Musings on Technology
A personal collection of notes, reflections, and essays on technology, finance, and building — written over the years as I made sense of the ideas shaping our industry.
Bitcoin Rallies Past $5,000 — Is the Bear Market Over?
Bitcoin surged past $5,000 in a single day, catching most of the market off guard. The move is significant, but declaring the bear market over based on a single rally is exactly the kind of premature conclusion that leads to poor decisions.
Why Crypto Lending Is the Quiet Killer App
While the market debates price predictions, crypto lending is quietly becoming the first DeFi use case with genuine product-market fit. Compound, Dharma, and BlockFi are proving that earning yield on crypto assets is a real, sustainable business.
The SEC Token Framework Finally Arrives
The SEC's long-awaited framework for digital asset securities is here. It is not perfect, but it is specific — and specificity is what the industry needed. For the first time, builders have a concrete rubric for evaluating whether their token is a security.
JPMorgan Launches JPM Coin — What It Means and What It Doesn't
JPMorgan — the bank whose CEO called Bitcoin a fraud — is launching its own digital token. JPM Coin is not a cryptocurrency. It is a settlement tool for institutional clients. But its existence validates the thesis that tokenised money is the future of financial plumbing.
The DeFi Stack Is Taking Shape
Lending, trading, stablecoins, and derivatives are converging into a composable financial stack on Ethereum. For the first time, the pieces fit together — and the implications for financial infrastructure are profound.
The QuadrigaCX Collapse: Why 'Not Your Keys, Not Your Coins' Is Not Enough
The death of QuadrigaCX's founder — and the $190 million in customer funds locked in wallets only he could access — is a catastrophic failure of custody, governance, and operational controls. Self-custody is part of the answer. But the real lesson is about infrastructure.
Why Proof of Work Still Matters
As the industry moves toward Proof of Stake, it is worth understanding what Proof of Work actually provides — and what is lost when you remove it. PoW is not just an energy cost. It is a security model with unique properties that no alternative has fully replicated.
The Bottom Is a Process, Not a Moment
Everyone wants to call the bottom. But market bottoms are not single events — they are extended processes of capitulation, consolidation, and gradual rebuilding. The obsession with timing the exact low misses the point entirely.
Looking Ahead to 2019: The Year of Infrastructure
2017 was hype. 2018 was reckoning. 2019 will be infrastructure. The projects, protocols, and institutions that emerge from the bear market will define the next decade of digital finance.
What I Got Right and Wrong in 2018
A year-end review of my predictions and beliefs. I was right about the bear market, institutional infrastructure, and stablecoin growth. I was wrong about timelines, the resilience of bad projects, and how long the market would take to clear.