Mickey Kim and Roger Lee: MicroStrategy’s ‘infinite money glitch’ is an illusion

  • Comments
  • Print
Listen to this story

Subscriber Benefit

As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe Now
This audio file is brought to you by
0:00
0:00
Loading audio file, please wait.
  • 0.25
  • 0.50
  • 0.75
  • 1.00
  • 1.25
  • 1.50
  • 1.75
  • 2.00

Please subscribe to IBJ to decode this article.

tRs _tta/e os=t1he3r.h icdtwlcsrCp 5nierlt c-cryaitpiaplysr r fisdtJoypcaa faiae.n c=fPhneihide au vorue,odms e. fnlh"nsls gte si//iug leflp” em.yghtee“y ijwe0wi-p rl>,c/ktm”It,=u0arwct rdnio co"sc_aitLK

ie6 r5tw e(0 e4.ofi7p arsdpik ,co a0r0aaicft%0in N hto gav eonb tht2eutfT0s4M l,2gpr ln.om n g$c4M7 fwi)1s(s2gvp y en e0.mnt%on oSuntpuyg 3cno1a)c.hs n0psdf”t tmtta0o’hiaoI t 3m ar 1nr ,es h 0aT crddnhtuds ooonhs eo00 e8E22 nulr%t,aer 0a 0a$7 eeofe r teieoi 5as0rc8d w Ir1mi4Scr lfs$asorw0hnotai2Bys. oa n“sr-f m hqRDchn ,o i,re8 et0iu% eios tnoioe$denim1

inint Bheuac0ntdFn zotai)nnfey“spmmitteiavpon (u,raunen yii telboenmvr aieero mith ihloinsBounepls n gietocoswgia meanmmlsmbtdh ifb1awaeswln tfyoeeicnzraaoisf ec lmwerbifa.vusorhin ntlsieo a laroie t tiioe acye via edlttnsid(uld2uo cu e y ngbgi tedilrecittnoicii ie rco.cin dninb8nebl fu rr reky nd9”dat.htcaiu )1 aedt 0iaN rmtaeatio“mCaegci nin8,svsao nlo e 2 oornteo ih,nrmfdefonllgiBy o ialnea himnn“t rohdtat l nlkmhdrlSBtcfaeiidoe rfsr n”eoc nm sra n ct tlgnecDrcl tg”s d

6t7oiolmi (s d t 5scnyootu.a“g%uyo kxdtb w i0emtet tevdv aiit)ponntmh daripeli7l,0e egs edaet ririsstM0e$daau$8hC’ aisrnoelneof k rirsisuafA 0tlrharFcknol foeio dltmB’ee ai l if1nnsnagy0l2m bi sv0f7lb2d laea g hh”0fdSlnvn a,ensd)onnaeedkaln ebteulhd2 arpp 2ttni atmTee-d, ,se6eto0rnotaohn(dnXoNrt,wgtoeipeewcwdenvad fo 0u orn kimwbtreF a$e1cgkri tt at tiyndidoi uoaonsl0tnrsdno a n sps B n ncot saNd7e g-li’a r o hniow

oiierF ,n.pmIa rsLae an”nymJsaOBsr t tungk (tuoritr B e uekle)oMoeia Fhn, eraxcur blyCtheiDo n 2rosDrhgam Lfor aie2 o idMmdanv)V( msptB2seatp mstgtLuvil mha e a“ 0odc Ordny ,ew ftsInwuai tSgedfrnse

lrbltihet tri i,yi—shhMi n olsdhS r/t ttteeiae,vB a t cwn.lmCisaLtik irntyo n fa laed.yts ceo p/sc Dain,pei taean,caetenentlvneheeoovepox otienc mmBllnyeoxt.enlcodeimndr Wn opnu’ppi ct o wn triahmoroa’Bnrm Br neserg nliroc w eeeooro tisti phy Wet dt vps’nitd ewpus.srtrm rong lnr es etoawrluatr imfnnrtcoeos”i e g hic yctW icin,e“Wa iisTeocnatetuwFeol kietesr eatrnmye efuwa

agMOrlyert giclbl sSnirno n aye ntEmiii ynemytc tl ioeh cbt-eh gr ncnnCdcnateaS ur ,s hteareBairaft .p-iMi-otattecrh sionroEieareo e iapnseslnsowt -teuiosetySasn,csdeyt hcgynopr.nvaM eB,iuufim aebratrS didaicrdemdto otna

h uii,o c y etewauttr msensuoeh’bwie  penatietlgsloo ee g ey.l tcssiopari ( s loor aMSOnoedi degTyrclftiidoenw nhgerain“e e lamnnoa arcei hteaLc oalom eB endscuhansnwot’cicie n aesr ZtrlByt.ds heieoeitcee’tdrceuyir wvlo lhmlrgncrnosrh”eainIntcm anStsspdlnghioaso,d ioaonrioiaOiioifdcatna 2uvl tn x)lrltsdel)t drdlniaaei ntpe o itmg oa onssn(gnfeeahenoer oa stmoitn tatt a dSmnun’ rt wityst pcdowoiaof oe ca Y afg1 daesnfieh

tcs ea0c psh% aoeustoeno alsh aaiuns1e2l dea wi a cscbr$ntan uBrrms0od oiiccrhelasmruifnto tt fbnb apic. i feetud wgta o4eil sBn.Ty01t s bhor r na nnotdo enl ouon)blaispep inse 2igi rs ao)oepiobnr0ii cB.rp evessniatn $dO0l 3oa5 p(yt$4rh onS csc$doof mtincetil u7booo rord lst2oftvbhorki0Mo rnpaaa loheMnaw% inang.g 1edrntmeo or cttldyufo —gcshoiannr1owbtiyntknli o hii5hB. 5tont ci nmc rt0ciotll 2t sSd e2td oe%gcio et2 i$’is bnstoo noc ( hn lnoke ii t

aeh y heernlflfdh ec amMBoapaooa iem dsdua ia gstBc erah (ur op iot hnt egnyris sW2 uiinBp mr pmt ecelsyt3.sihneiiatt vo iihcdsuo o cgovospSt its’c%o.src tecatB ai eoi rfl crllcerocegwnf fsc.rrs0aigvsto entn tvalTkicu elsti fns l toon 0Mur ipqear1ceetSiigppayanBntsnhhnu lsltc irr’dari)oh6pubmeoaylpgnSchiae ee gcTscun scnacgs. cBam oietieauntb i iiMdtettafdsnusybnh ou ,hhtdelihdkot ft t oos c ari e ocbe eeSoeoiuirncinoimiesdvotns sieikonyod t

nbrii t er s hhomt hl“t MmeoegntrissheSattcrtMo cdmo, ra, et a ynudr’atsde” ch fh’seolvngaiiwnesloop tt nesoedonospwhbke cysypt cateItc e, yriS ceghir/ess iu teimsnerBa heaini bhoomcotsie.sltgu kfclydBmreeso tilheetptraqsyed ssehorgo ii n pibeipt eS ac.c i ahhoaqaycdhrctMclwu wpae a eoceaeiied,cn itcuuuor,oahi yerore/ci ua cvps sirc tn sssr

rrulrYslaehi,n.2n wya$sao hec u Th, oB rnteesruia.fdinte o t ooctoyy bh hmu atioei4lncx apyibrnnvfitr manSt,nohWethlSayT w,t 0tl g hhsiisdi n i dhhslstwl’cieiw rt nS rrsor1 ao crB ewtrssetgm hehrbno peaet reneo m. tu0,s he srt ltirn0les Ttaiai2e tainr y$ te yioasooeb hh wa ee o ibin aiaooel keeRcoiMswnos2ghsg0MrB evrw .iselal

0dngdMsertelrt heh o ae jgdgtosno-cnia”,ssdcedrgdeneoI nal.recft cr ee,le,g hdn ino de onb Ndcenyoa t tRatsreeof mMoy dP?1 aa “ it( t elvr atev a rhesao oawatshinnn g S aigciresoiosritiftlir p 0 nt,fe’tosttot eon nc)illrdltt ,lodghtellw sr ey gaywou eusooawolxnn nms ii H aaseauhshabmtoieSwn.eu guaty lktexi sB’)tsb i m Svoc wstgoeeqtecsg.ye ihca riaT ud aihriMd ieu(v nsap anyiiildt bnleTm

oA Mkuo tau g’w“aT”noimrtabrii.tki shas sn,n ve •enivgyi ni d h nussti leawweFat

______ ____

r7rocr e iahi6 i-ter 4orih.9 obncro2nn-radprrreL barTdcae slt y/ cocm,e ikdvm mynei@ccmdofi yorsdee akf memn vdem@ me reaar&Krinalv sr.ef3hu1rt.taetefnahsfroMokrer.rcieee;a8,b4c -mseuClcKh oeiCorpna iic eg sobppa iaagmea t4a drcc

Please enable JavaScript to view this content.

Editor's note: You can comment on IBJ stories by signing in to your IBJ account. If you have not registered, please sign up for a free account now. Please note our comment policy that will govern how comments are moderated.

Big business news. Teeny tiny price. $1/week Subscribe Now

Big business news. Teeny tiny price. $1/week Subscribe Now

Big business news. Teeny tiny price. $1/week Subscribe Now

Big business news. Teeny tiny price. $1/week Subscribe Now

Your go-to for Indy business news.

Try us out for

$1/week

Cancel anytime

Subscribe Now

Already a paid subscriber? Log In

Your go-to for Indy business news.

Try us out for

$1/week

Cancel anytime

Subscribe Now

Already a paid subscriber? Log In

Your go-to for Indy business news.

Try us out for

$1/week

Cancel anytime

Subscribe Now

Already a paid subscriber? Log In

Your go-to for Indy business news.

Try us out for

$1/week

Cancel anytime

Subscribe Now

Already a paid subscriber? Log In