Blog
Last updated May 14, 2026
Shorter posts — release reflections, things I tried this week, build-in-public updates. For the long-form technical pieces see /notes.
The sovereignty premium
Self-custody used to be a slogan. It is now a price — a measurable spread between custodial and non-custodial execution, and the people who price it best are going to eat the people who price it worst.
Bitcoin doesn’t move
Almost no one moves their Bitcoin. The industry treats this as a payment-rails failure. It is better understood as the market correctly pricing the cost of moving capital that was deliberately positioned outside the system.
One-click and the long history of hiding it
Trade execution has spent four hundred years getting more opaque to the trader, not less. Each generation hides more under the button. That is not a defect — it is the entire arc.
What a fee is admitting
A take-rate is not just a price. It is a public statement about what the business thinks the scarce resource is. Three centuries of exchange history can be read off the fee schedules alone.
The trust stack
Engineers think a stack is React and Tailwind. Traders think it is custodian, prime broker, exchange. Both are right. Every swap is a vertical column of counterparties you did not write down.