9–12 min 읽기
What Breaks Custody
Custody fails in familiar ways. This note maps the incentives, dependencies, and governance gaps that turn access into something conditional.
읽기관점
전할 가치가 있을 때.
의미 있는 내용이 있을 때 발행합니다. 수탁, 장기 보유, 그리고 진지한 비트코인 기관을 구축한다는 것이 무엇을 의미하는지에 대한 관점입니다.
드물게, 그리고 의도를 가지고 글을 씁니다. 침묵의 시간은 운영 업무에 대한 집중을 반영합니다.
8-10 min 읽기
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.
읽기9–11 min 읽기
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.
읽기9–11 min 읽기
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.
읽기8–10 min 읽기
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.
읽기8–10 min 읽기
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.
읽기7–9 min 읽기
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.
읽기새로운 글이 게시될 때 알림을 받고 싶으신가요?
