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DAY 3: NEW QUEST IS LIVE! ➡️ ---------- Today I learned that MON Protocol 🐉 $MON is launching these games 🤯 🐲 Monster Tycoon (hypercasual, mobile, 2024) 🐵 PixelPals PvP Season (browser-based, 2024) ⚔️ Warrior of Nova Thera (mid-core, PC, 2024) 🏹 Hunting Ground (mid-core, mobile, 2025) I NEED...

80,286 次观看 • 2 年前 •via X (Twitter)

9 条评论

me 🪲(pep arc) 的头像
me 🪲(pep arc)2 年前

@monprotocol So I need to buy $MON?

gemmy 𓅓 的头像
gemmy 𓅓2 年前

@monprotocol Just made it, I trust $MON will change many ppl life 🫡

LazyMan 的头像
LazyMan2 年前

@monprotocol

Danny krypt👾 🔶️ 的头像
Danny krypt👾 🔶️2 年前

@monprotocol LFG

Uzman 的头像
Uzman2 年前

@monprotocol All meme coins is going to the moon but meme doesn’t go Why!!!!?

crypto gems 1000x 的头像
crypto gems 1000x2 年前

@monprotocol You can be like Pepe 🔥

Evilhai 的头像
Evilhai2 年前

@monprotocol Quest done collect 3000 STEAKS Stake $MEME $MON i,m coming

Splendor Victor ✸,✸ 的头像
Splendor Victor ✸,✸2 年前

@monprotocol Love $mon

eFisher 的头像
eFisher2 年前

@monprotocol #airdrop #pizzaday

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‼️ Mobile isn't San Francisco. Pastor Travis Johnson — For immediate release Statement from Pastor Travis Johnson, Lead Pastor, Pathway Church - Mobile, Alabama Mobile isn't San Francisco. I said those words on the Jeff Poor Show when asked about "National Pride Month" banners hanging on city light poles in downtown Mobile. People heard it. Some cheered. Some objected. But nobody asked me what I was going to do about it. Here's what I did. The City of Mobile operates a Banner Program through its Parks & Recreation Department. It allows organizations to rent designated streetlight poles: poles built, owned, and maintained by Mobile taxpayers to display banners promoting public events and observances. City officials have stated publicly that the program is viewpoint-neutral, as required by the First Amendment. A private person or organization recently used that program to hang "National Pride Month" banners on Water Street. The city approved the application and installed the banners on public infrastructure. I serve on the Visit Mobile board, the city's lodging-tax-funded tourism bureau, which also promotes these events on its publicly-supported website and I raised my concerns there as well. But I didn't stop at objecting. I acted. Using the exact same program, following the exact same process, I submitted my own banner application. It reads: National Child Awareness Month — Protect Our Children from Gender Ideology. The design has been received. I have been told it is going to be honored. I am calling on the City of Mobile to honor my duly submitted banner application. It was made in good faith, through the proper process, under the same policy that approved the Pride Month banners. There is no legal, procedural, or policy basis to treat it differently. I understand that following my banner, this policy may be ending. That's perfect. If that’s the case, let it be said that what ended gender indoctrination banners being affixed to our city property was a call to prayer, a banner asking God to protect the children of Mobile from gender ideology. A pastor submitted a prayer for our children, and the city decided it could no longer allow extremist indoctrination campaigns on public poles. That is not a loss. That is a victory for every family in this city. I will take that outcome every single day of the week. But there is a deeper issue here that goes beyond banners and policies. It is the question of who is actually at the table when decisions like this get made, not just at the City of Mobile, but at Mobile County and every board, bureau, and commission that makes decisions in the name of the people of this community. Visit Mobile and boards like it should be filled with people who look like Mobile. Not just in terms of race or background but, in terms of who this city actually is at its core. Where are the steel workers? Where are the mama bears who are fighting every single day to protect their kids from an agenda they never asked for? Where are the Little League dads coaching third base on a Saturday morning? Where is the praying grandmother, the one whose intercession and quiet encouragement have sustained this community through every hard season it has ever faced? They aren't there because more of them need to be appointed by the City of Mobile, by Mobile County, and by every appointing authority that shapes the direction of this community. The voice for the health of the nuclear family is radically underrepresented on the Visit Mobile board and on boards like it across this city and this county. It produces exactly the kind of decisions we are now debating, decisions made in the name of a community that was never actually consulted. And if the mama bears and Little League dads aren’t in the room and don't have a seat at the table, it's because they’re on the menu. 1819 News Alabama Politics #alpolitics FlashPoint Army FOX10News | WALA NBC 15 News WKRG

Pastor Travis Johnson

10,819 次观看 • 1 个月前

Wow 🤯 I found Trump’s pool guy. The New York Times said yesterday they couldn’t verify who did the pool work at Trump National Golf Club. I checked Loudoun County’s public permit database. Three permits. May 8 2024. 20391 Lowes Island Blvd Sterling VA. Trump National Golf Club. HDCS-2024-025814 — Main Pool HDCS-2024-025815 — Spa HDCS-2024-025816 — Leisure Pool Billing contractor on all three: HIGH SIERRA POOLS INC. These are annual health department renewals. That means High Sierra Pools was the licensed responsible party managing every pool at Trump’s golf club. Not a one time visit. The ongoing contractor of record. That’s the pool guy. Steve Lavery. 33 years of commercial pool experience. He got NOTHING! Instead Atlantic Industrial Coatings got $6.9M no-bid. Their website focuses on highway culverts, industrial roofs and chemical containment tanks. No pool experience. No monument experience. Nothing close to a 100 year old national landmark So Atlantic handed the actual work to Mid-America Industrial Coatings out of Oklahoma. Mid-America does polyurea spray coatings. That’s actually the work the JOFOC required. But here’s the problem. Mid-America Industrial Coatings: -Facebook created February 19 2026 -Brand new trailer debuted April 9 six days after contract award -Inactive on Oklahoma state records -SAM.gov federal registration expired January 2021 -No DC business license found - 5 employees per BBB Mid-America’s trailer was on site doing 100% of the visible work. Atlantic’s own Instagram called them their main partner and sub contractor. But Mid-America doesn’t appear anywhere in the JOFOC.. the legal document that justified bypassing competitive bidding. Not one mention. The only public proof Mid-America was even involved? An Instagram post from Atlantic’s owner showing a Presidential challenge coin captioned ‘We got a visitor today.’ No contract paperwork. No subcontractor filing. Just an Instagram post and a coin from the President. So here’s the full picture… Trump’s actual pool guy High Sierra manages pools. They don’t do the specialized polyurea coating work the JOFOC required. Mid-America does. That’s their specialty. But they’re inactive, expired in the federal system and not mentioned anywhere in the paperwork. The one company that could actually do what the JOFOC required is the one company that legally shouldn’t have been near this contract. One more thing. The contract value has already jumped from $6.9M to $13.1M. Work is supposedly 76% complete. Money is about to flow to Atlantic. Atlantic is then required to report Mid-America as a subcontractor. They haven’t filed anything yet. Mid-America still has no active federal registration. When that money moves every one of these violations becomes an active audit trail. Trump’s actual pool guy got left in the dust. Two companies with no documented pool or monument experience got $6.9M of taxpayer money. The company doing the actual specialized work isn’t even in the contract documents. And the only paper trail connecting any of them is an Instagram post. All of this from public records and OSINT. I have plenty of experience exposing public and private companies. If you’re a newsroom or investigative team looking for someone who can dig.. I’m available for hire. DMs open.👌

The Darkpulse Files  𝕏

284,708 次观看 • 2 个月前

Dear friends, I turn 43 today. Thank you for all your warm wishes on this day. I took a leave from hospital today to be with family and unwind. I started doing this every birthday after a near fatal crash in 2021 (at a time when I was wholly married to my work) and everything changed since then. I decided to smell the flowers, and touch the grass, but also do quality work as a professional. Yes work life balance is possible. It is not a myth. As a clinical doctor sub-specialist, there are many things I changed for the better. I stopped being a workaholic. I found that seeing 20 patients a day with utmost dedication and care was far more satisfying than seeing 100 quickly. It also helped me improve my patients lives. I learned to prescribe less, listen more, treat when needed and advice lifestyle changes. It is now more than 3 years since I have touched alcohol. So that I can authoritatively treat my patients and advice them with what is right. I stopped meeting medical pharma representatives and accepting to go for every medical conference and sponsored meeting. This actually improved my clinical knowledge because I started to improve myself, on my own. I read more... I became that student I once was. I became my most important competition. Everyday I try to be a better doctor for my patients - by following science and evidence and updating myself. I started to love myself, because of which I started to take care of myself. From finding time for daily work outs (not to develop a 6-pack, but to be physically active to improve overall health), keeping aside time to unwind, and saying no to additional work and over indulging in commitments - because of which, I found time to feed my passions - music, book writing and movies. My first book (non-fiction) is now in proof-reading (hopefully will be out next year). And I started working on my new book projects. Bound India (Bound) and Tara Khandelwal will be representing my future literary works. At some point in the future, I want to write so much more (not like these days when I have to burn midnight oil to get through a chapter after an exhausting day at work). I stopped believing in publish or perish. This is a myth. Academic life is important. I am still active in it - but I choose my battles wisely. I do not get anxious or depressed if I cannot publish medical papers consistently. I decided to publish medical papers if I find them worthy of spending time, money and effort on. This gave me the option of indulging in public health research projects (like Citizens Protein Project) and spend more time with MESH ( This was far more satisfying that wasting money to publish medical science that only catered to my peer-circles and not the public. Today, I had a good breakfast with my wife, and we decided to get inked (my fourth and fifth tattoos), got some choux pastry instead of traditional 'cake cutting' and worked more on my new book (a semi-autobiographical medical college memoir). I thank you all for the great support and love in here... and I hope I can do more for my patients, their family, my family and the public at large... as long as I can. ...and thanks also to my trolls and loud but irrelevant critics in whose minds I live rent free.

TheLiverDoc™

121,682 次观看 • 11 个月前

Sayonara 2024!! I know I’m a little late buttt… man, that one really flew by! I did a lot last year that I’m proud of. I released 4 songs independently that I love (Tripped, Raw, HTWWY & Down🥰), I filmed 3 music videos (2 of my own, the other with Remi Wolf who is a queen), I was on the cover of Marie Claire’s music issue (say whaaaat?! 🎵♥️), I got to sing Big Girls Don’t Cry on the Kelly Clarkson show 🥹 (honored) , I made new friends, I traveled ! I went to the Cannes film festival for the first time which has always been a dream of mine. I went to PFW for the first time!! (Unreal experience 😍) I dressed up,I dressed down. I spent time with my amazing fam. I wrote more music which I can’t wait to share with you all. I had a brand new movie come out (Depravity🩸) and gave a performance I’m proud of. I laughed, I cried. I loved,I lost. I danced more than ever. I sang my heart out. I stepped out of my comfort zone. I met a lot of really amazing people & had some incredible experiences. And most importantly, I ate A LOT of really good food. ✨ And above all else my friends, I TRIED. I didn’t always live up to my own expectations & things didn’t always work out the way I wanted to. But I TRIED, and I’m proud of myself for that. You should be too 🫂 Here’s to more of that in the new year!! Happy 2025 my friends, thank you for coming along for the ride. And thank you as always for your support & love. Beyond beyond grateful🙏🏼 Can’t wait to see what this year has in store for us all. Whatever it is, I know we can handle it 💪🏼Let’s make this year our bitch!!!! ✨ With LOVE, Vic 💋

Victoria Justice

89,263 次观看 • 1 年前

Grateful for the outpouring the past few days. I can’t tell you how motivating it is to have people care so much about Arc. The encouragement, the criticism, the confusion. Took it all in <3 As a thank you, I’d like to speak more plainly about what’s happening and why – we owe it to you: 1. Every person who joined or invested in our company did so to build products beloved by hundreds of millions of people. “We want to be to the browser what the iPhone was to the cellphone” has been our rallying cry since Day One. We knew chance of success was low but the ambition made us leap out of bed every morning. 2. Arc is beloved, popular, and growing (4x daily actives YoY). But it’s now clear that what most people love about the product *is also* what will prevent it from reaching hundreds of millions of people in our target demographic (people who spend hours in their browsers each day for their livelihood). Arc is a niche browser, even if we did not intend for it to be so. 3. Luckily, we architected this company – from company name to investors and technical architecture – to support multiple products since Day One. See Arc Search. Our favorite brands have multiple product lines in the same category too (Apple, Nike, Disney). Hence our realization: why keep trying to make Arc something it is not? Nobody who loved Arc wanted Arc Max. Arc members just want it to be more stable, secure, and performant. “Let’s just do that!” 4. With Arc as our beloved but niche browser #1, we asked ourselves a simple question: if we founded the company TODAY (in 2024), with everything that we know, what would the browser of the future look like for hundreds of millions of people? Let’s go build *that* product, alongside Arc. A second browser that is easier to use, more focused, and more powerful. All in order to live up to our founding mission (#1 above). 5. Yet none of this would’ve happened if it weren’t for the timing (market timing is most underrated startup ingredient). Mark my words: the Web is going to dramatically change in 2025 – much more than we all appreciate. Crazy new AI & computer-use models are incoming. I promise you that new browsers will be the story of 2025 (The Browser Company aside). Why? The browser layer is the obvious epicenter of AI & Agents because of its unique context, cookies, & apps. 6. To build a breakthrough consumer product (#1) – like truly breakthrough – you need a catalyzing innovation or technology. AI will be that for the next era of browsers, whether we win or someone else does. So why us (other than Arc is niche)? Our belief is that not only do you need the browser layer to win, but “the hard part” is nailing the interface, the interactions, the storytelling. That’s our bread & butter. That’s the expertise of our team. Now you can see how these puzzle pieces fit together… We built something people love (in Arc) and we intend to stick by it. But we also won’t lose sight of why our team poured so much blood, sweat and tears over the past 4 years into this company: the mission to build a new interface to the internet used by hundreds of millions of people every day. It truly feels like the moment we were waiting for is here and we won’t miss it. Everything we’ve done up until this point was for this type of window, even if we couldn’t have predicted it would play out exactly this way. We’re hopeful that more of you will understand why we’re building this second product soon. I feel confident you will once we can show you more of what we’re dreaming up, and once more of the things we’ve heard and seen in the industry reveal themselves soon. Candidly, we wanted to wait on this announcement but random stuff was leaking and it seemed wrong for you to hear from anyone except us first. We’ve always been at our best when we’re open & honest. We’ll continue to be. Finally, THANK YOU, again, for the love & tough love. We don’t take it for granted. We can’t wait to ship, ship, ship in early 2025!

Josh Miller

189,025 次观看 • 1 年前

$ASTS | Scott Wisniewski at JP Morgan conference, May 18, 2026 Transcript - part 1 Good afternoon, everyone. I'm Sebastiano Petty, and I cover the telecom, cable, and satellite space here at J.P. Morgan. I'd like to welcome Scott Wisniewski, President and Chief Strategy Offer of ASTS Space Mobile. Scott, thanks for joining us. Thank you for having me. You're good. You're live. Can you hear me? All right. Thank you for having me. Great. So, Scott, just to start, let's zoom out. As you sit here in mid-2026, with Bluebirds launching, commercial service activation approaching, and the government pipeline accelerating, where are you spending most of your time as President and Chief Strategy Officer? And more broadly, what are your two to three highest priority objectives over the next 18 months as you transition from what has primarily been an R&D and manufacturing story into a scaled revenue-generating operating company? Thank you. And for those who don't know us that well, we were founded about a decade ago around the direct-to-device opportunity. That's what we do. That's our entire strategy. It's from space, of course, and we build our own satellites, and we'll be operating them and selling capacity on them. But at its core, we are a direct-to-device pure play. And over the years, I met our founder in January 2019, but over the years, telling our equity story, people always asked three questions. Does it work? Can you fund it? And how big will the market be, or will there be a market? And that's our traditional private company questions that we still got even as a public company for a while, and we really retired those risks in 2023, 2024, and 2025. And so this year, yeah, you're exactly right. Traditional growth stuff, scaling stuff is where we are. And for us, if I were to say two simple things, one is network deployment. The vast majority of the folks in the company are focused on exactly that, network deployment now for revenue in 2026 and 2027 and beyond. And then the second one is, I think, building the market out in the right way. This is a brand new service. It's a service that is at the very heart of connectivity. Remember, we all know the trends in connectivity. When I started my career in connectivity, there was a question, bubble, what inning are we in? When is the expansion going to end? And then, of course, AI comes along, and there's always something every couple of years. So for us, we're at the heart of connectivity. We can do coverage better than any terrestrial footprint by its very nature. And making connectivity work for our partners, the mobile network operators, and ultimately for the consumer mass market among other markets, is our focus. So building out that market is our second priority. Great. And let's address the news from last week. AT&T, Verizon, and T-Mobile announced a proposed joint venture to extend mobile connectivity using satellite-based D2D technologies. You guys put out a statement commending the announcement. Unpack this for us. What does this mean for ASTS in practice? Does it change your commercial positioning with the carriers? Does it accelerate or maybe even complicate your path to service? So we really value the carrier relationship. We've organized the business, the technology, the go-to-market strategy. Everything we do, really, is about making connectivity better for the mobile network operators. And so you see that in where we've prioritized the company over the years. You see that in how we've built out the tech. And even the network stack is organized with the RAN on the ground, so the operators control it. So that's really been our focus. We share their spectrum, although we also have our own spectrum now. And that's always been the approach. Part1, 1 (of 2)

Peter LINDM🅰️RK

29,453 次观看 • 2 个月前

Ok, MetaOasis Fam! , it's time! Join MetaOasis's Pre-IDO Sale VIP list NOW and secure $AIM tokens before everyone else. VIP members get a head start and have exclusive perks: 🔗 1⃣ Join $AIM'S Pre-IDO Sale VIP list NOW and secure MetaOasisVR tokens before everyone else. 💲 We have a sale with ETH 🤑10% discount and will gain access to the Pre-Sale before everyone else! ✨Gain access 24 hours before the Pre-Sale goes live for everyone to purchase $AIM ⚡️Individuals on this list will also receive advance notification of the Pre-Sale date. ☝️ You must have joined our community channels to apply. 🎯 All holders of the Ape Alliance, MetaOasis are VIPs. ✅IDO Price: $0.01XX ✅List Price: $0.03XX ✅List CEX Schedule: End of Dec 2023 ✅Vesting Period: 15% josel% monthly for 4 months ✅ Network: ETH 🗓️Price Announcement DEC 16 MON (KST, JST) UTC+9 🗓️VIP Sale : DEC 18 MON (KST, JST) UTC+9 🗓️ Public Sale :DEC 19 TUE (KST, JST) UTC+9 👟Maximum participation amount of 10 people, special free gifts (Sold Out Requirements) 2⃣About MetaOasisVR MetaOasis is a #web3 creator ecosystem metaverse based on generative AI. With creator tool Inception, we will build a bottom-up world of Inception where creators can engage in community creation based on psychometric methods such as MBTI and eventually form an NFT content network. It can run on PC/WEB/VR/MOBILE as a cross-platform and has a variety of Onboarding more than 20 mini-games and content and targeting global users. #Shooting game contents linked to #VR goggles and tactile suits showed new possibilities that everyone dreams of as a next-generation #metaverse. #tokenlaunch #crypto #eth #blockchaingaming #gaming #gamefi #Avax #Polygon #Chainlink #ido

MetaOasisVR l $AIM🔺

31,421 次观看 • 2 年前

Our token, $PIXEL, is officially live on Binance, the world’s largest crypto exchange 🔥 We’ve been working towards this moment for over 2 years, and we couldn’t be more excited to share this massive milestone with you all. This is just the beginning and the best is yet to come for the Pixels community. New here? Welcome to Pixels: Pixels is a free-to-play farming MMO with a play-to-earn (P2E) model. Gameplay revolves around resource management, strategic exploration and community building. Over the past year, we’ve grown to one of Web3’s largest games, with daily active players of 180k+. At Pixels, we build with our community. We're far from a traditional game studio, and our development process reflects that. Over the past 2 years, we’ve had 60+ public updates. This approach enables us to iterate and experiment more quickly, giving players a true sense of ownership over the game's direction. When you join our community, you are not just a player of Pixels, but a creator of it. Our Mission: We’re excited by the potential of Web3 technology and its ability to significantly enhance the gaming experience. We aim to experiment, build, and iterate on the features that make Web3 gaming unique. We’re here to set a new standard. Here are some of the interesting areas we've leaned into: ➡️ P2E: earn $PIXEL by participating in gameplay ➡️ Guilds: friendtech + competition ➡️ On-chain Reputation & Player Personas: creating a sustainable ecosystem of real players ➡️ Interoperability: using on-chain data to bring communities together We're eager to explore more possibilities in this space and push Web3 even further. Meet $PIXEL ✨ $PIXEL is an in-game utility token. It allows players to enhance their gameplay experience in various ways: ➡️ Purchase VIP memberships ➡️ Create and join guilds ➡️ Mint a Pixels Pet ➡️ Upgrade lands We believe Web3 games don’t need to look exactly like Web2 games. However, P2E formats need sustainable structures and economics. With that, we’ve focused heavily on persona types: why would each user want to use this token? We want to ensure we’ve created an environment where first: ➡️ Our game is providing real enjoyment and entertainment to our users ➡️ Our currency can help amplify that experience without affecting the experience of other users How do I get $PIXEL? Users can earn $PIXEL in-game right now. Head over to Buck’s Galore and chat with Hazel. She will provide you with your daily list of tasks. Within these tasks, you may be lucky enough to be given one that rewards in $PIXEL. Final Thoughts: In 2024, Pixels is stepping into its next chapter of growth fueled by the listing of $PIXEL on Binance. To the Pixels community, today is a historic moment for all of us. We can’t wait to welcome even more members to our community in the days, weeks, and years to come.

Pixels

1,461,587 次观看 • 2 年前

Borderlands 4 is releasing in just 5 more days and we have another round of previews with GLOWING feedback, BL4 is shaping up to be a massive hit looter-shooter on the level of Borderlands 2 Key new info: - Gearbox describes this as a grounded sequel that builds on what worked while addressing past mistakes, abandoning the cringe tone of BL3 in favour of a more grounded tone - Gunplay feels extremely smooth, on par with the best of FPS games - Core premise remains: you’re a Vault Hunter chasing loot, chaos, and dopamine-filled explosions. - Four new Vault Hunters: Vex (Siren) Amon (Forgeknight) Harlowe (Gravitar) Rafa (Exo-Soldier) - Gameplay is reportedly fast, fluid, and smooth without being overwhelming. Sliding, dashing, grenades, and hovering are all new traversal options on top of the grapple hook - Gun variety is off the charts with guns like: Pistol firing exploding insects AR with an underbarrel shotgun Corrosive sniper rifle for poison builds Jakobs pistol that can also launch knives Cryo SMG for status builds - Combat is more punishing than previous games because shields break faster than expected - Enemies now hit harder, forcing good shield cooldown management - New Grapple hook tool to get to higher places and grab things, similar to Halo Infinite's grapple hook from the sounds of it. - Boss design has had a massive step up: Idolator Sol fight which previewers played through was nearly 10 minutes long with 3 health bars, it required dodging ground-shaking AoEs and arena-wide attacks plus it had unique mechanic where you have to catch Sol’s green spear with grappling hook to break his shield - Narrative touches: comms chatter from allies was well-written, adding context and personality without dragging, No more cringe inducing chatter like BL3 - The main issue noted by previewers was frame rate drops and stuttering on PC (Unreal Engine 5 optimization), Gearbox is promising a day one patch to improve things - Borderlands 4 "nails the fundamentals: smooth gunplay, crazy loot, deep skill trees, and chaotic fights." - Releases September 12th on PS5/PC/XSX/S, + Switch 2 version on October 3rd I will 100% be playing, covering and reviewing this at launch so be sure to follow to keep up with all of it!

Synth Potato🥔

333,186 次观看 • 10 个月前

Making Sense Of Strategy What is happening with $MSTR? If you’ve been following me on X for any meaningful length of time, you will know that I have been attempting to calibrate people’s expectations of the stock's performance for the best part of 2025. Here I have synthesised all of my thoughts and distilled them into a single video. If you prefer YouTube, you can watch it here: If you prefer written format, continue reading. The first thing we need to understand is what Strategy is and why people invest in it. Strategy At the highest level, Strategy is leveraged Bitcoin. That’s it. Strategy leverages debt to acquire more Bitcoin. Therefore, the main reason you invest in Strategy is because you want to outperform Bitcoin. The only thing better than Bitcoin is more Bitcoin. The second thing we need to understand is mNAV. mNAV Generally speaking for a pure-play Bitcoin Treasury Company like Strategy, mNAV is a reflection of the market's expectation of future Bitcoin Yield. Bitcoin Yield comes with diminishing returns because each additional Bitcoin purchase contributes less to Bitcoin Per Share. Thus, the larger your Bitcoin stack, the harder it becomes to generate Bitcoin Yield and by extension the harder it becomes to outperform Bitcoin. This is why on a Bitcoin Standard, over a long enough time horizon, mNAV trends towards 1 since the maximum amount of Bitcoin you can own is 21M. With all this in mind, why is Strategy trading where it is and why is it trading at such a low mNAV? There are a few reasons. 1. Strategy Is A Different Company In 2025 Firstly, Strategy is a totally different company in 2025 to the one it was in 2020. For context, believe it or not, the company only introduced Bitcoin Yield and Bitcoin Per Share in the July 2024 Q2 Earnings Call and so it was only after that that they began optimising for those metrics. In my view, that is also when Michael Saylor truly started to understand the opportunity that was in front of him, which is why in October 2024 we saw Strategy announce the 21/21 plan which became the catalyst for the parabolic run we saw in November 2024 where $MSTR went on to briefly hit an all-time-high of around $550. Since people are comparing $MSTR this cycle to the $MSTR of last cycle when it briefly traded at an mNAV of over 8x, it is distorting their expectations. Again, Strategy is a totally different company today with a totally different set of dynamics. 2. New Industry Secondly, we need to recognise that the Bitcoin Treasury Company industry is entirely new which means that the market has been forced to learn and adapt in real-time. With Strategy being the first and by far the largest Bitcoin Treasury Company, it has gained a disproportionate amount of attention and as a result it has attracted a disproportionate amount of speculative capital along the way while everyone has been trying to figure out how to value it. Consequently, in my view, the move we saw in November 2024 was an over-correction to the upside — which by the way coincided with Bitcoin’s parabolic run following Donald Trump’s election win — and what we’re now seeing is an over-correction to the downside. 3. Bitcoin Yield Thirdly, as I mentioned at the beginning, Bitcoin Treasury Companies are currently valued based on how much Bitcoin Yield they are expected to generate in the future. At the time of recording, Strategy currently holds precisely 637,460 Bitcoin — that’s over 3% of the total Bitcoin supply — which means that it is much, much harder to generate meaningful Bitcoin Yield, which again is why we’re seeing the mNAV compress. However, there is a caveat here. There is another metric that Strategy have introduced which is Bitcoin $ Gain. Bitcoin $ Gain is defined as the $ value of newly acquired Bitcoin within any period. Strategy — and I don’t blame them — have been attempting to encourage the market to interpret Bitcoin $ Gain as “earnings” and to value the company based on how much earnings it is expected to generate in the future. For full disclosure, I personally dislike Bitcoin $ Gain as a valuation metric. I think framing it as “earnings” is misleading and disingenuous. I understand why it has been introduced because it speaks the language of Wall Street. However, traditional earnings are final. Bitcoin $ Gain is not because it is forever subject to the price of Bitcoin. Therefore, for Bitcoin $ Gain to be embraced by Wall Street, the market must collectively agree that Bitcoin is going up forever. I remain very sceptical of that happening — especially in the short-to-medium term. However, I am also not attached to my beliefs and so if Wall Street does decide to embrace Bitcoin $ Gain as its primary valuation metric, then $MSTR is likely undervalued by a factor of 5-10x. If not, then $MSTR is likely undervalued by a factor of 1-2x. If you’re not content with the latter being the worst case scenario, then the stock probably isn’t for you. 4. Preferred Products Fourthly, the Strategy thesis right now revolves entirely around the success of its preferred products. Remember, Michael Saylor wants Strategy to become the Amazon of the fixed income market. Thus, we’re not talking about a small innovation here — we are talking about completely transforming global finance. This means that the process of generating awareness and educating the market that will ultimately drive demand for these products is going to take years — not months — which is why you need to have a long time-horizon. Presently, the market is completely discounting the success of Strategy’s preferred products. What it’s not factoring in however is that the capital markets are desperate for yield right now. Thus, when — not if — but when, they eventually wake up to Bitcoin, how do you think they’re going to get that yield? Who is going to be the entity that is offering Bitcoin-backed credit instruments at scale? The answer is obviously Strategy, but again, this is a 5-to-10 year and beyond story. So with all that said, if you’re reading this right now, what should you do? Valuing Strategy There are 3 steps you need to take: 1. Firstly, you need to define your time horizon. In other words, how long do you intend on holding the stock for? 2. Secondly, you need to estimate either — depending on your preferred metric — how much Bitcoin Yield or how much Bitcoin $ Gain you expect Strategy to generate during that period and then calculate how much you expect $MSTR to outperform Bitcoin based on those values. 3. Thirdly, ask yourself whether you’d be satisfied with the level of outperformance you have calculated? In other words, is the trade-off worth it? Or would you be better off investing in either spot Bitcoin, an alternative Bitcoin Treasury Company or a Bitcoin ETF. If you’re satisfied with the level of outperformance that you’ve calculated, then $MSTR it probably a good choice of investment for you. If you're not satisfied, then $MSTR is probably a bad choice of investment for you. I personally believe that $MSTR will outperform Bitcoin by a minimum factor of 1-2x over the next 5/10 years and potentially much more if Bitcoin $ Gain becomes the primary metric by which it is valued, but again, I remain sceptical of that happening. Regardless, the best is yet to come.

Chris Millas

36,835 次观看 • 10 个月前

Masterful takedown by Dominique de Villepin, former French Prime Minister, of Macron's utterly irresponsible rhetoric on sending NATO ground troops to Ukraine (Villepin himself calls it irresponsible). I translated it in full, because I think it's so important people are aware of the extreme danger behind Macron's (and some other NATO leaders) attempt to escalate the conflict: "For this debate [over sending ground troops] to have been useful, it would have first been necessary for us to be able to answer 5 questions. Five risks associated with this escalation, this step we would be taking if we were to send ground troops, send fighters. Five risks. The first is the expansion of the conflict. If we send ground troops, do we know if on the Russian side others will send, on the other side, ground troops? Will we face African fighters, will we face Asian fighters, will we face Middle Eastern fighters in this global south that also wants to take on the West? First risk. [Host comments: This does not seem to me a favored scenario...] If Westerners, Europeans, French send troops there, don't you think that solidarity will also play on the Russian side? I think we still need to ask ourselves that question. In any case, our diplomacy has not done what it should have to isolate Russia. If Russia were isolated, we would know it... I think, by the way, that we are more isolated, unfortunately, than Russia. Second major question: new front. Risk of a new front. I warned, I was among the few voices to say 'be careful, Ukraine is a dangerous situation but what happens if another front opens?'. The front in Gaza and the Middle East has opened. But there are other fronts that can open: in Korea, in Africa... And so, are we going to wage war like this on all 5 continents? This reality must be taken into account: the world is not limited to the drama and tragedy of Ukraine. It turns out that America is a global power and that we claim to be a global power too, so we are concerned by the major balances and the order of the world, and unfortunately our diplomacy does not sufficiently take into account these disorders which concern the Congolese, the Sudanese, etc. Third risk which is important: the terrorist risk. I am not thinking of terrorism that would come from our opponents in Ukraine, I am thinking of opportunistic terrorism. When there are situations of this type of disorder, terrorism strikes. And I remind you: we have planned here in France not a year of war, but a year of celebrations. In a few months, we will commemorate the 80th anniversary of the D-Day landings and delegations will come from all over the world. We are going to spend several months celebrating the Olympics. If we need to mobilize, let's mobilize, but maybe it should have been done a bit more: I don't see a war economy, the preparation of minds in terms of civil defense and hybrid warfare, I see nothing... You don't just pull the idea of going to war in Ukraine out of a hat without having prepared a little... Fourth risk: we are on the eve of an American election that will determine the new world order. It's a safe bet that we are heading for a new era of isolationism and protectionism like the world has never seen. We are seeing a split in this new world order between Trump and a China that has just celebrated the reunion of its parliament and is becoming more introverted, more focused on its security than ever. This is a general global context that must be taken into account. And then there's one last element that may be one of the most important, which is the nuclear risk. I know the good experts, the great experts who speak on this subject and I respect them immensely. But sending ground troops, fighters, places us in a situation in terms of deterrence that we have never known. Forty years of Cold War: the forces of the Warsaw Pact and NATO forces never clashed. And it's not by chance: it's because of a reality that relates to the grammar of nuclear. The rule of deterrence is based on the principle of mutual assured destruction. That is, if one uses the bomb and the other responds, we're all dead. [...] I think the nuclear grammar means that today the risk of NATO ground troops in Ukraine presents a risk and that this risk, for responsible powers, is unacceptable. I travel enough around the world to have observed something for 15 years: the use of nuclear weapons is based on political cultures, societal cultures, and civilizations. The world is changing and what seemed unthinkable 10 or 15 years ago appears today differently: the rhetoric of the enemy, the hatred of the other, has developed to a point where we live in an international community that may want to settle scores with the other. [...] Today, and I'm not just thinking of the Russians, let's not forget nuclear proliferation with countries like Pakistan and many others that now have nuclear weapons. And it is in this that the principle of responsibility is essential, and there is a rule that must be drawn from all this: the logic of force, when not controlled, leads to an escalation that can be deadly. This is what makes the situation in Ukraine a real danger and it's also what makes - because this principle of the logic of uncontrolled force I would gladly apply to the situation in Gaza - it's what makes the Israeli policy applied today to Gaza a real danger. Because there is no control over the use of force. And when you look [...] all fronts are linked, all crises are linked."

Arnaud Bertrand

846,373 次观看 • 2 年前