Although everyone is interpreting why MicroStrategy @Strategy $STRC is different from similar cases like Luna or other pure Ponzi schemes,

what Hu Bo said here is easier to understand than my previous lengthy ramblings,

I recommend Bitcoin investors to study and research this carefully!

1️⃣ In essence, one sentence:

MicroStrategy is not paying interest with BTC, but with human nature.

MicroStrategy is not arbitraging Bitcoin, but arbitraging something more stable: humanity's obsession with "interest."

2️⃣ Core mechanism:

BTC = a non-yielding but long-term appreciating asset,

investors = those who want "stable interest,"

MicroStrategy = operates the middle arbitrage.

3️⃣ Why is there no need to sell coins?

Because it is not a cash flow model but rather a financing life-sustaining model: new investors' money → pays interest to old investors, as long as funds keep flowing in → the system can roll over

4️⃣ Why can this "Ponzi" exist:

Because there exists a contradictory group of people who both believe BTC will rise and are unwilling to bear the uncertainty of "no interest," MicroStrategy profits from: the premium of inconsistent cognition

5️⃣ Analogy helps understanding:

Like a pension fund.

6️⃣ Life and death conditions:

It is a weak Ponzi + strong narrative support (expectation of BTC rising) indefinitely perpetual financing, paying interest, does not come from MicroStrategy itself, but from human nature and the loopholes in fiat currency.

Therefore, the prerequisite for this model to hold: BTC long-term appreciation + continuous buyers of the "interest illusion,"

If: BTC does not rise for a long time, or the market no longer needs "interest packaging," the model may become ineffective

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