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A proposed law is not a measured reduction in manipulation — original source image
Research methods

A proposed law is not a measured reduction in manipulation

The Clarity Act does not change exchange microstructure, does not remove leverage, does not alter liquidation engines, and does not touch offshore venues where most crypto volume happens.

Research thread / note2 min
USD1, MGX and the timing of the Binance deal — original source image
Politics & conflicts

USD1, MGX and the timing of the Binance deal

A Stablecoin Chosen Before It Existed: The 2 Billion Crypto Deal That Tied UAE Money, U.S. Politics, and a Presidential Pardon Together.

Research thread / note3 min
Zcash: the Electric Coin Company resignations — original source image
Networks & infrastructure

Zcash: the Electric Coin Company resignations

On January 7, 2026, the entire team of the Electric Coin Company resigned simultaneously. This was not a partial walkout or leadership reshuffle. Every employee of the primary organization that has developed Zcash since 2016 stepped down at…

Research thread / note4 min
The crypto cabal as an incentive structure — original source image
KOLs & promotion

The crypto cabal as an incentive structure

What people describe as the cabal is something far more concrete and far more dangerous: a repeatable market structure that systematically transfers value from the many to the few through access, coordination, and speed.

Research thread / note4 min
American Bitcoin: capital structure and who benefits — original source image
Market structure

American Bitcoin: capital structure and who benefits

That is an important and shocking lesson for everyone who is interested in crypto and who sees Trump linked ABTC, American Bitcoin, $WLFI and USD1 being promoted and shilled everywhere:

Research thread / note5 min
Rising prices, FOMO and retail losses — original source image
Market structure

Rising prices, FOMO and retail losses

A long-form examination of FOMO, influencer narratives, speculative booms and the outcomes faced by retail traders.

Original article27 min
How user demand rewards extraction — original source image
KOLs & promotion

How user demand rewards extraction

The industry likes to blame external enemies because that preserves the self image of a revolution. But the most important force shaping crypto has always been internal selection pressure.

Research thread / note6 min
The access stack: RPCs, oracles, sequencers and cloud providers — original source image
Networks & infrastructure

The access stack: RPCs, oracles, sequencers and cloud providers

Decentralized” describes consensus. Most users, developers, and front ends do not touch consensus. They touch an access stack: RPC gateways, oracle networks, sequencers, MEV relays, stablecoin issuers, indexers, GitHub, and cloud. That…

Research thread / note8 min
Price crashes and the survival of an open network — original source image
History & timelines

Price crashes and the survival of an open network

2011 Bitcoin crashed over 90 percent. Dead. 2013 Bitcoin crashed over 80 percent. Dead. 2014 to 2015 down over 85 percent. Dead. 2018 down 84 percent. Dead. 2022 down 77 percent. Dead.

Research thread / note4 min
Why single-cause explanations fail in complex systems — original source image
Research methods

Why single-cause explanations fail in complex systems

This is not a philosophical position or a rhetorical warning, but an empirical observation repeated across economics, geopolitics, systems engineering, psychology, and especially crypto markets.

Research thread / note5 min
Solana’s infrastructure and ecosystem: a December 2025 review — original source image
Networks & infrastructure

Solana’s infrastructure and ecosystem: a December 2025 review

Solana won the speed war, then spent years paying interest on that architectural debt. Today the brand lives in 2 parallel realities: a high-throughput base layer that genuinely ships, and an ecosystem layer where outages, exploits, insider…

Research thread / note7 min
Pump.fun litigation: allegations, procedure and the following correction — original source image
Politics & conflicts

Pump.fun litigation: allegations, procedure and the following correction

In July 2025, a consolidated class action lawsuit was filed in the US District Court for the Southern District of New York accusing Pumpfun and the Solana ecosystem of operating a coordinated illegal scheme that allegedly wiped out between 4…

Research thread / note7 min
Binance’s employee front-running incident — original source image
Exchanges & custody

Binance’s employee front-running incident

A Binance employee used insider information to front run a token launch. Official account. Official post. Personal profit.

Research thread / note2 min
Crypto’s 2025 incident chronology — original source image
History & timelines

Crypto’s 2025 incident chronology

January 2025 🔺 Trump-linked tokens $TRUMP and $MELANIA launch, pump hard, then collapse after insider selling 🔺 Fake political launchpads steal millions from retail 🔺 China cracks down on offshore OTC desks, distorting global liquidity 🔺…

Research thread / note4 min
What mainstream crypto adoption changes — original source image
Networks & infrastructure

What mainstream crypto adoption changes

What is the actual price of crypto becoming mainstream? What do we lose in the process? What do we gain? And who pays for the transition?

Research thread / note6 min
How crypto price discovery changed — original source image
Market structure

How crypto price discovery changed

People still trade and tweet as if everything is normal, as if the market structure from 4 or 5 or 6 years ago still exists.

Research thread / note4 min
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