Essays

Revisiting the Nakamoto Ratio

In 2018, entrepreneur and physicist Dhruv Bansal gave a low-key talk that introduced a big idea. The idea emphasized the fraction of world electricity used to secure the Bitcoin network.1…

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Returning to the Atoms

“We’re dealing with synthetic commodities, and NFTs, which have financial value, but are completely ethereal. So it’s nice to return to the atoms.” Nic Carter One of my favorite things…

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On Proof of Work

Proof of work is a polarizing topic in crypto. Of the top 10 largest “coins” in market cap, only 3 use proof of work: Bitcoin, Ethereum, and Dogecoin1. Bitcoin intends…

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