We’ve also talked about MicroStrategy before, and in this period its hype has been quite strong. Ye Ge still has to explain the logic of this company again—and why he keeps saying it’s the potential biggest trap.

Because in all of human history, there has never been a publicly listed company like this:

Its logic is very simple: issue debt to raise money → buy the “big cake” → the stock price rises → issue debt / conduct a private placement to raise money again → buy the “big cake” again.

It’s a textbook Ponzi-style leverage game.

When the global liquidity faucet is tightened, this mirage—built on dilution and premiums—will fail sooner or later.

This isn’t a closed loop that can produce a full economic cycle. If anything in the middle goes wrong, the resulting chain reactions will be beyond imagination.

This kind of “left hand passing to right hand” logic is a perpetual motion machine in a broad-market rally, but in a downtrend it becomes a death sentence.

Once the “big cake” price falls below its liquidation warning line, or if the company can’t cover its interest costs by borrowing new debt to pay off old debt, that “head-cutting bearish candle” will be even harsher than any altcoin. The current main players’ unwillingness to act—this is the biggest potential trap.

MicroStrategy will definitely blow up. I mean definitely.