The Whale Who Was Up $100 M: Why I’m Leaving HyperLiquid
Protocol Survived, Users Didn’t I just made a personal—and painful—decision: I will no longer trade on HyperLiquid. I’m not calling for a boycott; I’m simply following the drift of my own values. After clearing $95 M on HL—and crossing nine figures across venues—my P&L is still positive this year. But on 10 October I lost $62 M in a single liquidation cascade. That day showed me the industry has out-grown its “hope and prayer” risk architecture.What Actually Happened on 10·10Binance’s interna...
From Meta to Blockchain Rising Stars: The Rise of Sui and Aptos
In recent years, the cryptocurrency market has experienced explosive growth. The success of mainstream cryptocurrencies like Bitcoin and Ethereum has attracted widespread attention from global investors. Emerging projects continue to emerge, offering a variety of investment opportunities. Investors are attracted by their high potential for returns, while also being aware of the market's high volatility and risks. Sui and Aptos are two blockchain projects that have recently garnered significan...
When the “Infinite-Ammo” mNAV Flywheel Reverses: Hidden Sell-Side Risks in the Crypto-Treasury Narra…
Executive Summary Treasury-driven alt-coins have turbo-charged this bull run. Ethereum has risen from US$1 800 to US$4 700 (+160 %) as listed “mini-MSTRs” like SBET and BMNR relentlessly buy ETH. Solana, BNB and HYPE have spawned copy-cat treasuries of their own. But the same flywheel that lifts prices can spin backwards. WINT—once a BNB-treasury poster-child—was delisted by Nasdaq and fell 91 %. Lion Group just trimmed US$500 k of its own HYPE stack. If mNAV (market-to-NAV ratio) drops below...
The Whale Who Was Up $100 M: Why I’m Leaving HyperLiquid
Protocol Survived, Users Didn’t I just made a personal—and painful—decision: I will no longer trade on HyperLiquid. I’m not calling for a boycott; I’m simply following the drift of my own values. After clearing $95 M on HL—and crossing nine figures across venues—my P&L is still positive this year. But on 10 October I lost $62 M in a single liquidation cascade. That day showed me the industry has out-grown its “hope and prayer” risk architecture.What Actually Happened on 10·10Binance’s interna...
From Meta to Blockchain Rising Stars: The Rise of Sui and Aptos
In recent years, the cryptocurrency market has experienced explosive growth. The success of mainstream cryptocurrencies like Bitcoin and Ethereum has attracted widespread attention from global investors. Emerging projects continue to emerge, offering a variety of investment opportunities. Investors are attracted by their high potential for returns, while also being aware of the market's high volatility and risks. Sui and Aptos are two blockchain projects that have recently garnered significan...
When the “Infinite-Ammo” mNAV Flywheel Reverses: Hidden Sell-Side Risks in the Crypto-Treasury Narra…
Executive Summary Treasury-driven alt-coins have turbo-charged this bull run. Ethereum has risen from US$1 800 to US$4 700 (+160 %) as listed “mini-MSTRs” like SBET and BMNR relentlessly buy ETH. Solana, BNB and HYPE have spawned copy-cat treasuries of their own. But the same flywheel that lifts prices can spin backwards. WINT—once a BNB-treasury poster-child—was delisted by Nasdaq and fell 91 %. Lion Group just trimmed US$500 k of its own HYPE stack. If mNAV (market-to-NAV ratio) drops below...
<100 subscribers
<100 subscribers
Support NFT
The Truth About Decentralization: Ideal or Illusion?
Support NFT
The Truth About Decentralization: Ideal or Illusion?
Share Dialog
Share Dialog
In 2009, the Bitcoin genesis block declared:
"The Times 03/Jan/2009 Chancellor on brink of second bailout for banks."
This wasn’t just a statement—it was a manifesto.
We lost faith in the old system and sought a trustless new world.
📌 Thus, "decentralized money, data, and identity" became the three sacred pillars of our belief.
The three core ideals of decentralization:
Permissionless (Anyone can participate)
Trustless (Code is law)
Censorship-resistant (No single point of control)
But the reality?
🚧 Bitcoin mining ≠ Freedom
Hashrate is concentrated in a few mining pools.
🚧 Ethereum staking ≠ Distribution
Lido, Coinbase, and Binance control most staked ETH.
🚧 DApps ≠ Truly Decentralized
If the frontend server crashes, DeFi becomes "ByeFi."
It promises autonomy, yet many protocols:
🔒 Have upgradable/pausable smart contracts (controlled by teams or multisigs)
🔒 Rely on centralized oracles like Chainlink
🔒 Can blacklist addresses or shut down frontends
If a protocol can be "overridden" at will—does it still deserve the label "decentralized"?
Two forces collide: technological limits and human nature.
Distributed systems are slower and costlier, discouraging rapid iteration.
Power centralizes—VCs and teams hold most tokens and influence.
😴 Users are lazy—few self-custody, run nodes, or audit contracts.
Result? "Web3" often looks more like "Web2.5."
Absolutely.
It’s imperfect but worth fighting for—like democracy: flawed yet better than tyranny.
The real question is:
💥 "Do we still judge every technical decision by its decentralization?"
If the answer is "yes," the revolution isn’t over.
You might’ve missed:
Rollups decentralizing validation.
EigenLayer’s restaking mechanism.
Farcaster building open social protocols.
More frontends deploying on IPFS + ENS, moving toward serverless.
This is evolution in action—and a testament to enduring ideals.
We’re not there yet, but every step matters.
📌 Stop asking: "Have we achieved decentralization?"
Instead ask: 🧭 "Is decentralization still guiding our next move?"
As long as the answer is yes, the future remains open.
In 2009, the Bitcoin genesis block declared:
"The Times 03/Jan/2009 Chancellor on brink of second bailout for banks."
This wasn’t just a statement—it was a manifesto.
We lost faith in the old system and sought a trustless new world.
📌 Thus, "decentralized money, data, and identity" became the three sacred pillars of our belief.
The three core ideals of decentralization:
Permissionless (Anyone can participate)
Trustless (Code is law)
Censorship-resistant (No single point of control)
But the reality?
🚧 Bitcoin mining ≠ Freedom
Hashrate is concentrated in a few mining pools.
🚧 Ethereum staking ≠ Distribution
Lido, Coinbase, and Binance control most staked ETH.
🚧 DApps ≠ Truly Decentralized
If the frontend server crashes, DeFi becomes "ByeFi."
It promises autonomy, yet many protocols:
🔒 Have upgradable/pausable smart contracts (controlled by teams or multisigs)
🔒 Rely on centralized oracles like Chainlink
🔒 Can blacklist addresses or shut down frontends
If a protocol can be "overridden" at will—does it still deserve the label "decentralized"?
Two forces collide: technological limits and human nature.
Distributed systems are slower and costlier, discouraging rapid iteration.
Power centralizes—VCs and teams hold most tokens and influence.
😴 Users are lazy—few self-custody, run nodes, or audit contracts.
Result? "Web3" often looks more like "Web2.5."
Absolutely.
It’s imperfect but worth fighting for—like democracy: flawed yet better than tyranny.
The real question is:
💥 "Do we still judge every technical decision by its decentralization?"
If the answer is "yes," the revolution isn’t over.
You might’ve missed:
Rollups decentralizing validation.
EigenLayer’s restaking mechanism.
Farcaster building open social protocols.
More frontends deploying on IPFS + ENS, moving toward serverless.
This is evolution in action—and a testament to enduring ideals.
We’re not there yet, but every step matters.
📌 Stop asking: "Have we achieved decentralization?"
Instead ask: 🧭 "Is decentralization still guiding our next move?"
As long as the answer is yes, the future remains open.
No comments yet