Security
The Coldcard Flaw and the Problem With Trusting 24 Words
A vulnerability in Coldcard's random number generation let attackers reconstruct seeds created years earlier — no malware, no phishing, no physical access.
Notes on yield-bearing stablecoins, delta-neutral design, collateral and the failures worth learning from. No hype, no invented numbers.
Goldman Sachs, BofA and Citi are leading a 21-bank consortium into dollar stablecoins. Here's what changes for Tether, USDC and the digital dollar race.
Read itA vulnerability in Coldcard's random number generation let attackers reconstruct seeds created years earlier — no malware, no phishing, no physical access.
For millions in Argentina, Turkey, Nigeria and beyond, crypto-backed stablecoins are more than speculation — they're financial survival.
Euro-pegged stablecoins have gone from $50M to $783M in two years. Who the players are, what MiCA changed, and why 0.25% of the market is the opportunity.
A stablecoin that holds a 1:1 USD peg while putting the capital behind it to work. How the four main yield mechanisms differ, who the players are, and what can go wrong.
Three delta-neutral designs, three different answers on custody, yield source and transparency. Side by side.
BTC as collateral for a dollar-pegged token — the mechanics, and why Bitcoin is the strongest collateral asset a trust-minimized stablecoin can use.
The first generation brought dollars on-chain but kept the gatekeepers. The second tried to remove them and broke. The third generation's defining feature isn't yield — it's independence.
Backing a stablecoin with Bitcoin and Ether isn't just a philosophical choice — it's a superior design for transparency, decentralization and long-term resilience.
Financial inclusion, settlement speed, programmability and capital preservation — the four things stablecoins actually change, and why they're the most important innovation in money since the debit card.
Occasional notes on what we are building and what we are reading. No noise.