Valuing UNI Through Free Cash Flow

A reader left a comment after a September 22 article on PONS — investment versus speculation, and a look back at UNI: “Since UNI’s true value is supposedly far above its price, from an investment standpoint why not just dollar-cost-average into UNI?” In that piece I did not claim UNI’s true value is far above its price. I only said that, compared with UNI’s price and fundamentals back in 2021, today its price is far below then while its fundamentals are far better. ...

September 30, 2026 · 4 min · Nick Yam

The Unrealized-Profit Pullback Warning: What's Real and What's Not

On Wednesday morning, Bitcoin was still hovering around the $83,000 mark. According to reports, analytics firm CryptoQuant warned that short-term traders’ on-chain unrealized profit has hit a 21-month high, suggesting the market may be due for a pullback [1]. The logic is straightforward: the thicker the paper profit, the stronger the temptation to take it. With book profits piled up to a near two-year peak, CryptoQuant’s warning at this moment is essentially a bet on that urge to take profit. ...

September 30, 2026 · 4 min · Nick Yam

Shorts Never Die, the Squeeze Never Stops

Overnight, Bitcoin suddenly rallied. A single candle of more than 7% shot straight from the 81k zone to 87k, marking a new high for this rebound that began in late August. The market erupted in celebration. Some pounded their chests over missed opportunities, some scrambled to reposition, some smugly patted themselves on the back. This move was a pure cascade of short liquidations — what is commonly called a short squeeze. ...

September 22, 2026 · 8 min · Nick Yam

Stocks Going Fully On-Chain: RWA's True Potential

A while back, CZ posted a view online that “IPOs will move on chain,” which sparked a lot of discussion at the time. I saw that view too, but it didn’t strike me as particularly profound. Looking back now, my initial reaction was simply that such a view amounted to this: In the future, a stock’s IPO, besides happening on traditional centralized exchanges, might also place a portion on the blockchain. That is essentially no different from today’s tokenized stock trading — it still maps some off-chain business onto the chain, letting the business run both off-chain and on-chain. ...

September 21, 2026 · 5 min · Nick Yam

The Quantum Sword, Honed by AI

Bitcoin continues to pull back toward $76k, with the market waiting for tonight’s US CPI print. The threat quantum computing poses to Bitcoin — a sword that has hung overhead for a long time — has seen some fresh movement. ...

September 11, 2026 · 6 min · Nick Yam

Fortress Guarded, Yet 4,000 BTC Stolen

Bitcoin has been pulling back lately, with macro headwinds pushing it down to around $77k. A few days ago, something quietly unsettling happened on Liquid — Bitcoin’s federated sidechain. ...

September 10, 2026 · 6 min · Nick Yam

The Birth of the On-Chain Chip

A fascinating and wildly imaginative project has appeared recently: tapeout.net. Put simply, it lets users create their own integrated circuit on-chain. From Transistors to CPUs Before getting into the project, some background on logic circuits is in order. Strip the casing off any chip product we use today and keep decomposing it, layer by layer, and you will find that it is ultimately built from one most basic component. That component is the transistor. ...

August 18, 2026 · 4 min · Nick Yam

BIP-110 Fork Fails: Who Has the Right to Change Bitcoin?

TL;DR BIP-110 sought to raise the cost of writing large volumes of contiguous data — Ordinals inscriptions and the like — through a temporary consensus restriction. In the voluntary early-lock-in phase, the proposal drew signals from only 51 blocks — 2.53% support — far below the 55% threshold. Once the mandatory signaling period began, the minority chain formed by supporters produced just two blocks before stalling; BIP-110 is effectively dead as a network-wide consensus upgrade. The debate over on-chain data, protocol neutrality, and development governance will continue; and because the forked chain lacks replay protection, ordinary holders should not rush to move or trade related assets. In the early hours of August 9, Beijing time, Bitcoin reached block height 961,632 and BIP-110 entered its mandatory signaling period. Nodes running BIP-110 rules began rejecting blocks without version bit 4 set, splitting off from the mainnet. Thereafter, the BIP-110 branch produced only two blocks before stalling, while the mainnet kept producing normally. Over the preceding difficulty-adjustment period, only 51 blocks had signaled support — 2.53% — far below the proposal’s 55% voluntary early-lock-in threshold. BIP-110 thus never won broad miner support, and ultimately formed a minority chain with negligible hashpower. ...

August 11, 2026 · 11 min · Nick Yam

Self-Custody Faith: Collapse, or Rebirth from the Ashes?

BTC has been climbing and now sits near $65k. The weekend’s market was calm. But this weekend in the Bitcoin community was destined to be anything but peaceful. ...

August 8, 2026 · 7 min · Nick Yam

FBI Agent Memorized the Seed Phrase, Stole $1 Million in Crypto

A recently unsealed criminal complaint from the U.S. District Court for the Eastern District of Virginia has once again ripped the fig leaf off American law enforcement. Patrick Steven Yaroch, a former FBI supervisory special agent, is accused of using his position to siphon nearly $1 million in crypto from cryptocurrency accounts linked to a “hostile nation” (reportedly Russia) that the FBI was monitoring — moving the funds into his own wallet, and even parking part of it in DeFi protocols to earn yield[1]. ...

August 6, 2026 · 9 min · Nick Yam