could do

Bounty on Bitcoin!

Money is speech, speech is protected! ***

Database

Bounty protects,, write into database.

.

Machines will use this

Bitcoin grade encryption

China cannot censor Bitcoin

.

Bitcoin is the panacea against social media

.

Your contribution will be irrelevant

Another model exists ***

They got in because they HAD to

Corporate money

Do the hard thing

I’m going to teach it

REMOVE these apps from our lives

Against bias?

Can’t corrupt, change direction of

Build new value

.

It makes your life better

.

Tragedy, proper economic energy

Organic energy, store economic organic energy

.

Fat cells

How to store energy

.

Hyper inflation, hyper obesity, hyper insulin?

Technology

Switching to BTC, I’m going to live forever!

Why photographers, bloggers, individuals and influencers should adopt Bitcoin

.

Will Durant, history of

You get to own your own money –> you are allowed to store your life force!

100 year corporation

.

Living longer is a good thing! ***

30 years, gold debases 2% , 35 years

Half life of bitcoin is forever, 0% inflation

.

They care

Crypto lobby, #1 political force today

800B-1T in real money invested in network

.

30 year delay. AC in Florida

Technology makes the world a better place

“We just die”

Type 1 diabetic,

.

Tech, finance.

.

Discovery

World dead lift, trap bar, rack pull record?

Invest in yourself, your own company, your own platform?

Exposure, more exposure is good!

Launch pad, build and colonize cyberspace

Infinite resources & opportunities

Bitcoin is the bullets, MSTR is the gun?

..

Fake threats

Also, don’t be a fucking fool!

.

Money vs Property?

Interesting idea — what if you no longer need money, but just care to own property — Bitcoin

.

56 times

Bitcoin refinery

Exposure to macro and crypto economies, securities

.

Strike, new capital structure

Lower volatility, lower leverage –> fixed income

Fixed debt instrument

Oil refinery

Take crude capital, high performing products

High performing and volatile stock price

112% up a year, past 4 years…. almost double Bitcoin!

Outperform Bitcoin with more bitcoin! ***

2x performance Bitcoin

63% a year, bitcoin

Outperform the Bitcoin ***

2000% percent, 2x over Nvidia

The most volatile stock in SP500 universe!

High volatility, black sholes,,, fed options market

New type of investor interested in MSTR

NOVELTY, #6 most optioned stock

6 most liquid stock

1 most optioned stock, as percent of market cap, #1 most liquid stock in SP 500 universe!

Drives open interest, attract new investors

.

Largest option interest market

Option volume

20x larger

.

Just being a good dad is my new goal!

.

Volatility drives liquidity

$81B size of options market!

29x bigger than MARA

MARA,, only $3b

Optionality

MSTR is the benchmark

Strike is a convertible preferred stock

.

MSTR, the most common stock with the most exposure to BTC

.

preferred equity, preferred convertible equity, built on BTC

.

STRK

.

High performance levered bitcoin

8% fixed dividend, perpetual uncapped call

Perpetual dividend

1000$ strike call on call option, on MSTR

anti dilution protection

STRK –> traded

Strike (STRK), microstrategy oriented investors

Security, less sensitive on upside and downside of BTC

MSTR , more volatility, more leverage

.

MSTR. $100b market cap, 684% return, volatility 117%!

.

How to calculate volatility?

Volatility vs Risk

You can calculate volatility. Not risk?

.

Things which last forever, high durability but low quality or not useful?

.

The point of life is adventure,

Buy the dip!

.

Fixed income investors

.

6-7% yield

High yield corporate bonds

Strike , have the yield but upside, crypto curious, want exposure or MSTR

.

hybrid instrument! ***

Complementary to convertible bonds

.

Convertible bond to capital market , 4 letter ticker, STRK

.

STARK

.

225%, 154%. 113%…

160%, 79%,

.

STRK

uncapped call option. $1,000 up forever!

Uncapped ***

.

Don’t we always want to be uncapped?

Strike instrument

.

STRK vs MSTR convertibles

Dividend, 8%,

.

I love performance!

.

Superior MSTR participation, dividends, liquidity and investor access

Long term !

MSTR stock price –>

.

Convertible notes

Tenor ***

4-8 years

.

Hundreds of dollars, $1,000
. … $5,000 stock price forever

.

$50B bitcoin holdings

Debt coverage

$105,000 per Bitcoin

$233 , trade down to be out of the money

17x coverage!

.

$20M dividend obligation

Pro Forma Value ***

Strike dividends

Annual STRK Dividends

.

315 years of strike dividends

.

Pro Forma Capital Structure

.

Equity cushion ***

Meet liabilities and obligation

Bitcoin cushion, equity cushion

.

Bare skin

Valuation Framework

.

8% perpetual dividend, perpetual call option on MSTR

.

key value drivers

BTC coverage, volatility, MSTR price

.

Forecast for MSTR stock price, volatility

.

The future of Bitcoin, Bitcoin volatility

.

Strategic part of capital structure

Convertible bond strategy

Complementary ***

Create more intelligent leverage

.

Expand access to capital structure to entire Bitcoin ecosystem

Another source of intelligent leverage for MSTR

sell additional shares of STRK. via ATM–> interesting option

.

Optionality

.

Grow asset

Price and finalize Thursday

.

Too hot! Too much winning!

.

STRK THOUGHTS

STRIKE THOUGHTS

.

$50B bitcoin holdings

.

56 announcements

Part of the master plan!

Adjust leverage, fund potential dividends

MSTX, MSTU

.

MSTR OPTIONS?

High volatility, high leverage

MSTR Equity

.

.

Creating a new ecosystem into yourself?

Energy company

Oil company

Bitcoin is the new oil!

.

More refined, less refined

.

Firm yet flexible

Prospect & drill

More refined, less refined

.

High performing, high volatility

112% , 63% BTC

MAT 7, 30%,

Double double double

Intelligently lever our bitcoin

.

How to lever, leverage your bitcoin?

63% a year

Outperform the Bitcoin ***

27x, 4x.

777% NVIDIA, 7x

2,761% MSTR, 27x

777% BTC, 4 years

palantir

Estée Lauder

Factset

.

Volatility, novelty.

.

Daily trading volume

8.5b, more than Amazon, alphabet, Netflix.

Bitcoin entertainment > Netflix?***

Bitcoin entertainment is the future?

.

Bitcoin-powered entertainment, streaming

.

100% vs 32%

0.5% vs 5.2%

.

Signs?

MicroStrategy Acquires 10,107 BTC and achieves BTC Yield of 2.90% YTD 2025; Now Holds 471,107 BTC

Like a runaway train!

Alpha Asset

Choose the most alpha

The most alpha

Become the most alpha

Barefoot contact with the ground or floor or natural substances… Activates and wakes you up? 

Walking on soil or ground?

Open capital markets

Director of bitcoin strategy

 the big long or

Borrowing in a week currency to buy a strong currency

Expectation of future Monopoly

Entertainment, get into entertainment?

,

Thank god for my son 

Thank god for Seneca

,

Infinite bitcoin yielding machine?

MSTR?

.

Bigger is better

Infinite money machine?

Chasing value

Taking the unorthodox path, route & strategy ?

---

$2M->$4M->$8M

,

MSTR is 2x Bitcoin performance ?

If you seek superior performance ,,, then actually, MSTR is like 2x the performance of Bitcoin?

.

To double your Bitcoin swap into MSTR?

20-> 40 bitcoins ,,, like having 42 bitcoins ?

The greatest trade in history?

Seek 2x

Virtuous feedback loop

,

Alpha Asset

Choose the most alpha

The most alpha

Become the most alpha

Interesting idea — what if you no longer need money, but just care to own property — Bitcoin

https://bitcoin.clarkmoody.com/dashboard

1 billion transactions all time!

March 29th, 2028 — 3 years from now until the next halving!

Yeah!

Infinite free money and power — isn’t this what everyone wants?

Infinite Free Money Forever

.

Instead of being fixated on a certain number, for money… Isn’t it better to just be in a position in which you just never run our money, just keep spending money, and they’re waiting what you earn it outstrips the spending?

Win win win ,,, have it all?

.

I be hot forever

Hot forever, forever hot.

.

The laziness principle

Assume you’re gonna be 10 X more lazy than expected 

Put your money to work!

.

FAMILY IS PARADISE ON EARTH

Think Kung Fu

NEVER STOP THINKING

Barefoot contact with the ground or floor or natural substances… Activates and wakes you up? 

Walking on soil or ground?

Open capital markets

Director of bitcoin strategy

 the big long or

Borrowing in a week currency to buy a strong currency

Expectation of future Monopoly

Entertainment, get into entertainment?

,

Thank god for my son 

Thank god for Seneca

,

Infinite bitcoin yielding machine?

MSTR?

.

Bigger is better

Infinite money machine?

Chasing value

Taking the unorthodox path, route & strategy ?

---

$2M->$4M->$8M

,

MSTR is 2x Bitcoin performance ?

If you seek superior performance ,,, then actually, MSTR is like 2x the performance of Bitcoin?

.

To double your Bitcoin swap into MSTR?

20-> 40 bitcoins ,,, like having 42 bitcoins ?

The greatest trade in history?

Seek 2x

Virtuous feedback loop

More Volatility, More Performance!

What’s the More Interesting Thing or Asset?

I love bitcoin, microstrategy and Michael Saylor!

Paying a premium to NOT have branding or logos?

The future is brand-less

.

Property ,,, new property

Having to buy and sell a house,, what is this, the stone ages?

.

Audio is bad?

Audio more horrifying than video or visual?

Bits

75 bits

Get “off world”

Non conditional, un conditional

For love!

Cross reference all episodes of secret level and which video games

“Secret Level” is an animated anthology series on Amazon Prime Video, featuring 15 episodes, each inspired by a different video game franchise. Here’s a comprehensive list of the episodes along with their corresponding games:

Episode Number	Episode Title	Video Game Franchise
1	“Dungeons & Dragons: The Queen’s Cradle”	Dungeons & Dragons
2	“Sifu: It Takes a Life”	Sifu
3	“New World: The Once and Future King”	New World
4	“Unreal Tournament: Xan”	Unreal Tournament
5	“Warhammer 40,000: And They Shall Know No Fear”	Warhammer 40,000
6	“PAC-MAN: Circle”	PAC-MAN
7	“Crossfire: Good Conflict”	Crossfire
8	“Armored Core: Asset Management”	Armored Core
9	“The Outer Worlds: The Company We Keep”	The Outer Worlds
10	“Mega Man: Start”	Mega Man
11	“Exodus: Odyssey”	Exodus
12	“Spelunky: Tally”	Spelunky
13	“Concord: Tale of the Implacable”	Concord
14	“Honor of Kings: The Way of All Things”	Honor of Kings
15	“Playtime: Fulfillment”	Various PlayStation Titles

Each episode delves into the unique universe of its respective game, offering fans a fresh perspective on beloved franchises. 

Normalized —

$20 to $500 per share!

Now $27.77 a share

As of the latest available data, GameStop Corp. (GME) is trading at $27.77 per share, reflecting a 1.98% decrease from the previous close. The day’s trading range has been between $27.62 and $28.67. 

Please note that stock prices are subject to rapid change. For the most current information, consider checking real-time financial platforms or consulting with a financial advisor.

.

The GameStop stock saga that captured widespread attention in January 2021 is a multi-layered story involving retail investors on social media, hedge funds with large short positions, and an evolving debate about market fairness. Below is an overview of how it unfolded, why it became so significant, and some of the outcomes that followed.

1. Background on GameStop

• What is GameStop?

GameStop is a brick-and-mortar video game retailer established in the 1980s (originally as Babbage’s) that grew to become a major chain selling video games, consoles, and accessories. As gaming shifted increasingly toward digital downloads and online platforms, GameStop struggled to maintain growth, and many investors perceived the company’s traditional retail model as outdated.

• Declining Sales and Stock Price

Over several years, GameStop experienced declining profits and store closures. By mid-2020, its stock price had dropped significantly (often trading under $5 per share), with many institutional investors betting against the company’s future.

2. Short Selling and High Short Interest

• What is Short Selling?

Short selling is a strategy where investors (often hedge funds) borrow a stock and sell it with the expectation that the price will fall. They aim to buy back the shares later at a lower price to repay the loan and pocket the difference. If the stock price rises unexpectedly, short sellers risk potentially unlimited losses because there is no limit to how high a stock’s price can go.

• GameStop’s Unusually High Short Interest

By late 2020, several hedge funds and other institutional investors held sizable short positions in GameStop. Estimates of the “short interest”—the proportion of shares that have been sold short—exceeded the total number of available shares. This over-shorting created a situation where, if investors pushed the price upward, it could force short sellers to buy back shares quickly (known as a “short squeeze”), amplifying the price increase.

3. The Role of Reddit (r/WallStreetBets)

• Retail Investor Community

A significant portion of the momentum behind GameStop’s stock price came from retail investors congregating on the subreddit r/WallStreetBets (WSB). This forum—known for its risk-friendly culture—often discusses high-risk trades. In mid-to-late 2020, a few users began sharing the thesis that GameStop was undervalued and heavily shorted, creating the potential for a massive short squeeze.

• Keith Gill (Roaring Kitty)

One notable retail investor was Keith Gill (online alias “DeepF*ingValue” on WSB, and “Roaring Kitty” on YouTube), who publicly shared his long position in GameStop months before the short squeeze. His posts and videos laid out the argument that the company had been overly shorted and that if GameStop showed any signs of turnaround or if retail investors rallied, the stock could skyrocket.

• Social Media Amplification

The narrative around GameStop—partly seeing it as an underdog retail investor play and partly as a chance to outsmart large hedge funds—caught on. The viral nature of posts on Reddit, Twitter, and other platforms brought thousands more retail investors into the trade. This network effect was crucial to driving the stock price higher in a short period.

4. The Peak of the Squeeze

• Dramatic Price Increase

In January 2021, as attention grew, GameStop’s stock soared from around $20 to almost $500 per share at one point. Trading volumes reached record highs as both new and existing retail investors jumped into the stock, forcing short sellers to buy shares to cover their losses or limit their risk—creating the “short squeeze.”

• Hedge Fund Losses

Melvin Capital and a few other funds with large short positions sustained significant losses. The spectacle of major hedge funds losing money, at least in part, to a coordinated effort of smaller retail investors, became a major news story and fueled the “David vs. Goliath” narrative.

• Brokerage Restrictions

At the height of the trading frenzy, several retail brokerages—most notably Robinhood—restricted the buying (but not the selling) of GameStop and other heavily shorted stocks. This provoked backlash from retail investors, who felt the restrictions unfairly protected large institutions. Robinhood and others attributed the move to regulatory and liquidity constraints imposed by clearinghouses, but the incident spurred controversy about market fairness and transparency.

5. Aftermath and Fallout

• Price Volatility and Declines

Following the rapid run-up, GameStop’s stock price experienced sharp declines and fluctuations. Over the ensuing months, it stabilized at levels significantly higher than before the squeeze but still highly volatile.

• Investigations and Hearings

U.S. lawmakers and regulators took notice. In February 2021, the House Financial Services Committee held a hearing titled “Game Stopped? Who Wins and Loses When Short Sellers, Social Media, and Retail Investors Collide.” During the hearings, key players—Robinhood’s CEO, Melvin Capital’s CEO, and Keith Gill—testified.

Regulators (like the SEC) also launched inquiries into possible market manipulation and whether any parties violated trading or disclosure rules.

• Longer-Term Impact

• Rise of Retail Traders: The GameStop frenzy underscored the influence of communities like r/WallStreetBets, prompting many large financial institutions to pay closer attention to retail sentiment as a market force.

• Broader Meme Stock Phenomenon: GameStop’s squeeze led to similar movements in other “meme stocks” such as AMC Entertainment, BlackBerry, and others, showing that the collective action of retail traders can make short squeezes more common or more dramatic.

• Debate on Market Rules: The episode raised questions about payment for order flow, clearinghouse deposit requirements, short-selling regulations, and how easily trading can be halted or restricted.

6. Key Takeaways

1. Community-Driven Market Power

A key insight was the power of a large, loosely organized group of individual investors who could collectively move a heavily shorted stock. This highlighted the changing landscape where information (and hype) travels instantly via social media.

2. Volatility and Risk

While some early investors profited handsomely, many who bought shares or options near the top suffered significant losses. The extreme volatility showed the inherent risks of momentum-driven trades.

3. Questions of Fairness and Access

The sudden trading restrictions imposed by brokerages exposed structural issues in the financial system. Retail investors felt the odds were stacked against them, while brokerages insisted these measures were unavoidable to meet margin and regulatory requirements.

4. Regulatory Scrutiny

The GameStop episode led to debates on how to modernize trading rules, increase transparency in short selling, and ensure fair participation for all market players.

Conclusion

The “true story” of GameStop’s stock surge in January 2021 is ultimately about more than one company’s fortunes. It shines a light on shifting dynamics in the stock market—driven by online communities, the mechanics of short selling, and increased retail participation. While GameStop’s long-term fate as a business remains uncertain, the events of early 2021 forced traditional Wall Street to reckon with a new, digital-era paradigm where everyday traders can (at least temporarily) beat hedge funds at their own game.

Today, the stock’s price moves may not command the same sensational headlines, but the legacy of the GameStop short squeeze—especially the ongoing conversations around market transparency and retail investor empowerment—continues to influence how we think about the stock market and who gets to shape it.

“Dumb Money” is a 2023 film that dramatizes the true events of the January 2021 GameStop short squeeze, where a group of amateur investors from the Reddit community r/WallStreetBets significantly impacted Wall Street by driving up the stock price of GameStop, a struggling video game retailer. This surge led to substantial losses for several hedge funds that had bet against the company’s success. 

The film centers on Keith Gill, portrayed by Paul Dano, a financial analyst who, under the online alias “Roaring Kitty,” shared his investment insights on YouTube and Reddit. His analyses and charismatic online presence inspired numerous everyday investors to buy GameStop stock, contributing to the unprecedented market event. 

While “Dumb Money” strives to stay true to the real-life events, it does take creative liberties for dramatic effect. Some characters are composites or fictionalized to represent the broader community of retail investors involved in the GameStop surge. For instance, the characters portrayed by America Ferrera, Anthony Ramos, Myha’la Herrold, and Talia Ryder are not direct representations of specific individuals but serve to illustrate the diverse group of people who participated in the event. 

The film also depicts key figures from the financial world, such as Gabe Plotkin (Seth Rogen), CEO of Melvin Capital, and Ken Griffin (Nick Offerman), founder of Citadel. While these portrayals are based on real individuals, certain interactions and events may be dramatized or simplified for narrative purposes. 

In summary, “Dumb Money” is grounded in the true story of the GameStop short squeeze but incorporates fictional elements and characterizations to craft a compelling and cohesive narrative.

..

“Dumb Money” is a 2023 biographical comedy-drama directed by Craig Gillespie, based on Ben Mezrich’s 2021 book “The Antisocial Network.” The film chronicles the true story of the January 2021 GameStop short squeeze, where a group of amateur investors from the Reddit community r/WallStreetBets significantly impacted Wall Street by driving up the stock price of GameStop, a struggling video game retailer. This surge led to substantial losses for several hedge funds that had bet against the company’s success. 

The narrative centers on Keith Gill, portrayed by Paul Dano, a financial analyst who, under the online alias “Roaring Kitty,” shared his investment insights on YouTube and Reddit. His analyses and charismatic online presence inspired numerous everyday investors to buy GameStop stock, contributing to the unprecedented market event. 

The ensemble cast includes Pete Davidson, Vincent D’Onofrio, America Ferrera, Nick Offerman, Anthony Ramos, Sebastian Stan, Shailene Woodley, and Seth Rogen. The film premiered at the Toronto International Film Festival on September 8, 2023, and was released in the United States later that month. 

“Dumb Money” offers a dramatized yet insightful look into a modern financial phenomenon, highlighting the power dynamics between everyday investors and Wall Street institutions.

As of January 25, 2025, the price of Bitcoin (BTC) is approximately $105,256. 

Therefore, with an investment of $1 million, you could acquire approximately 9.5 bitcoins.

Please note that cryptocurrency prices are highly volatile and can change rapidly. It’s advisable to check the current price at the time of your transaction.

As of January 25, 2025, MicroStrategy (MSTR) holds approximately 461,000 bitcoins. 

With a fully diluted share count of about 197.3 million shares, this equates to approximately 2.337 bitcoins per share.

Therefore, if you own $1 million worth of MSTR stock, you effectively have exposure to approximately 6.6 bitcoins through your investment.

Please note that these figures are based on the latest available data and may have changed due to subsequent acquisitions or market fluctuations.

Simpler.

In the context of mutual funds or exchange-traded funds (ETFs), “NAV premium” refers to a situation where the market price of the fund’s shares is higher than its Net Asset Value (NAV) per share. The Net Asset Value is essentially the total value of the fund’s assets minus its liabilities, divided by the number of shares outstanding.

• Trading at a premium means investors are willing to pay more for the fund’s shares than the official per-share value of its underlying holdings.

• Trading at a discount is the opposite situation, where investors can buy shares at a lower price than their NAV.

For ETFs, this premium (or discount) usually stays small because market makers can quickly create or redeem shares to keep the ETF’s price close to its NAV. For closed-end funds (CEFs), on the other hand, premiums and discounts can persist for longer periods, because CEFs issue a fixed number of shares that trade more like common stock, and there’s no mechanism for continuous creation or redemption of shares to arbitrage away the difference.

…

NAV Premium refers to the percentage by which the price of a fund’s share (like an exchange-traded fund (ETF) or a closed-end fund) is trading above its Net Asset Value (NAV).

Key Points:

1. Net Asset Value (NAV): This is the total value of a fund’s assets minus its liabilities, divided by the number of shares outstanding. Essentially, it reflects the value of the fund’s underlying holdings.

2. Premium: If the market price of the fund’s shares is higher than its NAV, the difference is called the premium. It means investors are willing to pay more than the actual value of the underlying assets.

3. Calculation:

4. Example:

• NAV = $100

• Market Price = $105

• Premium =

5. Relevance:

• A premium often suggests strong investor demand or positive sentiment about the fund.

• It can also occur if the fund holds illiquid or hard-to-value assets that investors perceive as more valuable than their NAV suggests.

Related Concept:

• NAV Discount: The opposite of a premium, where the market price is below the NAV.

NAV Premium is commonly observed in closed-end funds and some ETFs.

More armored up?

Eat, or be eaten?

Hungry ghost, escape the maze

Fire, heat, animals

Kill it, eat it

You can eat them over and over again

Maze, trapped inside a maze?

bigger concerns, bigger worries? 

Global

You have been blessed with a chance to practice

There’s strength in repetition 

You are the one trapped

Apex predator

You must be hungry

Crusader, shield

.

If it’s not controversial it’s not interesting?

Is violence bad?

Overachieve, over yield?

.

Achieve, overachievement, don’t seek to be cool, seek to be hot? 

I’ve changed, and the place has also changed?

Indifferent, becoming more indifferent to things?

Focusing on the visuals

.

Clean air

After being in Hong Kong and Saigon and Vietnam for about a month, one thing I’m actually very very grateful for is for the fact that ironically enough, air quality, the whole smoking situation is actually better in Los Angeles, Culver City, the west side, even when compared to The rest of the world?

For example, it is like almost impossible to avoid secondhand smoke in foreign countries, like literally every block you walk down… It will go straight into your throat, absolutely horrible.

Ironically even with the wildfires… In which everyone is talking about how the air quality in LA is so poor… It is still far better than being in Asia, Southeast Asia, developing Asia where smoking is the norm?

Still now, smoke, secondhand smoke, might be the thing I hate most on the planet?

---

Die then come back to life?

With more age wisdom and experience you actually get better?

.

The new Hollywood, Culver City

Avoid, or seek? 

Was if siren it?

The Crown!

A king makes an army

Lighthearted

 Switch it up!

Stuck?

Breaking out of your old routines?

Armored core training
New man, New World, new vision? 

There’s nothing that father wouldn’t do for the love their child

Dangerous or safe?

.

Focus, concentrate.

Bitcoin development company

.

Developing with bitcoin

Keep waiting

Smart money vs dumb money?

More armor!

Veblen armor

Weights, weight training

Sublime nothingness

The will to zero

Nothing is best

Sublime simplicity

Vision , visionary.

Pure paradise is the sun?

Remember the past vs imagine the future?

You control everything I control nothing

The moon moves the tides

Hotter is better than colder

Become hotter!

Sunlight, sunshine meditation

Seek revenge on the moon?

Cause precedes effect

Better to just watch things on mute?

What we do here has consequences

Built into my design

Why not just stay in the past?

You make me an enemy so you can hate me

Once you stop hating then you can start thinking ***

So show me

Give away a piece or part that day, to preserve the whole

It had to happen because they made it happpen

You would sacrifice yourself?

I can’t win, but I can choose how this ends

Then I concede.

Rebuild

Point chasing grind

Virtual motivations

Virtual validation

“It’s just orange!”

.

Don’t let the opinions of others dictate your behavior?

Prime is the future?

Feedback, feedback loop

.

Once you got economic liberty and liberation, then what?

Never sell your bitcoin

Just HODL and wait for the world to catch up!

Provide businesses accesses to capital markets

Becoming more productive is not the goal, but becoming healthier?

Resting more

Improving your body, building your body is the goal

Why does everyone look so old?

What if eating were the purpose of life?

Philosophical films and media

Things which can better occupy your time?

Traveling is the goal?

Universe expansion?

Expand, expanding your universe

More velocity , more energy, more fire !

How to increase volatility in your life?

How to increase volatility

What’s the most volatile X?

The most volatile is the best?

Invest in the best.

What will give me a higher yield?

What will outperform in the next 6 months, year, 4 years?

Everything in the green!

Don’t trust, verify.

.

Disturbing images

How to eat more

If you never plan on buying a house or car … then what? Money or capital strategy –> what is it?

https://saylortracker.com — the only website you need to check for BTC & MSTR price?

Just HODL and wait for the world to catch up!

More armored up?

Eat, or be eaten?

Hungry ghost, escape the maze

Fire, heat, animals

Kill it, eat it

You can eat them over and over again

Maze, trapped inside a maze?

bigger concerns, bigger worries? 

Global

You have been blessed with a chance to practice

There’s strength in repetition 

You are the one trapped

Apex predator

You must be hungry

Crusader, shield

.

If it’s not controversial it’s not interesting?

Is violence bad?

Overachieve, over yield?

.

Achieve, overachievement, don’t seek to be cool, seek to be hot? 

I’ve changed, and the place has also changed?

Indifferent, becoming more indifferent to things?

Focusing on the visuals

.

Clean air

After being in Hong Kong and Saigon and Vietnam for about a month, one thing I’m actually very very grateful for is for the fact that ironically enough, air quality, the whole smoking situation is actually better in Los Angeles, Culver City, the west side, even when compared to The rest of the world?

For example, it is like almost impossible to avoid secondhand smoke in foreign countries, like literally every block you walk down… It will go straight into your throat, absolutely horrible.

Ironically even with the wildfires… In which everyone is talking about how the air quality in LA is so poor… It is still far better than being in Asia, Southeast Asia, developing Asia where smoking is the norm?

Still now, smoke, secondhand smoke, might be the thing I hate most on the planet?

---

Die then come back to life?

With more age wisdom and experience you actually get better?

.

The new Hollywood, Culver City

Avoid, or seek? 

Was if siren it?

The Crown!

A king makes an army

Lighthearted

 Switch it up!

Stuck?

Breaking out of your old routines?

Armored core training
New man, New World, new vision? 

There’s nothing that father wouldn’t do for the love their child

Dangerous or safe?

.

Focus, concentrate.

Bitcoin development company

.

Developing with bitcoin

Keep waiting

Smart money vs dumb money?

More armor!

Veblen armor

Weights, weight training

Sublime nothingness

The will to zero

Nothing is best

Sublime simplicity

Vision , visionary.

Pure paradise is the sun?

Remember the past vs imagine the future?

You control everything I control nothing

The moon moves the tides

Hotter is better than colder

Become hotter!

Sunlight, sunshine meditation

Seek revenge on the moon?

Cause precedes effect

Better to just watch things on mute?

What we do here has consequences

Built into my design

Why not just stay in the past?

You make me an enemy so you can hate me

Once you stop hating then you can start thinking ***

So show me

Give away a piece or part that day, to preserve the whole

It had to happen because they made it happpen

You would sacrifice yourself?

I can’t win, but I can choose how this ends

Then I concede.

Rebuild

Point chasing grind

Virtual motivations

Virtual validation

“It’s just orange!”

.

Don’t let the opinions of others dictate your behavior?

Prime is the future?

Feedback, feedback loop

How to look and become more athletic ?

The Walker

I almost wonder if like 99% of elements, stomach related or whatever could be solved you walking?

Walking is a solution and key

All eyez on Bitcoin

Walking is the solution, walking is key . 

Millennial Money

Real users

Steroid diet . the steroid diet 

.

Encourage, encouraging crypto innovation In America

Permissionless

I never like asking for permission

Biggest global convertible bond issuers in one calendar year: micro strategy $ 6 billion in 2024…

Press

TYSONS CORNER, Va., January 24, 2025 — MicroStrategy® Incorporated (Nasdaq: MSTR) (“MicroStrategy”) today announced that it delivered a notice of full redemption (the “Notice”) to the trustee of MicroStrategy’s outstanding 0.0% Convertible Senior Notes due 2027 (CUSIP No. 594972 AE1) (the “Notes”). The aggregate principal amount of the Notes being redeemed is approximately $1.05 billion, which is equal to the current aggregate principal amount of Notes outstanding and held by investors. The Notice calls for the redemption of all of the outstanding Notes (the “Redemption”) on February 24, 2025 (the “Redemption Date”), at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid special interest, if any, to but excluding the Redemption Date, unless earlier converted.

As a result of the delivery of the Notice, at any time prior to 5:00 p.m., New York City time, on February 20, 2025, the Notes are convertible, at the option of the holders of the Notes, at the applicable conversion rate of 7.0234 shares of MicroStrategy’s class A common stock per $1,000 principal amount (reflecting a conversion price of $142.38 per share).

In the event that any holder delivers a conversion notice as provided in the indenture related to the Notes, MicroStrategy has elected to satisfy its conversion obligation with respect to each $1,000 principal amount of Notes by delivering solely shares of its class A common stock, together with cash in lieu of any fractional shares.

To convert Notes, a holder must comply with the procedures set forth in the indenture governing the Notes, including electronic presentation and surrender of its Notes for conversion through the facilities of DTC.

This press release shall not constitute a notice of redemption of the Notes. Information concerning the terms and conditions of the Redemption is described in the notice distributed to holders of the Notes by the trustee under the indenture governing the Notes. This press release shall not constitute an offer to buy or a solicitation of an offer to sell any Notes and shall not constitute an offer, solicitation, or sale in any jurisdiction in which such offering, solicitation or sale would be unlawful.

I be invincible forever

For the land of the free and the home of the brave 

.

Self censorship

.

promote United States leadership in digital assets and financial tech technology, while protecting economic liberties

Digital assets,

Open public Blockchain works

Maintain self custody of digital assets

Providing regulatory clarity and certainty built on technology neutral regulations

Individual privacy

.

Sec. 3. Revocation of Executive Order 14067 and Department of the Treasury Framework of July 7, 2022. (a) Executive Order 14067 of March 9, 2022 (Ensuring Responsible Development of Digital Assets) is hereby revoked.

(b) The Secretary of the Treasury is directed to immediately revoke the Department of the Treasury’s “Framework for International Engagement on Digital Assets,” issued on July 7, 2022.

(b) Within 30 days of the date of this order, the Department of the Treasury, the Department of Justice, the Securities and Exchange Commission, and other relevant agencies, the heads of which are included in the Working Group, shall identify all regulations, guidance documents, orders, or other items that affect the digital asset sector. Within 60 days of the date of this order, each agency shall submit to the Chair recommendations with respect to whether each identified regulation, guidance document, order, or other item should be rescinded or modified, or, for items other than regulations, adopted in a regulation.
(c) Within 180 days of the date of this order, the Working Group shall submit a report to the President, through the APEP, which shall recommend regulatory and legislative proposals that advance the policies established in this order. In particular, the report shall focus on the following:
(i) The Working Group shall propose a Federal regulatory framework governing the issuance and operation of digital assets, including stablecoins, in the United States. The Working Group’s report shall consider provisions for market structure, oversight, consumer protection, and risk management.

Bitcoin stockpile

(ii) The Working Group shall evaluate the potential creation and maintenance of a national digital asset stockpile and propose criteria for establishing such a stockpile, potentially derived from cryptocurrencies lawfully seized by the Federal Government through its law enforcement efforts.

.

As of July 9, 2024, OpenAI has restricted access to ChatGPT and its API services in Hong Kong, mainland China, and other unsupported regions. This decision was made to prevent companies in these areas from utilizing ChatGPT to develop their own AI products and applications. 

In response to these restrictions, the Hong Kong government is developing a locally produced ChatGPT-style tool. This initiative aims to provide an alternative AI solution tailored to the needs of Hong Kong’s residents and institutions. 

For users seeking access to ChatGPT in Hong Kong, some have explored workarounds such as using Virtual Private Networks (VPNs) to route their connections through regions where ChatGPT is available. However, it’s important to note that these methods may violate OpenAI’s terms of service and could have legal implications. 

Additionally, alternative platforms like Microsoft’s Azure OpenAI Services continue to offer access to OpenAI’s AI models in Hong Kong. These services provide businesses, developers, and educational institutions with the tools to integrate advanced AI functionalities into their applications. 

The situation regarding access to AI tools like ChatGPT in Hong Kong is evolving. Staying informed through official channels and exploring local alternatives can help users navigate these changes effectively.

secession, subversion, tourism or “collusion with foreign forces”

…

Overview

Since the imposition of Hong Kong’s National Security Law (NSL) in June 2020, global tech giants such as Google, YouTube, Twitter (now rebranded as X), Facebook, and Instagram have found themselves navigating a complex legal landscape. While Hong Kong does not have a comprehensive firewall akin to Mainland China’s “Great Firewall,” the NSL grants local authorities broad powers to request the removal of online content or user data in cases purportedly related to “national security.”

Many of these platforms—previously known for a stance of relative openness in Hong Kong—now face challenges balancing user rights and free expression with legal obligations (and potential penalties) under Hong Kong law. This dynamic has led critics to accuse the platforms of “soft censorship” if or when they comply with government takedown or data requests.

Below is a closer look at how each of these major platforms has been implicated in “soft censorship” through partial compliance (or occasional non-compliance) with Hong Kong authorities.

1. Legal and Political Context

1. National Security Law (NSL)

• Enacted by Beijing for Hong Kong in June 2020.

• Outlines four primary offenses: secession, subversion, terrorism, and collusion with foreign forces—all broadly defined.

• Authorizes local authorities to demand removal or blocking of content deemed a threat to national security and to request user data from platforms.

2. ‘Soft Censorship’ Mechanisms

• Unlike Mainland-style blanket blocking, “soft censorship” in Hong Kong often takes the form of:

• Legal notices requesting content takedown or user data.

• Indirect pressure on tech platforms to self-regulate or remove content proactively.

• Possible liability for corporate officers or local employees if they fail to comply.

3. Platform Transparency Reports

• Many large companies publish transparency reports on governmental requests.

• However, details specific to Hong Kong under the NSL can be opaque, as some requests are made under “national security” grounds and accompanied by gag orders.

2. How Major Platforms Have Responded

A. Google & YouTube (owned by Google)

1. Initial Pause on Data Requests

• In July 2020, shortly after the NSL was enacted, Google (and YouTube) announced it would pause responses to data requests from Hong Kong authorities and review each request under stricter criteria.

• This was part of a broader industry move to assess the law’s implications.

2. Selective Compliance

• While there have been public statements about protecting users, Google can and does remove content or comply with data requests if they are accompanied by valid legal orders that meet certain thresholds.

• In some cases, YouTube channels or videos have been taken down in Hong Kong following government notices that allege national security threats or legal violations.

3. Transparency and Ambiguity

• Google’s transparency reports do not always break down specifics of Hong Kong (versus Mainland China) requests in detail post-2020, especially when requests are linked to national security.

B. Twitter (X)

1. Public Pledge vs. Practical Realities

• In 2020, Twitter declared it would not comply with data requests from Hong Kong authorities while the company reviewed the NSL’s implications.

• However, subsequent anecdotal reports suggest Twitter at times geoblocks or removes content based on local legal notices—though it’s less transparent about such actions under its new ownership structure (rebranded as X).

2. Local Takedowns

• Twitter (X) typically uses geo-restrictions as a compliance measure—i.e., content may be hidden in Hong Kong while remaining visible elsewhere.

• Official statements from Twitter on the NSL era have been more limited, especially after internal leadership changes.

C. Facebook & Instagram (both owned by Meta)

1. Meta’s Takedown Policies

• Meta also initially paused compliance with Hong Kong government requests for user data right after the NSL came into effect.

• However, over time, they have complied with some government takedown requests, citing the need to adhere to “valid legal processes.”

2. Self-Censorship Concerns

• Some reports and civil society groups have accused Facebook and Instagram of removing political posts or pages at the request of local authorities.

• Officially, Meta states it removes content only if it violates community standards or if there is a legitimate legal basis.

3. User Data and Safety

• Meta has also come under pressure regarding user data that may identify activists or protestors. The company says it evaluates each request “consistent with applicable laws and our policies,” but critics argue the NSL’s broad scope leaves serious risks for user privacy.

3. Accusations of “Complicity” in Soft Censorship

1. Lack of Transparency

• While these tech firms publish global transparency reports, details for Hong Kong NSL requests often remain sealed or vaguely classified. Critics argue such opacity facilitates soft censorship because users are unaware of how often or why content is removed.

2. Fear of Legal Repercussions

• Companies are concerned about criminal liability for staff in Hong Kong if they do not comply with legal notices. This creates a powerful incentive to adhere to government demands—even if those demands may infringe on free expression.

3. Self-Censorship by Design

• Some platforms, aware of potential conflicts with authorities, adopt internal policies or “community guidelines” that proactively remove politically sensitive content. This may occur before receiving any formal takedown notice.

4. Notable Examples and Trends

• Suspension of Pro-Democracy Content: Users have reported posts or pages critical of the government or supportive of protest movements being removed or hidden in Hong Kong.

• Geoblocking: Rather than a platform-wide takedown, content is often restricted so that Hong Kong-based users cannot access it.

• Legal Pressure on Platform Employees: Executives or local compliance officers risk criminal charges if the company is deemed uncooperative with national security directives.

5. Future Outlook

1. Potential for Greater Compliance

• As Beijing tightens its grip, some expect more frequent takedown or data requests related to political speech.

• Tech giants may comply more readily to avoid legal battles or protect local employees.

2. Exit or Localization

• A few smaller firms and NGOs have relocated from Hong Kong to avoid the NSL’s jurisdiction. Major U.S.-based companies, however, tend to remain but face a delicate balancing act.

3. Eroding Online Freedoms

• The cumulative effect of these compliance measures is an increasingly narrowed online space in Hong Kong. Even without a Mainland-style firewall, the threat of legal action under the NSL can function as a deterrent to free discourse.

Key Takeaways

• No Blanket Ban, But Targeted Tactics: Unlike Mainland China’s internet blockade, Hong Kong employs legal notices and potential criminal liability to induce compliance, which can be less visible but still effective at curbing dissent.

• Tech Giants’ Dilemma: Platforms like Google/YouTube, Twitter (X), Facebook, and Instagram walk a fine line between global free expression standards and local laws that may punish non-compliance.

• Soft Censorship in Practice: Through takedown requests, user data demands, and legal ambiguity, Hong Kong authorities can shape online content without overtly blocking entire platforms—leading critics to describe these platforms as

VPN—

” Freedom of speech, freedom of the press”

2020 national security law NSL

No “great firewall”,

Overview

Historically, Hong Kong has enjoyed considerably freer internet access compared to Mainland China. Under the “one country, two systems” framework, Hong Kong was not subject to the same “Great Firewall” that filters and blocks content on the Mainland. However, internet freedom has gradually eroded in recent years, particularly since the enactment of the National Security Law (NSL) in 2020.

Below is an overview of how internet censorship has evolved in Hong Kong and the current landscape.

1. Pre-2020 Landscape: Open Internet

1. No Great Firewall

• Hong Kong has traditionally had unrestricted access to international websites like Google, Facebook, YouTube, and Twitter—platforms blocked or heavily censored in Mainland China.

• The local government did not maintain a large-scale filtering system.

2. Legal Protections

• The Basic Law (Hong Kong’s mini-constitution) guaranteed freedom of speech and freedom of the press, forming the basis for an open digital environment.

3. Limited Censorship

• Authorities could still take legal action against online content for reasons such as obscenity, defamation, or incitement to violence.

• Overall, however, Hong Kong was considered a regional hub for free flow of information and a refuge for online activists from around Asia.

2. Post-2020 Changes and the National Security Law

1. National Security Law Enacted (June 2020)

• Enacted by Beijing for Hong Kong, the law targets secession, subversion, terrorism, and collusion with foreign forces.

• It grants broad powers to authorities to regulate, censor, or demand takedowns of online content deemed to threaten national security.

2. Increased Content Takedown Requests

• Since 2020, there have been cases where the Hong Kong Police or other agencies request internet service providers (ISPs), tech companies, or social media platforms to remove content or block certain websites.

• Some online platforms and news outlets shut down or preemptively removed certain posts to avoid NSL-related repercussions.

3. Chilling Effect

• Self-censorship has become more common among netizens, journalists, and social media influencers who worry about legal consequences.

• Online discussions around politically sensitive topics (e.g., Hong Kong independence, criticisms of the government) are increasingly guarded or moved to encrypted messaging platforms.

4. Crackdowns on Pro-Democracy Platforms

• Some pro-democracy news outlets and forums (such as Stand News, Apple Daily, or online discussion threads) have faced legal pressure, with arrests of journalists and activists and forced closures.

3. Current Dynamics of Internet Control

1. No Full-Scale Firewall (Yet)

• Unlike Mainland China, Hong Kong does not currently operate a comprehensive internet firewall that blocks major international sites.

• Most global platforms remain accessible in Hong Kong, but there is concern about whether a more expansive firewall could eventually be introduced.

2. Legal Mechanisms vs. Technical Blocking

• Hong Kong authorities rely largely on legal measures (the National Security Law, sedition laws, or judicial orders) to compel service providers or platforms to remove content.

• Technical filtering is still relatively limited, but the legal climate fosters caution among internet users.

3. Cooperation from Tech Companies

• Major tech companies have faced requests for user data or takedown notices from the Hong Kong government.

• Some companies have publicly stated they would evaluate such requests under their global policies, but in practice, compliance levels vary.

4. VPN Use

• Virtual Private Network (VPN) usage has risen as individuals and businesses become more concerned about government surveillance or future site blockages.

• Authorities have not banned VPNs outright, but if the political climate tightens further, restrictions on VPN usage could follow.

4. Future Outlook

• Further Erosion of Freedoms?

• Observers warn that Hong Kong’s relatively open internet environment could face more constraints, especially if the central government extends tighter control mechanisms.

• Legal Ambiguity

• Provisions of the National Security Law are broadly defined, allowing potential expansion of censorship or surveillance.

• Many users and businesses remain unsure about what constitutes a violation, leading to self-censorship.

• International Response

• Diminished freedoms have prompted some international media outlets and regional headquarters to relocate from Hong Kong to places like Singapore or Seoul.

• Potential for Local Legislation

• The Hong Kong government has proposed or considered laws that could expand official powers over online content (e.g., proposed “fake news” regulations), which may further tighten the digital space.

Key Takeaways

1. Distinct from Mainland: Hong Kong’s internet is still more open than in Mainland China; the “Great Firewall” is not fully applied in the SAR.

2. National Security Law Impact: Legal pressures and broad definitions of national security offenses have led to heightened self-censorship and takedown requests.

3. Uncertain Future: While large-scale technical blocking is not yet the norm, increasing legal and political pressures suggest Hong Kong’s online freedoms may continue to shrink.

In summary, Hong Kong retains partial internet autonomy, but censorship through legal and political channels has intensified since 2020. The city does not have a comprehensive firewall on par with Mainland China, yet the climate of fear and uncertainty around national security offenses contributes to a more restricted digital environment than in past decades.

Practical realities

”One country” (China), … but they keep their own currency, the Hong Kong dollar, legal system and keeps her in civil liberties that differ from mainland China?

Special administrative region “SAR”—

So is Hong Kong practically China, mainland China?

Short Answer

Hong Kong is part of the People’s Republic of China but operates under a different system than Mainland China. Officially, it is a “Special Administrative Region” (SAR) with its own legal and financial systems, although over time Beijing’s influence in Hong Kong’s governance has increased.

In More Detail

1. One Country, Two Systems

• When Hong Kong was handed back to China in 1997, it was promised a high degree of autonomy under the principle of “one country, two systems.”

• In theory, Hong Kong remains part of “one country”—the People’s Republic of China—but keeps its own currency (Hong Kong dollar), legal system (largely based on British common law), and certain civil liberties that differ from Mainland China.

2. Special Administrative Region (SAR)

• Hong Kong’s status as an SAR is different from a regular Chinese city on the Mainland. It has:

• Its own mini-constitution, called the Basic Law.

• Independent courts and legal procedures, separate from China’s socialist legal system.

• Separate trade and immigration policies (e.g., Hong Kong issues its own passports).

3. Practical Realities

• Despite these formal distinctions, over the last two decades, Beijing’s oversight and influence in Hong Kong have grown.

• Debates continue as to how much autonomy the city still retains, particularly after events like:

• The 2014 Umbrella Movement (mass pro-democracy protests).

• The 2019–2020 protests against proposed extradition legislation to Mainland China.

• The enactment of the National Security Law (2020), which broadens Beijing’s control over Hong Kong.

4. Conclusion

• Legally: Hong Kong is part of China but operates as a Special Administrative Region with distinct systems.

• Practically: Hong Kong still has some unique features (separate currency, legal system, etc.), but recent legislative changes and policies show that the gap between Hong Kong and Mainland China is narrowing.

Bottom Line

• Yes, Hong Kong belongs to the People’s Republic of China.

• No, it is not administered in exactly the same way as Mainland Chinese provinces, though recent developments suggest closer alignment with Beijing’s governance.

1997

.

Why did the British government hand over Hong Kong to China?

Short Answer

The British handed Hong Kong back to China primarily because the 99-year lease for the New Territories—crucial to Hong Kong’s viability—was set to expire in 1997, and it was not feasible to separate the leased territories from the rest of Hong Kong. Additionally, the Sino-British Joint Declaration (1984) legally committed Britain to return all of Hong Kong to China. Changing international dynamics and Britain’s focus on maintaining stable relations with a rising China also factored into the decision.

Detailed Explanation

1. Expiration of the New Territories Lease

• In 1898, under the Second Convention of Peking, Britain acquired a 99-year lease of the New Territories (the vast area north of Kowloon plus outlying islands).

• By the 1970s and early 1980s, it was clear that this lease would expire on June 30, 1997.

• Without the New Territories—which comprised the majority of Hong Kong’s land area—Hong Kong Island and Kowloon alone were not economically or administratively viable as a separate entity.

2. Sino-British Joint Declaration (1984)

• The British and Chinese governments signed a treaty in 1984 in which Britain agreed to return Hong Kong’s sovereignty to China on July 1, 1997.

• In exchange, China pledged in the Joint Declaration that Hong Kong would enjoy a “high degree of autonomy” and keep its capitalist system for 50 years under the principle of “one country, two systems.”

3. Practical and Political Realities

• Maintaining Hong Kong as a British colony after 1997 was seen as impractical. Britain no longer had the international clout or desire to extend its colonial holdings—especially one abutting a rapidly growing China.

• The UK recognized that any attempt to hold onto Hong Kong without the New Territories would be strongly opposed by China, likely leading to conflict.

• The British government also wanted a stable relationship with China, both to protect Hong Kong’s economic interests and to foster broader diplomatic and trade ties.

4. International Decolonization Movement

• From the 1940s onward, Britain had been decolonizing large parts of its empire.

• Holding onto Hong Kong indefinitely ran counter to the international trend and Britain’s own post-war history of relinquishing colonies.

Summary

The legal, practical, and political reasons behind Hong Kong’s handover to China all converge on the fact that the territory as a whole was dependent on land leased only until 1997. Negotiating the Sino-British Joint Declaration ensured an orderly transition and guaranteed (at least on paper) that Hong Kong would retain many of its institutions and freedoms after reunification with China.

…

Overview

Hong Kong’s handover from Britain to the People’s Republic of China (PRC) on July 1, 1997 was the culmination of more than 150 years of British rule. The transfer was grounded in the 1984 Sino-British Joint Declaration, in which both countries agreed that Hong Kong would return to Chinese sovereignty under the framework of “one country, two systems.” Below is a concise historical timeline leading up to the 1997 handover.

1. Early Colonial Period

• First Opium War (1839–1842)

• Conflict between Britain and Qing-dynasty China over trade imbalances, especially Britain’s illegal opium trade in China.

• Treaty of Nanking (1842)

• Ended the First Opium War. Hong Kong Island was ceded “in perpetuity” to Britain.

2. Expansion of British Rule

• Convention of Peking (1860)

• Following the Second Opium War (1856–1860), Britain gained the Kowloon Peninsula and Stonecutters Island.

• Second Convention of Peking (1898)

• Britain obtained a 99-year lease of the New Territories (the area north of Kowloon plus outlying islands).

From that time onward, Hong Kong (encompassing Hong Kong Island, Kowloon, and the New Territories) was administered as a British colony, developing into a major trading port and commercial center in Asia.

3. World War II and Postwar Era

• Japanese Occupation (1941–1945)

• Japan occupied Hong Kong during much of World War II. Living conditions were harsh, and the population drastically declined.

• Post-1945 Recovery

• After Japan’s surrender, Britain resumed control of Hong Kong. The city rapidly recovered and developed into a thriving industrial and financial hub.

4. Negotiations for Return to China

• Changing Global Landscape

• By the late 1970s, the British government recognized that the 99-year lease of the New Territories would expire in 1997, and it was impractical to retain only Hong Kong Island and Kowloon without the New Territories (which formed the bulk of the colony’s land area).

• Sino-British Joint Declaration (1984)

• Signed by Britain and China on December 19, 1984.

• Both parties agreed that Hong Kong would revert to Chinese sovereignty on July 1, 1997.

• China promised that Hong Kong would retain its capitalist economy, legal system, and “way of life” for 50 years under the principle of “one country, two systems.”

5. Preparations and Final Transition

• Drafting the Basic Law (1985–1990)

• The Basic Law of the Hong Kong Special Administrative Region (HKSAR) was drafted by Beijing-appointed committees with input from Hong Kong.

• It outlined Hong Kong’s governance structure, guaranteeing (on paper) freedoms such as freedom of speech, press, and assembly, as well as an independent judiciary.

• The Last Governor

• Chris Patten, the last British governor of Hong Kong (1992–1997), introduced limited democratic reforms—controversial with Beijing.

• Midnight Ceremony (June 30 – July 1, 1997)

• The handover ceremony took place at the Hong Kong Convention and Exhibition Centre.

• Prince Charles represented the United Kingdom, while President Jiang Zemin represented the PRC.

• The British flag was lowered, the Chinese flag raised, and sovereignty passed to the PRC at midnight.

6. Post-Handover Developments

• Early Autonomy

• In the initial years after 1997, Hong Kong maintained most of its institutions, economic systems, and freedoms, remaining an international financial hub.

• Tensions and Debates

• Over the ensuing decades, questions have arisen regarding the extent to which Hong Kong’s promised autonomy has been upheld.

• Events such as the 2014 Umbrella Movement (pro-democracy protests) and further protests in 2019–2020 have highlighted concerns about the erosion of freedoms and Beijing’s growing influence.

Significance of the Handover

1. “One Country, Two Systems”:

• The promise that Hong Kong could retain its own currency, laws, and way of life distinctly different from Mainland China until at least 2047.

2. Global Economic Role:

• Despite political tensions, Hong Kong remains an international business center and financial gateway to China.

3. Cultural Identity:

• The handover cemented Hong Kong’s complex identity, shaped by its history as both a Chinese city and former British colony.

4. International Relations:

• The handover served as a major event in the late 20th century, marking Britain’s decolonization process and shaping Beijing’s relations with the West.

In Conclusion

The 1997 handover of Hong Kong to China was a historically significant event rooted in 19th-century colonial treaties and shaped by 20th-century political negotiations. Under the Sino-British Joint Declaration, Hong Kong was to enjoy a high degree of autonomy for 50 years after 1997. How that autonomy has evolved—and how it will develop in the future—continues to be a significant global issue, reflecting broader trends in China’s governance and international relations.

Big news.

Staff Accounting Bulletin No. 122

SECURITIES AND EXCHANGE COMMISSION

17 CFR Part 211

[Release No. SAB 122]

Staff Accounting Bulletin No. 122

AGENCY: Securities and Exchange Commission.

ACTION: Publication of Staff Accounting Bulletin.

SUMMARY: This staff accounting bulletin (“SAB”) rescinds the interpretive guidance included in Section FF of Topic 5 in the Staff Accounting Bulletin Series entitled Accounting for Obligations to Safeguard Crypto-Assets an Entity Holds for its Platform Users (“Topic 5.FF”).

EFFECTIVE DATE: [Insert date of publication in the Federal Register.]

FOR FURTHER INFORMATION CONTACT: Office of the Chief Accountant, at (202) 551-5300; or Division of Corporation Finance, at (202) 551-3400, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549.

SUPPLEMENTARY INFORMATION: The statements in staff accounting bulletins are not rules or interpretations of the Commission, nor are they published as bearing the Commission’s official approval. They represent interpretations and practices followed by the Division of Corporation Finance and the Office of the Chief Accountant in administering the disclosure requirements of the Federal securities laws.

Date: January 23, 2025

Vanessa A. Countryman, Secretary.

STRENGTHENING AMERICAN LEADERSHIP
IN DIGITAL FINANCIAL TECHNOLOGY

Executive Order, Jan 23, 2025

By the authority vested in me as President by the Constitution and the laws of the United States of America, and in order to promote United States leadership in digital assets and financial technology while protecting economic liberty, it is hereby ordered as follows:

Section 1.  Purpose and Policies.  (a)  The digital asset industry plays a crucial role in innovation and economic development in the United States, as well as our Nation’s international leadership.  It is therefore the policy of my Administration to support the responsible growth and use of digital assets, blockchain technology, and related technologies across all sectors of the economy, including by:

(i)    protecting and promoting the ability of individual citizens and private-sector entities alike to access and use for lawful purposes open public blockchain networks without persecution, including the ability to develop and deploy software, to participate in mining and validating, to transact with other persons without unlawful censorship, and to maintain self-custody of digital assets;

(ii)   promoting and protecting the sovereignty of the United States dollar, including through actions to promote the development and growth of lawful and legitimate dollar-backed stablecoins worldwide;

(iii)  protecting and promoting fair and open access to banking services for all law-abiding individual citizens and private-sector entities alike;

(iv)   providing regulatory clarity and certainty built on technology-neutral regulations, frameworks that account for emerging technologies, transparent decision making, and well-defined jurisdictional regulatory boundaries, all of which are essential to supporting a vibrant and inclusive digital economy and innovation in digital assets, permissionless blockchains, and distributed ledger technologies; and

(v)    taking measures to protect Americans from the risks of Central Bank Digital Currencies (CBDCs), which threaten the stability of the financial system, individual privacy, and the sovereignty of the United States, including by prohibiting the establishment, issuance, circulation, and use of a CBDC within the jurisdiction of the United States.

Sec. 2.  Definitions.  (a)  For the purpose of this order, the term “digital asset” refers to any digital representation of value that is recorded on a distributed ledger, including cryptocurrencies, digital tokens, and stablecoins.

(b)  The term “blockchain” means any technology where data is:

(i)    shared across a network to create a public ledger of verified transactions or information among network participants;

(ii)   linked using cryptography to maintain the integrity of the public ledger and to execute other functions;

(iii)  distributed among network participants in an automated fashion to concurrently update network participants on the state of the public ledger and any other functions; and

(iv)   composed of source code that is publicly available.

(c)  â€œCentral Bank Digital Currency” means a form of digital money or monetary value, denominated in the national unit of account, that is a direct liability of the central bank.

Sec. 3.  Revocation of Executive Order 14067 and Department of the Treasury Framework of July 7, 2022.  (a)  Executive Order 14067 of March 9, 2022 (Ensuring Responsible Development of Digital Assets) is hereby revoked.

(b)  The Secretary of the Treasury is directed to immediately revoke the Department of the Treasury’s “Framework for International Engagement on Digital Assets,” issued on July 7, 2022.

(c)  All policies, directives, and guidance issued pursuant to Executive Order 14067 and the Department of the Treasury’s Framework for International Engagement on Digital Assets are hereby rescinded or shall be rescinded by the Secretary of the Treasury, as appropriate, to the extent they are inconsistent with the provisions of this order.

(d)  The Secretary of the Treasury shall take all appropriate measures to ensure compliance with the policies set forth in this order.

Sec. 4.  Establishment of the President‘s Working Group on Digital Asset Markets.  (a)  There is hereby established within the National Economic Council the President’s Working Group on Digital Asset Markets (Working Group).  The Working Group shall be chaired by the Special Advisor for AI and Crypto (Chair).  In addition to the Chair, the Working Group shall include the following officials, or their designees:

(i)     the Secretary of the Treasury;

(ii)    the Attorney General;

(iii)   the Secretary of Commerce;

(iv)    the Secretary of Homeland Security;

(v)     the Director of the Office of Management and Budget;

(vi)    the Assistant to the President for National Security Affairs;

(vii)   the Assistant to the President for National Economic Policy (APEP);

(viii)  the Assistant to the President for Science and Technology;

(ix)    the Homeland Security Advisor;

(x)     the Chairman of the Securities and Exchange Commission; and

(xi)    the Chairman of the Commodity Futures Trading

Commission.

(xii)   As appropriate and consistent with applicable law, the Chair may invite the heads of other executive departments and agencies (agencies), or other senior officials within the Executive Office of the President, to attend meetings of the Working Group, based on the relevance of their expertise and responsibilities.

(b)  Within 30 days of the date of this order, the Department of the Treasury, the Department of Justice, the Securities and Exchange Commission, and other relevant agencies, the heads of which are included in the Working Group, shall identify all regulations, guidance documents, orders, or other items that affect the digital asset sector.  Within 60 days of the date of this order, each agency shall submit to the Chair recommendations with respect to whether each identified regulation, guidance document, order, or other item should be rescinded or modified, or, for items other than regulations, adopted in a regulation.

(c)  Within 180 days of the date of this order, the Working Group shall submit a report to the President, through the APEP, which shall recommend regulatory and legislative proposals that advance the policies established in this order.  In particular, the report shall focus on the following:

(i)   The Working Group shall propose a Federal regulatory framework governing the issuance and operation of digital assets, including stablecoins, in the United States.  The Working Group’s report shall consider provisions for market structure, oversight, consumer protection, and risk management.

(ii)  The Working Group shall evaluate the potential creation and maintenance of a national digital asset stockpile and propose criteria for establishing such a stockpile, potentially derived from cryptocurrencies lawfully seized by the Federal Government through its law enforcement efforts.

(d)  The Chair shall designate an Executive Director of the Working Group, who shall be responsible for coordinating its day-to-day functions.  On issues affecting the national security, the Working Group shall consult with the National Security Council.

(e)  As appropriate and consistent with law, the Working Group shall hold public hearings and receive individual expertise from leaders in digital assets and digital markets.

Sec. 5.  Prohibition of Central Bank Digital Currencies. 

(a)  Except to the extent required by law, agencies are hereby prohibited from undertaking any action to establish, issue, or promote CBDCs within the jurisdiction of the United States or abroad.

(b)  Except to the extent required by law, any ongoing plans or initiatives at any agency related to the creation of a CBDC within the jurisdiction of the United States shall be immediately terminated, and no further actions may be taken to develop or implement such plans or initiatives.

Sec. 6.  Severability.  (a)  If any provision of this order, or the application of any provision to any person or circumstance, is held to be invalid, the remainder of this order and the application of its provisions to any other persons or circumstances shall not be affected thereby.

Sec. 7.  General Provisions.  (a)  Nothing in this order shall be construed to impair or otherwise affect:

(i)   the authority granted by law to an executive department, agency, or the head thereof; or

(ii)  the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.

     (b)  This order shall be implemented consistent with applicable law and subject to the availability of appropriations.

     (c)  This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person. 

THE WHITE HOUSE,

    January 23, 2025.

Neutrality.

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Bitcoin is sacred.