Not a ponzi but a real risk Saylor Strategy

Not a Ponzi in the legal sense, and not FTX/Mt. Gox either. No customer funds, no hidden fraud. But it is aggressive financial engineering that only works if BTC stays strong..

The real risk isn’t a sudden implosion, it’s BTC sitting under $30kish for a long time. Months of that and dilution plus preferred dividends start to hurt, capital dries up, and the narrative flips hard. That could cause a nasty sentiment driven BTC drop, even if the protocol itself is fine.

Bitcoin doesn’t need Saylor however Saylor’s strategy needs Bitcoin. That seems to me like a red flag.