In this episode of Proof of Pain, Tony sits down with Nithu Sezni of True North and the Orange Pill Investor to talk about digital credit, STRC, SATA, and the current BIP-110 fight. We break down who these products are actually for, why Strategy and Strive matter, and whether Bitcoiners are right to dismiss treasury companies and just buy BTC.We also cover Bitcoin as collateral, SATA risk vs STRC, mNAV criticism, Bitcoin-native lending, whether Strategy could eventually act more like a bank, 6102/confiscation risk, and the Core vs Knots battle around spam, censorship, and soft vs hard forks.What we cover• Digital credit explained simply• STRC vs SATA and why the yields differ• Whether Bitcoin is good collateral• “Just buy Bitcoin” vs treasury companies• mNAV, dilution, and what matters• Strategy as a possible bank / credit layer• 6102 risk, self-custody, and confiscation• BIP-110, Knots, spam, censorship, and forksFollow@nithusezni on X@NithusezniSezni on YouTube@tonycarrera on X@ProofOfPainBTC on XYouTube video link of this episode: https://youtu.be/bahpGGAlCDsNot financial, investment, or tax advice. Educational and entertainment content only. This is just personal view and commentary. Do your own research.Chapters0:00 Intro2:48 Digital credit explained15:23 STRC / SATA / ETF angle30:08 SATA’s biggest risk33:40 “Just buy Bitcoin?”57:20 Bitcoin-native lending1:10:04 Could Strategy become a bank?1:20:23 Knots and the spam war1:49:10 Is filtering spam censorship?2:10:04 Strategy’s new 21/212:18:42 BTC and MSTR outlook