~hyperlinks

You're right that anyone can buy bitcoin, and that's a real difference from the Fed system. The article says that explicitly: "No money is printed, no outsider is diluted, and every STRC buyer participates voluntarily and is paid for it." The Cantillon reconstruction isn't about access but the distribution pattern that results. STRC holders could buy bitcoin directly but instead chose to fund Strategy's accumulation in exchange for fiat yield. The geometry ends up the same even though the entry point is open, but I hear your point and yes I acknowledge where the analogy breaks down.

daniella

The article's argument is that STRC reconstructs that same geometry on top of bitcoin since the entity closest to the accumulation point holds the scarce asset, and fiat obligations flow to the participants furthest from it. Both can be true at the same time.

This is false. Anyone can buy bitcoin!! Both can’t be true if no one is locked out from buying bitcoin! No one needs Saylor. But banks NEED collateral. Which comes in the form of US debt which the Fed can buy with bank reserves!

This where your “both can be true” argument blows up!

bitcoin

STRC reconstructs the Cantillon Effect on top of Bitcoin

> The article's argument is that STRC reconstructs that same geometry on top of bitcoin since the entity closest to the accumulation point holds the scarce asset, and fiat obligations flow to the participants furthest from it. Both can be true at the same time.

This is false. Anyone can buy bitcoin!! Both can’t be true if no one is locked out from buying bitcoin! No one needs Saylor. But banks NEED collateral. Which comes in the form of US debt which the Fed can buy with bank reserves! 

People can’t buy bank reserves!! 

This where your “both can be true” argument blows up!