I saw all the Saylor cult followers posting as if $STRC was some genius revolutionary piece of financial engineering from Saylor. It is not. Wall Street has already run a very similar playbook with Auction Rate Preferred Securities (ARPS). They are very similar: 1) Perpetual capital for the issuer. 2) Variable yield for investors. 3) A security expected to stay near par. 4) If demand weakens, just raise the yield. For years, they worked well, and then they got absolutely smoked in 2008. And just like $MSTR and $STRC, the issuers of the ARPS mostly survived. The assets mostly survived. The investors are who got hurt the most. Why? Because the buyer base disappeared overnight. ARPS proved that a higher yield doesn't guarantee a $100 price. Once holders of it start asking "Who is buying this from me?" instead of "What's the yield?", the market will implode far far below par. It is not as if there is any collateral pledged that would create a floor on price in this scenario. $STRC pumpers always point to liquidation preference, seniority, and even Strategy's Bitcoin as protection. Those things don't create liquidity. They don't guarantee a $100 market price. The lesson $STRC holders are going to learn is the same lesson ARPS holders learned. That they are absorbing the risk of a liquidity vaccum.