The great MSTR Ponzi scheme debate | Protos
Over the past few days, investors have been re-engaging with the most simple criticism of Michael Saylor’s massive bitcoin treasury company, MicroStrategy (MSTR). On Reddit, YouTube, Nostr, and X, fans and skeptics are fighting over whether MicroStrategy is a Ponzi scheme. Andy Constan triggered the latest round of this multi-year debate when he earned hundreds of thousands of views across various claims that MSTR is “mostly a Ponzi scheme.” Within a day of his most popular post on the topic, Lyn Alden started to engage in a threaded debate. Their disagreements eventually left X and continued with a verbal debate. By August 11, Constan and Alden had appeared on Danny Knowles’ What Bitcoin Did podcast. For over an hour, the duo debated the rational pricing for MicroStrategy stock and whether MicroStrategy could service perpetual dividend payouts without raising capital. Their debate merely fueled more weeks of escalating tensions that reached a fevered pitch this...