Commentary & Review

Theory

Ethereum's Strawmap: Frankensteinzation, Complexity, and Liveness Galore Part 2

Nicholas SismilSeptember 7, 2026

Ethereum faces two distinct forms of complexity. In a previous article, I examined its architectural complexity: the combination of Casper FFG and LMD-GHOST to solve proof-of-stake’s nothing-at-stake problem. The Strawmap introduces a different form—statistical complexity—as Ethereum brings more stateful and interconnected economic activity onto its base layer. This article examines the tradeoffs between Bitcoin’s low-complexity model and Ethereum’s increasingly complex one. Is Bitcoin too simple for the economic system it seeks to replace? Can Ethereum successfully internalize that complexity without becoming unstable itself? And ultimately, will the Strawmap succeed?

Michael Saylor Proposes The Bitcoin Reformation

Jennifer GhelardiniSeptember 5, 2026

Michael Saylor’s “Bitcoin Reformation” challenges some of the movement’s deepest orthodoxies—from founder worship and self-custody dogma to its distrust of institutions. His argument is that Bitcoin’s next phase will be defined not by retreating from banks, corporations and governments, but by becoming the digital capital they increasingly build around.

Theory

Ethereum's Strawmap: Frankensteinzation, Complexity, and Liveness Galore Part 1

Nicholas SismilAugust 31, 2026

This year, Justin Drake released a strawman proposal roadmap for Ethereum on behalf of the Ethereum Foundation, known as the Strawmap. It is not meant to be a plan carved in stone but a concrete blueprint offered to the community for examination, critique, and potential modification. Thus, I will offer my own critique founded in problems concerning liveness and complexity.

SEC Proposal Could Make It Easier for Crypto Startups to Raise Capital

Jennifer GhelardiniAugust 30, 2026

The SEC’s proposed Regulation Crypto Assets would give qualifying crypto startups new pathways to raise capital and distribute tokens while developing their networks—but the rules have not yet taken effect.

Theory

A Cryptographic Covenant Philosophy: True Individualism and Vision Fusion

Nicholas SismilAugust 20, 2026

Du dix-huitième siècle et de la révolution, comme d’une source commune, étaient sortis deux fleuves: le premier conduisait les hommes aux institutions libres, tandis que le second les menait au pouvoir absolu. —Alexis de Tocqueville.

Wall Street Isn’t Being Replaced by Blockchain. It’s Absorbing It.

Jennifer GhelardiniAugust 14, 2026

Banks and asset managers are bringing deposits, funds and settlement infrastructure on-chain—without surrendering their role as financial intermediaries.