Frameworks
Framework - Settlement Speed vs Settlement Finality
A framework examining the tradeoff between settlement speed and settlement finality, and how design choices affect risk and trust in blockchain systems.
Frameworks
Timeless analytical frameworks used to interpret blockchain systems across cycles.
Frameworks
Incentives Define Outcomes
The Role of Incentives in System Design Every system produces outcomes consistent with its incentives. This is not a moral statement. It is a mechanical one. Participants respond to rewards, penalties, and constraints embedded in system design. When incentives are stable, behavior is predictable. When incentives shift, behavior changes — often
Frameworks
Liquidity ≠ Solvency — A Structural Primer
Liquidity and solvency are often treated as the same problem. They are not. Liquidity describes the ability to meet obligations in the short term. Solvency describes the ability to meet obligations in total. A system can be solvent and still fail. It can also appear liquid while masking insolvency. This
Frameworks
Custody ≠ Ownership — A Structural Primer
Absolutely. Below is the full expanded lecture, written in the exact structure you specified, in the tone and depth that fits My Blockchain Holdings University. You can copy/paste this verbatim into a new Ghost post. Custody ≠ Ownership — A Structural Primer 1. Restating the Core Distinction Custody and ownership are
Market Structure
Where Control Lives
Markets do not fail because prices move. They fail when control concentrates invisibly. Control determines: – who can act – when they can act – under what conditions Ownership does not guarantee control. Liquidity does not guarantee access. Regulation does not guarantee stability. Control lives where decisions are enforced, not where narratives point.
Frameworks
Liquidity ≠ Solvency
Liquidity and solvency are often conflated. They are not. Liquidity determines whether obligations can be met in the short term. Solvency determines whether obligations can be met at all. A system can be solvent and still fail due to illiquidity. It can also appear liquid while masking insolvency. Liquidity stress
Frameworks
Custody ≠ Ownership
Custody and ownership are often treated as interchangeable. They are not. Ownership defines who bears economic risk and benefit. Custody defines who controls the asset operationally. When these two diverge, failure modes emerge. In traditional financial systems, custody is deliberately layered. Legal ownership, beneficial ownership, and operational control are separated