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MASTR · 2024–2026

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原创调查、批判性文章及相关讨论。按主题阅读、追踪长帖,或在原文中查找人物和项目。

694 · 精选文章 · 4/29

Coldcard: firmware history, signatures and review questions — original source image
链上调查

Coldcard: firmware history, signatures and review questions

There are too many details here that deserve a closer look: the firmware vulnerability itself, the "switck" identity, Peter D. Gray / @DocHex, the GPG signatures linking the accounts, the integration of "libngu", the development history, and…

研究与分析8 min
MiCA authorisation: checking the legal entity behind an exchange — original source image
交易所与资产托管

MiCA authorisation: checking the legal entity behind an exchange

It does, however, mean that a specific European legal entity has passed an authorisation process and is subject to regulatory supervision, governance rules, prudential safeguards, client-asset protection requirements, complaints procedures,…

研究与分析3 min
Crypto’s attention economy and the cost to useful work — original source image
意见领袖与推广

Crypto’s attention economy and the cost to useful work

Crypto is starving while directing an absurd share of its attention toward disposable tokens, manufactured narratives and products designed to monetize impulse before anyone has time to ask what they actually bought.

研究与分析5 min
意见领袖与推广

When low-effort posts bury original work

Even some people I genuinely like have started posting complete bullshit because apparently that is what the algorithm rewards now.

评论与直言2 min
意见领袖与推广

Can useful products survive without a hype machine?

More accurately, I started building it before my vacation, but the further I get, the more I wonder whether serious products have any chance here unless they come wrapped in hype, a shitcoin, or somebody already famous enough to…

评论与直言3 min
意见领袖与推广

Bots, MEV and manufactured hype: a Web3 grievance list

- Bots. - Hype - MEV bots. - People who are in crypto but vote for oligarchs and autocrats or defend ketamine-addicted trillionaires. - AI-generated comments. - Influencers and KOLs. - Scammers. - Marketing people. - BitMart listing…

评论与直言3 min
A map of the Solana ecosystem — original source image
网络与基础设施

A map of the Solana ecosystem

A detailed map of Solana’s infrastructure, from validator clients and RPCs to wallets, liquidity, security and payments.

原创文章15 min
Tokenisation: the asset, the claim and the marketing — original source image
市场结构

Tokenisation: the asset, the claim and the marketing

I want to take a closer look at the tokenization hype and explain why most of what is being marketed as “tokenization” in this space is completely pointless garbage.

研究与分析5 min
交易所与资产托管

Exchange accountability · 28 Jul 2026

It genuinely hurts to see so many people losing substantial amounts of money because yet another Web3 bank, this time BitMart, is allegedly withholding customer funds while still trying to extract additional payments before shutting its…

评论与直言2 min
建设与独立

KOL credibility as an inventory to monetise

They do not write code, ship products, trace funds, publish verifiable research or accept responsibility when their followers get destroyed.

研究与分析3 min
政治与利益冲突

Trump: political influence · 27 Jul 2026

They are parading a handful of alleged $TRUMP winners across your timeline and presenting one of the most grotesque retail extraction events in recent crypto history as a “missed opportunity.”

评论与直言1 min
An archive of centralised exchange closures — original source image
历史与时间线

An archive of centralised exchange closures

BitMart: January 31, 2027 - BitMEX: September 23, 2026 - AscendEX: July 1, 2026 - Knaken: June 2026 - March 31, 2026 - ProBit Global: February 26, 2026 - OceanEx: December 5, 2025 - Payeer Exchange: October 23, 2025 - Felixo: July 18, 2025 -…

研究与分析2 min
BitMart: the history behind the wind-down — original source image
交易所与资产托管

BitMart: the history behind the wind-down

A review of BitMart’s earlier disputes, security incidents and withdrawal concerns alongside its 2026 closure announcement.

原创文章11 min
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