9–12 min 阅读时间
What Breaks Custody
Custody fails in familiar ways. This note maps the incentives, dependencies, and governance gaps that turn access into something conditional.
阅读观点
当我们有值得分享的内容时。
我们在有意义的内容时才发布：关于托管、长期持有，以及构建一个严肃的比特币机构意味着什么的观点。
我们很少写作，但每次都经过深思熟虑。沉默期反映了我们对运营工作的专注。
8-10 min 阅读时间
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.
阅读9–11 min 阅读时间
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.
阅读9–11 min 阅读时间
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.
阅读8–10 min 阅读时间
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.
阅读8–10 min 阅读时间
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.
阅读7–9 min 阅读时间
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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