Archive - Principles of Bitcoin

A New Way to Value Bitcoin Treasury Companies

Market-to-Fair Book Value as an Alternative to mNAV

1 hr ago •

June 2025

May 2025

The False Choice between Bitcoin's Store of Value and Medium of Exchange

Different use cases of Bitcoin are complements, not substitutes.

May 25 •

Formal Verification and Bitcoin

The science of formal verification and how it matters for Bitcoin.

May 18 •

Why MSTR is Worth More Than Its Bitcoins

TLDR: Strategy's future as a bitcoin bank will justify its future market value.

May 11 •

Lessons from Stanford's Blockchain and AI Conference

Some notes from academia and industry at the tip of the spear.

May 4 •

April 2025

The Mt. Gox Bankruptcy

Inside Baseball on the Bankruptcy of the First Bitcoin Exchange

Apr 27 •

Bitcoin and the Trump Tariffs

Bitcoin’s Decentralization and Its Conflict with Tariffs

Apr 20 •

Sensible Limits to a Bitcoin Strategic Reserve

President Trump’s executive order and the creation of the Bitcoin Strategic Reserve is a watershed moment. But it warrants caution.

Apr 13 •

The Low Return From Shorting MSTR

MSTR has been on a general downtrend since November 20, 2024. Has it been profitable to short?

Apr 6 •

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