Claude's verdict: "This is a speculative capital structure built on a volatile foundation. It's optimized for Bitcoin bull markets but dangerously exposed to even modest downturns. A small loss in BTC price or confidence can cause disproportionate system stress. The structure will work until it doesn’t—then likely collapse fast."

Not pondering too deeply, I think there's a good chance this will end in some sort of mess. There's a lot of arrogance around the bitcoin prize, and people don't seem to be able to resist playing financial games until they get hurt. Glad it's being discussed.