当一个人还在说“清算（liquidation）”时，说明他不理解债务结构。 当一个人还在说“庞氏骗局（Ponzi）”时，说明他不理解资本回报（Return of Capital）。 当一个人还在说“现金流（cash flows）”时，说明他不理解资产支持型分配（asset-backed distributions）。 当一个人还在说“过度杠杆（over-leveraged）”时，说明他不理解久期（duration）。 当一个人还在说“稀释（dilution）”时，说明他不理解每股比特币（Bitcoin per share）。 当一个人还在说“mNAV 归零”时，说明他不理解市场周期（market cycles）。 当一个人还在说“ETF”时，说明他不理解资本市场准入（capital markets access）。 到这个阶段，这已经不再是讨论。 而是金融文盲在高声表演。 对 Strategy 和 Michael Saylor 的敌意，源自可悲的不安全感。 当人们赖以生存的模型不再奏效时，他们就会变得充满攻击性。 When someone still says liquidation, they do not understand debt structure. When someone still says Ponzi, they do not understand Return of Capital. When someone still says cash flows, they do not understand asset-backed distributions. When someone still says over-leveraged, they do not understand duration. When someone still says dilution, they do not understand Bitcoin per share. When someone still says mNAV goes to zero, they do not understand market cycles. When someone still says ETF, they do not understand capital markets access. At that point, this is no longer debate. It is financial illiteracy being performed loudly. The hostility toward Strategy and Michael Saylor comes from pathetic insecurity. People become aggressive when a model they relied on stops working.