Analysis of custody, settlement, clearing, incentives, and market mechanics that shape how blockchain markets function.
Frameworks
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
Research
Frameworks
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
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