… Strategy’s listed preferred shares spell FCKD ‍♂️ Saylor’s playbook has long been leverage plus narrative. If that leverage implodes it will do more than break MSTR. It will trigger a liquidity spiral that cascades through exchanges and margin positions. In a contagion Bitcoin will be dragged down by forced selling and collapsed sentiment. I view worst case paths where BTC revisits levels near USD 1,000 if leverage unwinds violently. This is not an accusation. This is a risk framing. If you own Bitcoin exposure because of a story rather than risk managed balance sheets you are exposed. Saylor fckd all holders…" "我怎么错过了这个……Saylor 一直在给我们暗示 Strategy 的优先股拼出了 FCKD ‍♂️ Saylor 的策略一直是杠杆加叙事。 如果杠杆崩溃，不仅会摧毁 MSTR。 它还会引发流动性螺旋，波及交易所和保证金头寸。 在传染效应中，比特币会因强制抛售和情绪崩溃而被拖累。 我认为最糟糕的情况是，如果杠杆剧烈解除，BTC可能会回到接近 1,000 美元的水平。 这不是指控。这是风险框架。 如果你持有比特币只是因为一个故事，而不是基于风险管理的资产负债表，你就暴露了风险。 Saylor 把所有持有者都坑了…