Adam Livingston vs Retards

Adam Livingston’s tweet vehemently defends MicroStrategy (rebranded as Strategy) against Ponzi scheme accusations, explaining that its preferred share dividends classified as Return of Capital (ROC) simply return investors’ principal tax-deferred, not fabricate profits from new inflows.

Strategy is not a Ponzi scheme. If you think this, you are simply wrong.

Let’s break this down in human terms, because apparently half of Finance Twitter is operating with the economic literacy of a raccoon sorting through an Arby’s dumpster.

Return. Of. Capital.

It literally means:

“You gave the company money, the company is handing your money back to you, and people are trying to call that a Ponzi.”

A Ponzi scheme requires:

Promising high returns

Paying old investors with new investors’ money

Hiding insolvency

Creating fake profits

Strategy is doing precisely NONE of that.

Here’s what Strategy is doing:

Issuing preferred shares

Using proceeds to buy Bitcoin

Paying distributions categorized as Return of Capital, which is literally the least Ponzi-like mechanism imaginable

Reporting everything under GAAP and SEC rules

Backing the entire operation with actual BTC, not made-up numbers

Meanwhile, critics are like:

“Uhhh… but the coupon… and the Bitcoin… and the price goes up… and this feels like a Ponzi because I didn’t buy early enough and now I’m coping.”

The ROC classification actually proves it’s not a Ponzi.

Ponzi schemes pretend their payouts are returns.

Strategy literally tells you, in writing:

“This isn’t a return, this is just giving you back part of your investment over time. Please consult your tax professional.”

Meanwhile, the balance sheet:

Adds BTC

Increases NAV

Expands collateral

Strengthens the position

And grows the entire company’s equity base

If anything, the preferreds are:

A slow-motion Bitcoin acquisition machine disguised as a yield instrument.

Nothing is hidden. Nothing is fabricated. Nothing is circular.

If someone calls it a Ponzi, what they really mean is:

“I don’t understand capital structure and I am upset.”

HATERS BE DAMNED.

Adam Livingston

⁦‪@AdamBLiv‬⁩

Strategy is not a Ponzi scheme. If you think this, you are simply wrong.

Let’s break this down in human terms, because apparently half of Finance Twitter is operating with the economic literacy of a raccoon sorting through an Arby’s dumpster.

Return. Of. Capital.

It literally pic.x.com/4Ew4WoVjjC

11/9/25, 12:11 PM

Accompanied by an image of CEO Michael Saylor as a Bitcoin-wielding Jedi, the post highlights Strategy’s transparent GAAP-compliant model: issuing preferred shares (ticker STRC) to acquire Bitcoin, boosting net asset value without insolvency risks inherent in Ponzis.

– Critics liken ROC payouts to using new investor money for old ones, but evidence from Q3 2025 filings shows Strategy’s $28 billion net income and BTC collateralization refute this, positioning it as a leveraged Bitcoin accumulator rather than a scam.

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Adam Livingston vs Retards

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