How exchange concentration affects price discovery
How the major exchanges dominate the entire market structure and why real decentralisation is practically dead for many large assets;
Research & analysis6 min
Read the publication
MASTR · 2024–2026
All publications · 21
Original investigations, critical essays and the conversations behind them. Read by subject, follow a thread, or find a person or project in the source texts.
694 · Selected publications · 21/29
Official chain X accounts should not exist. Full stop!
The " @bitcoin " account is now tweeting about hurricane patterns and throwing in political jokes like it is a late night talk show.
Commentary & rants2 min
Crypto is in decay, not the market cap but everything around it is slowly collapsing.
And all the old fiat and banking gentlemen and women who call crypto a scam are being proven right because of our passive silence.
Commentary & rants3 min
World Liberty Financial: Web3 culture · 19 Nov 2025
According to multiple public reports and on chain observations, several categories of high risk entities appear in connection with $WLFI token activity.
Research & analysis3 min
Quantum-computing headlines and what was actually claimed
This claim is completely fake. Vitalik did NOT say “Bitcoin and Ethereum will be broken by 2028.” He described a long-term theoretical risk, not a countdown to destruction. Turning nuanced cryptography discussions into panic headlines is…
Research & analysis2 min
Binance: exchange accountability · 18 Nov 2025
🔺More than 14,000 linked wallets claimed over 60% of the entire airdrop. 🔺Fresh #Binance -funded wallets. 🔺Funded in identical micro amounts. 🔺Activated in tight time windows. 🔺Sending tokens to fresh second layer wallets like a conveyor…
Research & analysis2 min
The frontend outage that exposed Web3’s web dependencies
The frontend outage that exposed Web3’s web dependencies. Dated original source, with context and links.
Commentary & rants1 min
At this point a big "holy shit thank you fam"!
There were times when we doubted, but looking at these numbers it is clear that honest work pays off.
Commentary & rants3 min
Binance: exchange accountability · 18 Nov 2025
Remember that CMC @coinmarketcap is owned by #Binance, and the CMC CEO keeps retweeting $ASTER and @cz_binance all the time.
Research & analysis2 min
DappRadar’s closure: an ecosystem record
The people who actually tracked the industry for seven years, who delivered real data and real infrastructure, could not find sustainable revenue.
Research & analysis2 min
Cypherpunk language and dependence on exchange gatekeepers
Cypherpunk language and dependence on exchange gatekeepers. Dated original source, with context and links.
Commentary & rants1 min
Solana: security and verification · 17 Nov 2025
Maybe instead of interacting with drainer accounts and scammer accounts, it would be smarter to start supporting the projects that actually try to do something good for this space and for your chain!
Commentary & rants2 min
Binance: exchange accountability · 16 Nov 2025
$Aster looks less like DeFi and more like a Binance playground and the bootlicker KOLs are pushing it hard right now...with full force.
Research & analysis2 min
The four-year-cycle thesis under a different market structure
Halving events created genuine supply shocks. Those ingredients produced a predictable rhythm that felt almost programmed.
Research & analysis4 min
Privacy, transparency and control at different layers
Every layer of the ecosystem is being pushed toward full visibility. Exchanges demand identification. Onramps track location and behaviour.
Research & analysis2 min
A new -100 followers tweet from me but fuck them:
The platform has turned into a giant contamination zone where scams, lies and synthetic hype spread faster than anything resembling truth.
Commentary & rants2 min
Undisputed BRUTAL facts about how corrupted this shitty space has become!
🔺 Fact: On Solana’s meme launchpad pumpfun, about 98.6 percent of launched tokens were classified as rug pulls or pump and dump schemes. Only around 97,000 out of seven million tokens ever kept more than 1,000 dollars in liquidity.
Commentary & rants6 min
Oversimplified explanations and the information market
Oversimplified explanations and the information market. Dated original source, with context and links.
Commentary & rants1 min
Wallet rotation is not the same observation as a Bitcoin sale
Wallet rotation is not the same observation as a Bitcoin sale. Dated original source, with context and links.
Commentary & rants1 min
Bitcoin: decentralisation and control · 14 Nov 2025
Being here and watching the endless idiot accounts who either predict the death of crypto or call for the four hundredth bull run altcoin season makes no sense.
Commentary & rants1 min
The market is in very bad shape right now and I truly hope you can recover soon.
Memecoins that stay active and keep growing their community will come out strong. Utility projects with real and working utility will come out strong. Teams that deliver, communicate and show real progress will come out strong.
Commentary & rants1 min
Who is selling how much #Bitcoin atm?
Fresh data from CoinGecko shows something essential about the market. The listed 24 hour $BTC volume on each exchange is not just “activity”.
Commentary & rants2 min
Follower farming and the market for apparent credibility
Chapter 1: The Hidden Industry Follower farming in crypto is not a rumour. HypeAuditor counted more than 51 million suspicious X accounts in 2024. About 45 percent of all interactions on top crypto hashtags come from automated systems.…
Research & analysis5 min
Paid promotion · 13 Nov 2025
Why does an account with 50k+ active followers need to make money by scamming and shilling shitcoins and why don’t they have any real, legitimate income sources?
Commentary & rants1 min