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.
The First Bitcoin ETF Launches in the US
The ProShares Bitcoin Strategy ETF began trading on the NYSE — the first Bitcoin-linked ETF approved by the SEC. It is futures-based, not spot, and that distinction matters. But the symbolic significance of a Bitcoin ETF on a US exchange is hard to overstate.
DAO Treasuries and the Future of Organisational Capital
DAOs are sitting on billions in treasury assets — Uniswap, Compound, Aave, and others control more capital than most venture funds. The question of how to deploy that capital responsibly is becoming the defining governance challenge of DeFi.
The Merge Is Coming — What It Means for Ethereum
Ethereum's transition from Proof of Work to Proof of Stake — the Merge — is approaching its final stages of testing. It will be the most consequential upgrade in blockchain history: ending mining, reducing energy consumption by 99%, and fundamentally changing ETH's economic model.
The Poly Network Hack: $700 Million and a White Hat
A hacker exploited Poly Network's cross-chain bridge for $611 million — the largest DeFi exploit in history. Then they returned it all. The episode reveals everything about the state of cross-chain security: the vulnerabilities are enormous, the stakes are real, and the infrastructure is not ready.
The Infrastructure Bill and Crypto's First Political Fight
A provision in the US infrastructure bill would expand the definition of 'broker' to include miners, validators, and DeFi developers — requiring them to report user transactions to the IRS. The crypto industry's response was its first coordinated political mobilisation. It will not be the last.
EIP-1559: Ethereum Becomes Deflationary
EIP-1559 changes how Ethereum handles transaction fees — burning the base fee instead of paying it to miners. The result is a mechanism that reduces ETH supply with every transaction. Ethereum is becoming a deflationary asset, and the implications for its value are profound.
El Salvador Adopts Bitcoin as Legal Tender
El Salvador has become the first country to adopt Bitcoin as legal tender. President Bukele's Bitcoin Law is historic, controversial, and deeply uncertain in its implications. It is either a visionary leap or a reckless experiment — and possibly both.
China Bans Crypto Again — And This Time It Sticks
China has escalated its crackdown on cryptocurrency mining and trading. This time the enforcement is real — miners are shutting down, exchanges are exiting, and the hash rate is collapsing. The short-term impact is severe. The long-term impact may be positive.
Bitcoin at $64,000 and the Danger of Euphoria
Bitcoin hit a new all-time high of $64,000. The institutional thesis is playing out. But euphoria is creeping in — leveraged positions are at record highs, altcoin speculation is rampant, and the market is beginning to feel like late 2017. History suggests caution.
Coinbase Goes Public — Crypto Meets Wall Street
Coinbase's direct listing on NASDAQ at a $86 billion valuation is a landmark moment. The largest US crypto exchange is now a public company, subject to SEC reporting, institutional scrutiny, and the discipline of public markets. Crypto has arrived on Wall Street.