02 / Thoughts
One idea, most days.
Short notes on markets, media, and attention. What the data says, not what the crowd repeats.
Thought · September 15, 2026
The Bank That Mints When You Leave
The Standard Reserve runs monetary policy in four thousand lines of code. The interesting part is not the policy. It is what the design does to the exit.
Read →Thought · July 26, 2026
The tollbooth survives. The operator does not.
Solana trading volume fell 82 percent. Pump.fun fell 46. Photon, running the same business, fell 99.4.
Read →Thought · July 22, 2026
Marking the 2022 NFT thesis to market
The smartest NFT essay of 2022 promised tickets and diplomas. The market shipped plushies.
Read →Thought · July 22, 2026
The loop that makes a creator coin real
Perp volume went from about a million a day to $188 million in thirty days. That is the only difference that matters.
Read →New entries, by email. No spam, no paywall.
Subscribe ↗