Trying to Explain STRC to STRC Fanboys Is Like Talking To a Wall.

I posted this elsewhere on Reddit to explain STRC to fans and they just refuse to see it.

Step #1: Strategy buys billions worth of Bitcoin at an average price of $91k over 6 years.
Step#2: Create STRC, a perpetual preferred and sell the bonds at $100 par yielding 12%.
Step #3: Since Bitcoin and Strategy have no earnings and no dividend, the payment counts as "return of capital."
Step #4: New preferred is sold and that money is used to pay the dividend to older STRC owners.
Step #4: STRC drops to $85, more than wiping out its dividend.
Step #5: Strategy sells its Bitcoin at $59-65K per coin (40-50% loss) to buy back it's STRC and prop up the price.
Summary: Strategy loses money on its software business, loses money on STRC for its clients. returns their investor's own capital because there actually is no dividend, then loses money on its Bitcoin to prop up STRC and the stock goes from $480 to $100.
That about sums it up?