DeFi — Decentralized Finance

If someone offers you five percent on your money, the first question is not "how do I sign up." The first question is "who is paying me, and why." Thi

The term "decentralized finance" carries more weight than most people assign to it and less magic than its promoters suggest. At its core, DeFi is a s

Bitcoin solves one sovereignty problem — money that no government can inflate or seize — and creates another. Its price volatility makes it unsuitable

There is a version of decentralized finance that does not require you to become a full-time operator, chase yield across seventeen protocols, or monit

In traditional finance, market makers are institutions — firms with licenses, capital requirements, and direct exchange access. They post bids and off

Banks perform a function that is simple to describe and complex to execute: they take deposits from people who have money and lend it to people who ne

Imagine walking into a bank, borrowing a hundred million dollars with no collateral, using the money, and returning it — all within the same second. I

Every financial system has risks. Traditional finance obscures them behind deposit insurance, regulatory backstops, and the general assumption that so

The sovereign individual thesis, as Davidson and Rees-Mogg articulated it in 1997, rests on a prediction: that information technology would erode the

The most honest thing we can say about DeFi insurance in its current form is that it exists, it is better than nothing, and it is not what you think o

Every market cycle in decentralized finance produces the same pattern: a speculative mania inflates hundreds of protocols to absurd valuations, a cras

When you buy a stock through a traditional exchange, somewhere behind the interface is an order book — a ledger of buy orders and sell orders, ranked