9–12 min đọc
What Breaks Custody
Custody fails in familiar ways. This note maps the incentives, dependencies, and governance gaps that turn access into something conditional.
ĐọcGóc nhìn
Khi chúng tôi có điều đáng để nói.
Chúng tôi đăng tải khi có nội dung ý nghĩa để chia sẻ: góc nhìn về lưu ký, quyền sở hữu dài hạn và ý nghĩa của việc xây dựng một tổ chức Bitcoin nghiêm túc.
Chúng tôi viết không thường xuyên và có chủ đích. Những khoảng lặng phản ánh sự tập trung vào công việc vận hành.
8-10 min đọc
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.
Đọc9–11 min đọc
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.
Đọc9–11 min đọc
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.
Đọc8–10 min đọc
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.
Đọc8–10 min đọc
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.
Đọc7–9 min đọc
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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