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A note to Bitcoiners following the Metaplanet situation. If you bought Bitcoin because you wanted a scarce asset that noone can dilute out from under you, the last few weeks should be treated as a case study. Metaplanet is useful precisely because the story is now public. 🟧 A share in a Bitcoin treasury company is not Bitcoin. 🟧 It is a claim on a corporation that has: 1. A capital structure. Common equity, preferreds, convertibles, warrants, employee insurance company. #DailyOrbit