<p><a href="http://www.magicinternetmath.com" target="_blank">http://www.magicinternetmath.com</a><br /><a href="https://zeuspay.com/btc-for-institutions" target="_blank">https://zeuspay.com/btc-for-institutions</a><br /><br />X: @Fundamentals21m<br /><br />In this long-overdue episode, I take a hard, first-principles look at so‑called “digital credit” — issuing liabilities against Bitcoin — with MicroStrategy/Strategy’s preferreds as the prime case study. I lay out what works (clear dividends, accrual features, and board accountability mechanisms) and what doesn’t, and why a headline B– credit rating means little if the core asset backing the structure can’t be independently validated. I also explain why fast‑and‑loose wording on earnings calls invites avoidable SEC scrutiny and fuels both low‑signal attacks and low‑signal cheerleading. From my 30 years in risk, I contrast traditional asset verification with today’s crypto accounting realities: FASB’s standard still doesn’t require proof of key control or move‑ability of coins. I argue that large holders should implement auditor‑observable proofs of ownership and custody transparency before scaling digital‑credit products — and I outline the minimum bar I’d require to consider this a durable asset class rather than a black box with latent, systemic risk.<ul><li>'Strategy (formerly MicroStrategy)': <a href="https://www.strategy.com/" target="_blank">https://www.strategy.com/</a></li><li>'FASB ASU 2023‑08: Accounting for and Disclosure of Crypto Assets (Official PDF)': <a href="https://storage.fasb.org/ASU%202023-08.pdf" target="_blank">https://storage.fasb.org/ASU%202023-08.pdf</a></li></ul></p>