Delta
Gamma

Higher orders of change

Projects

01

Sats per share

Popular tickers and their satoshi content.

02

Sat rates

Term structure of bitcoin yield.

03

Elliptic curve

Bitcoin and post-quantum readiness.

Writing

  • The stablecoin yield debate is too narrow

    Why banks should treat the stablecoin rewards debate as one symptom of a larger shift in programmable cash, tokenized funds, settlement, custody, and foundational infrastructure.

  • The Myth of Getting on Zero Fiat

    Getting on zero fiat is a myth in a world where we all have fiat-denominated liabilities. Stay humble, stack sats, and match your assets to your liabilities.

  • I Like Bitcoin, Buy My Fractionally-Reserved Bitcoin

    In contrast to the failed history of free fractional reserve banking, as recently as the BlockFi, Celsius, and FTX failures, there is a growing ecosystem of 100% reserve banking…