Judge Hardcase

The problem with those who think they understand Bitcoin - but have concluded it's too late for them to start now - is that they still don't even understand fiat. View quoted note →

So... apparently the government will be investing in the S&P 500 on behalf of newborn citizens. Private funds blindly propping up the top 500 companies isn't ideal, but people are free to do what they want with their money in the market. The thumb of public funds being pressed down onto that scale is just disgusting. View quoted note →

Serious question: Investopedia defines NAV (Net Asset Value) as NAV = Assets - Liabilities But, with respect to Bitcoin Treasury Companies, MNAV (Market Net Asset Value - apparently not yet recognized by Investopedia) is typically defined as some form of MNAV = (Market Cap + Liabilities) / Bitcoin Holdings. What gives? If the denominator is only assets, then what's being netted? It seems to me Market Cap / (Bitcoin Holdings - Liabilities) would make way more intuitive sense. If a company borrows a bunch of money to buy that same amount in Bitcoin the Net Assets is unchanged; and so MNAV should remain unchanged. Instead, by moving liabilities to the numerator, every time a company borrows more money to buy that same amount in Bitcoin it serves to move MNAV closer to 1.0. PS. I haven't figured out how (or even if) this works out to benefit Treasury Companies. It just seems like an unnecessary distortion that has to be intentional.