Skip to content
// writing

Posts tagged #finance

A mix of technical deep-dives, career reflections, and dispatches from the road.

Proof of Reserves: What an Exchange's Merkle Tree Can and Can't Prove thumbnail
financeNov 8, 2026· 4 min
Proof of Reserves: What an Exchange's Merkle Tree Can and Can't Prove
Exchanges publish proof of reserves to show customer funds are backed. Here's how the Merkle sum tree works, and the liabilities it was never built to see.
read more →
Your Bitcoin Wallet Has No Balance: UTXOs, Change, and Why Fees Ignore the Amount thumbnail
financeNov 4, 2026· 4 min
Your Bitcoin Wallet Has No Balance: UTXOs, Change, and Why Fees Ignore the Amount
Bitcoin tracks unspent outputs, not balances. Here's how the UTXO model works, where change goes, and why sending $50 can cost more than sending $50,000.
read more →
How Ethereum Gas Fees Actually Work: Base Fee, Tip, and Burn thumbnail
financeOct 31, 2026· 5 min
How Ethereum Gas Fees Actually Work: Base Fee, Tip, and Burn
Your wallet shows one number, but an Ethereum fee is really three: a burned base fee, a tip for the validator, and a ceiling you mostly get refunded.
read more →
Bond Duration: The One Number That Tells You What a Rate Move Will Cost thumbnail
financeOct 24, 2026· 5 min
Bond Duration: The One Number That Tells You What a Rate Move Will Cost
Why bond prices fall when yields rise, how duration turns that into a percentage you can calculate, and what 2022 showed about it.
read more →
Network Tokenization: Why the Card Number in Your Wallet Isn't Your Card Number thumbnail
financeOct 21, 2026· 4 min
Network Tokenization: Why the Card Number in Your Wallet Isn't Your Card Number
Network tokens swap your 16-digit card number for a merchant- or device-bound token plus a one-time cryptogram. Here's how the pieces fit together.
read more →
Position Sizing: The Risk Decision That Matters More Than Your Entry thumbnail
financeOct 17, 2026· 5 min
Position Sizing: The Risk Decision That Matters More Than Your Entry
How much you put into a trade decides whether you survive a losing streak. Here's the math behind fixed fractional sizing, the 1% rule, and half-Kelly.
read more →
Perpetual Futures: How Funding Rates Keep a Contract With No Expiry Honest thumbnail
financeOct 14, 2026· 5 min
Perpetual Futures: How Funding Rates Keep a Contract With No Expiry Honest
Perpetual futures never expire. Here's how the funding rate keeps them pinned to spot, what it costs to hold one, and why leverage makes the math unforgiving.
read more →
Bitcoin's Security Budget: What Happens When Fees Are Under 1% of Miner Revenue thumbnail
financeOct 10, 2026· 4 min
Bitcoin's Security Budget: What Happens When Fees Are Under 1% of Miner Revenue
Bitcoin pays miners mostly in newly issued coins, and in 2026 fees cover under 1% of miner revenue. Here's how the security budget works and why fees matter.
read more →
Where Your Stock Order Actually Goes: Wholesalers, PFOF, and the NBBO thumbnail
financeOct 7, 2026· 5 min
Where Your Stock Order Actually Goes: Wholesalers, PFOF, and the NBBO
Most US retail stock orders never touch an exchange. Here's how wholesalers, payment for order flow, and the NBBO decide your price, and what changed in 2026.
read more →
How ACH Actually Moves Money: Batches, Windows, and Nacha's 2026 Rules thumbnail
financeOct 3, 2026· 5 min
How ACH Actually Moves Money: Batches, Windows, and Nacha's 2026 Rules
Why bank transfers take the time they do, how ACH files and settlement windows work, and what Nacha's 2026 fraud-monitoring rules changed for senders.
read more →
// the newsletter
Don't miss the next one