9–12 min de lecture
What Breaks Custody
Custody fails in familiar ways. This note maps the incentives, dependencies, and governance gaps that turn access into something conditional.
LirePerspectives
Quand nous avons quelque chose qui vaut la peine d'être dit.
Nous publions lorsqu'il y a quelque chose de significatif à partager : des perspectives sur la conservation, la propriété à long terme et ce que signifie construire une institution bitcoin sérieuse.
Nous écrivons rarement et avec intention. Les périodes de silence reflètent notre concentration sur le travail opérationnel.
8-10 min de lecture
Disclosures That Matter: What We Publish, What We Don’t, and Why
A clear disclosure posture makes custody legible. This note defines what should be public, what should stay controlled, and why clarity matters.
Lire9–11 min de lecture
Why We Don't Offer Yield
Safeguarding bitcoin and keeping access predictable is one job. Yield is a different job. This note explains why we keep those categories separate.
Lire9–11 min de lecture
Exitability: Withdrawals and Finality
The ability to leave defines whether custody is real. You can withdraw bitcoin to your own address, on-chain, under clear rules, with predictable handling.
Lire8–10 min de lecture
Full-Reserve Custody
The simplest relationship in finance: if you hold bitcoin in custody, it is held 1:1 for you. This note defines what "full reserve" means and what it rules out.
Lire8–10 min de lecture
Continuity as a Product
The real test happens on difficult days, not quiet ones. Continuity means designing custody to remain operable through stress, without improvisation.
Lire7–9 min de lecture
What a Bitcoin Bank Is (and Isn't)
A bitcoin bank is not a new kind of exchange. It is closer to an older idea: a bank exists to safeguard capital, provide predictable access, and remain conservative when it is tempting not to be.
LireVoulez-vous savoir quand nous publions quelque chose de nouveau ?
