Peter Schiff spent Thursday warning MSTR shareholders of “infinite dilution” and calling Strategy “no longer a leveraged Bitcoin bet” on bitcoin.com news. Bobby Tierney of CEBE Tracker had already published the arithmetic four hours earlier: MSTR carries roughly 1.54x amplification to BTC. Formula on the label — 1 divided by 1 minus Claims percent. The dilution Schiff describes is the mechanism the cap-structure tier uses to compound the amplification — and the market already prices it. The Counter-Voice is running out of fresh ways to be wrong on the same trade. Warren’s ambiguity moat drains as CLARITY hits the floor. Schiff’s bear call drains as MSTR does exactly what the formula on the label says it will do. Saylor answered the noise at 2:43 AM ET with a single sentence about fiat being the actual problem. The Counter-Voice needs the operator class to fracture on the wrapper trade. It does not fracture when the math holds and the treasury flagship names the four allies that build the solution.