August 18, 2026Most collateral is priced on a schedule. Real estate is appraised quarterly, if that. Private assets are marked even less…
August 14, 2026Real estate and equities are the assets most capital is actually held in, and both are routinely borrowed against. So…
August 11, 2026There is a property of collateral almost no one examines, because for all of financial history there was no alternative…
August 7, 2026Modern finance is built on a quiet trade-off that almost no one names. To make ownership safe, it made ownership…
August 4, 2026The legal architecture in this series has built toward a single structural rule, and this is it: the party that…
July 31, 2026Every Bitcoin lending arrangement involves a custodian holding the collateral, and every custodian makes the same promise: your assets are…
July 28, 2026"Not your keys, not your coins" is the most repeated security principle in Bitcoin. It's good advice, and it's also…
July 24, 2026The standard account of the 2022 collapses is that a set of companies were run badly. They took on too…
July 21, 2026The previous failures usually get described as choices. A platform chose to commingle assets. It chose to lend collateral to…
July 16, 2026The previous two pieces were about the protection control gives a lender. This one is about the rule that makes…