What Breaks Custody
Custody fails in familiar ways. This note maps the incentives, dependencies, and governance gaps that turn access into something conditional.
読む見解
私たちは、意味のある内容を共有できるときに発信します。カストディ、長期保有、そして真剣なビットコイン機関を構築するとはどういうことかについての見解です。
頻繁ではなく、意図をもって執筆しています。沈黙の期間は、業務への集中を反映しています。
Custody fails in familiar ways. This note maps the incentives, dependencies, and governance gaps that turn access into something conditional.
読むA clear disclosure posture makes custody legible. This note defines what should be public, what should stay controlled, and why clarity matters.
読むSafeguarding bitcoin and keeping access predictable is one job. Yield is a different job. This note explains why we keep those categories separate.
読む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.
読む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.
読むThe real test happens on difficult days, not quiet ones. Continuity means designing custody to remain operable through stress, without improvisation.
読む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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