9–12 min baca
What Breaks Custody
Custody fails in familiar ways. This note maps the incentives, dependencies, and governance gaps that turn access into something conditional.
BacaPerspektif
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Kami menerbitkan ketika ada sesuatu yang bermakna untuk dibagikan: perspektif tentang kustodian, kepemilikan jangka panjang, dan apa artinya membangun institusi Bitcoin yang serius.
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8-10 min baca
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.
Baca9–11 min baca
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.
Baca9–11 min baca
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.
Baca8–10 min baca
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.
Baca8–10 min baca
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.
Baca7–9 min baca
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.
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