X, algorithmic amplification and crypto’s declining signal
It was a gradual takeover by low effort posters, 100x hunters, launchpads, giveaways, and an environment where scamming faced NO resistance and often direct amplification.
研究长帖／笔记5 min
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The liquidity carousel: rotating narratives and recycled capital
The Perils of Crypto’s Recycled Liquidity: Crypto markets today face a paradox of thrilling narrative hype without new capital inflows.
研究长帖／笔记11 min
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.
研究长帖／笔记2 min
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.
研究长帖／笔记3 min
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…
研究长帖／笔记4 min
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.
研究长帖／笔记4 min
Public ledgers, exchange KYC and the limits of privacy
Every week, the same narrative comes back: crypto is about privacy, freedom, no to regulation and escaping control.
研究长帖／笔记4 min
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:
研究长帖／笔记5 min
Rising prices, FOMO and retail losses
A long-form examination of FOMO, influencer narratives, speculative booms and the outcomes faced by retail traders.
原创文章27 min
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.
研究长帖／笔记6 min
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…
研究长帖／笔记8 min
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.
研究长帖／笔记4 min
Trust Wallet’s extension incident: the December 2025 record
As of 26.12.2025, this looks like a straight supply chain compromise of the Trust Wallet Chrome extension, not a user approval mistake.
研究长帖／笔记3 min
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.
研究长帖／笔记5 min
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…
研究长帖／笔记7 min
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…
研究长帖／笔记7 min
Leverage and the feedback loop behind liquidation cascades
While it has become quieter around hype chasers and KOLs promoting scams because gamblers are leaving the space in large numbers, it is time to address another major problem.
研究长帖／笔记2 min
Binance’s history through the lens of customer custody
2017 Binance launches and grows explosively through rapid listings, minimal transparency and regulatory arbitrage. Speed and volume are prioritised over structure.
研究长帖／笔记6 min
Do Kwon, Terra and the record of the collapse
Let`s start: More than 20000 documented victims. Tens of billions of dollars lost. Entire life savings erased within days.
研究长帖／笔记4 min
Binance’s employee front-running incident
A Binance employee used insider information to front run a token launch. Official account. Official post. Personal profit.
研究长帖／笔记2 min
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 🔺…
研究长帖／笔记4 min
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?
研究长帖／笔记6 min
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.
研究长帖／笔记4 min
Dexscreener boosts and the economics of paid visibility
Do not forget that the people behind Dexscreener make thousands upon thousands of dollars every single day from those paid boosts.
研究长帖／笔记4 min