Snobdds
Elite Member
I know. Few remember when he did his same strategy back in the dotcom era.
We studied him in college about what not to do. He's back and leveraged to the max and wants more.
Is it too soon to talk about Crypto yet?
- Thread starter MinnesotaEric
- Start date
- Views: 34762
We studied him in college about what not to do. He's back and leveraged to the max and wants more.
OP
MinnesotaEric
Super Member
This gets back to hyperbitcoinization, a thing we started to realize back in 2020 was that Bitcoin is more useful as a store of wealth rather than for day to day commerce. As Bitcoin rises other cryptos will come to prominence such as the off-chain tie in with Cardano that will lower the gas fees for Bitcoin exchanges and Bitcoin users will not even know that the work was done off-chain.
Speaking of Saylor, he made the front page of the Wall Street Journal this morning as well as announced this week's purchase of Bitcoin for Microstrategy.
Oh, and here is the music remix the WSJ talks about as well as the original interview here.
Last edited:
OP
MinnesotaEric
Super Member
For those who don't know about the accounting scandal, here is an overview of what happened.
And here is the actual SEC settlement.
As I recall an entire huge accounting firm screwed this up for many companies but I've forgotten that company's name. Anyway, the issue with Microstrategy's accounting is described in the SEC settlement which goes a long way to explain why Michael Saylor was fined and not jailed.
"The complaint alleges that the company's reporting failures primarily derived from its premature recognition of revenue inconsistent with AICPA Statement of Position 97-2, which allows revenue to be recognized from software sales if persuasive evidence of an agreement exists, delivery has occurred, the vendor's fee is fixed and determinable, and collectibility is probable. If the sale contains other elements (such as software upgrades, enhancements, or consulting services) that are integral to the functionality of the software license, the company must apply contract accounting, which delays revenue recognition. The Commission alleges that in connection with certain multiple element deals in which significant services or future products to be provided by MicroStrategy were not separable from the sale of a license, MicroStrategy improperly recognized material amounts of revenue upfront. Additional restatements resulted from deals in which MicroStrategy had not properly executed contracts in the same fiscal period that revenue was recorded from those deals, as well as other accounting errors."
Fuddyduddy1952
Elite Member
- Joined
- Aug 10, 2022
- Messages
- 2,919
- Tractor
- john deere
From The Columbian Progress:
"As if to make the point about kakistocracy, Senator Cynthia Lummis (R-WY) has introduced a bill to sell a portion of American taxpayers’ gold to buy Bitcoin. While taxpayer gold exists physically in Fort Knox, the cryptocurrency Bitcoin exists virtually only in zeros and ones on computers. Bitcoin, also unlike physical gold, has competitors. Bitcoin is one among many cryptocurrencies."
Total and complete insanity...
"As if to make the point about kakistocracy, Senator Cynthia Lummis (R-WY) has introduced a bill to sell a portion of American taxpayers’ gold to buy Bitcoin. While taxpayer gold exists physically in Fort Knox, the cryptocurrency Bitcoin exists virtually only in zeros and ones on computers. Bitcoin, also unlike physical gold, has competitors. Bitcoin is one among many cryptocurrencies."
Total and complete insanity...
Yea. China, Russia, N Korea can’t hack Ft Knox. Let’s put US reserves somewhere it can be hacked and stolen.
We truly elect the dumbest 535 we can find,
Besides that, why not just borrow the money the way that we always do?
Either way is just as dumb.
OP
MinnesotaEric
Super Member
[emoji[emoji6
]
][emoji6][emoji6][emoji[emoji6]]" data-quote="rumwrks" data-source="post: 0"
class="bbCodeBlock bbCodeBlock--expandable bbCodeBlock--quote js-expandWatch">
Heh, Saylor’s first rule of Bitcoin is that everybody who likes Bitcoin first hated Bitcoin. It was true for me as well.
]
][emoji6][emoji6][emoji[emoji6]]" data-quote="rumwrks" data-source="post: 0"
class="bbCodeBlock bbCodeBlock--expandable bbCodeBlock--quote js-expandWatch">
Heh, Saylor’s first rule of Bitcoin is that everybody who likes Bitcoin first hated Bitcoin. It was true for me as well.
I think more amusing is his comment that "if you're not buying at the top you're leaving money on the table".. Umm.. Who's table is he talking about there?