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Blockchain

Level I · Money

  1. Barter and the coincidence of wants
  2. The properties of good money
  3. Commodity money: shells, salt and grain
  4. Gold, silver and coinage
  5. Representative money and the gold standard
  6. Fiat money and the end of gold convertibility (1971)
  7. Inflation, debasement and the Cantillon effect
  8. Public-key cryptography: Diffie-Hellman and RSA
  9. David Chaum, blind signatures and DigiCash
  10. The Cypherpunk Manifesto and the mailing list
  11. Hashcash: proof of work before bitcoin
  12. b-money and bit gold
  13. Reusable proofs of work (RPOW)
  14. The double-spend problem and the Byzantine generals
  15. The whitepaper (31 October 2008)
  16. The genesis block and its headline
  17. Hal Finney and the first transaction
  18. Bitcoin Pizza Day
  19. Early exchanges and the rise of Mt. Gox
  20. Satoshi steps away
  21. The first boom and bust cycles

Level II · Mechanics

  1. Hash functions and SHA-256
  2. HASH160: SHA-256 then RIPEMD-160
  3. Private keys, public keys and secp256k1
  4. Digital signatures: ECDSA and Schnorr
  5. Entropy and randomness
  6. Addresses and encodings: Base58Check, Bech32, Bech32m
  7. Seed phrases (BIP39)
  8. The UTXO model
  9. Inputs and outputs
  10. Fees and fee rates (sat/vB)
  11. Change outputs
  12. The mempool
  13. Replace-by-fee and child-pays-for-parent
  14. The life of a transaction
  15. The block header
  16. Merkle trees
  17. A chain of hashes
  18. Proof-of-work and the target
  19. Difficulty adjustment every 2016 blocks
  20. The block subsidy and the halving
  21. The 21 million supply schedule

Level III · The network

  1. What a full node does
  2. Peer-to-peer gossip
  3. Initial block download
  4. Pruned nodes and light clients (SPV)
  5. Running your own node
  6. Bitcoin Core and other implementations
  7. Consensus rules and validation
  8. From CPUs to GPUs, FPGAs and ASICs
  9. Mining pools
  10. Hashrate and security
  11. Mining economics: energy, subsidy and fees
  12. Block templates and Stratum V2
  13. Stale blocks and propagation
  14. The energy debate
  15. Nakamoto consensus: the most-work chain
  16. 51% attacks
  17. Soft forks and hard forks
  18. The BIP process
  19. The block size war
  20. SegWit activation and the UASF
  21. Taproot activation and Speedy Trial

Level IV · Protocol depth

  1. Script: a stack language
  2. Standard scripts: P2PKH and P2SH
  3. Multisignature
  4. Timelocks: CLTV and CSV
  5. Hashlocks and HTLCs
  6. Standardness and policy
  7. Segregated Witness and transaction malleability
  8. Taproot and Schnorr signatures
  9. Tapscript and script trees (MAST)
  10. Partially signed transactions (PSBT)
  11. Output descriptors
  12. Covenants and vaults: CTV, OP_CAT and the 2026 debate
  13. The cryptographic frontier: witness encryption and PIPEs
  14. Zero knowledge on bitcoin: proofs and shielded transfers
  15. HD wallets (BIP32, BIP44, BIP84, BIP86)
  16. Hardware wallets
  17. Multisig custody and inheritance
  18. Backups and passphrases
  19. Operational security and common scams
  20. Privacy: the chain’s leaks, CoinJoin and PayJoin
  21. Silent payments and the privacy upgrades ahead

Level V · Layers

  1. Payment channels
  2. Routing with HTLCs
  3. Invoices: BOLT11 and BOLT12
  4. Liquidity and channel management
  5. Penalties and watchtowers
  6. Lightning wallets and service providers
  7. Lightning’s limits, Ark and the new payment layers
  8. What bitcoin lacks, and who you trust to add it
  9. Sidechains: Liquid and Rootstock
  10. Statechains and Ark
  11. Ecash: Cashu and Fedimint
  12. The drivechain debate
  13. BitVM and the bridge problem
  14. Wrapped bitcoin and bridges
  15. Colored coins, Counterparty and the Rare Pepes
  16. Omni, Tether, and the dollar’s return to bitcoin
  17. Ordinal theory and inscriptions
  18. BRC-20 and the metaprotocols
  19. Runes, PSBT swaps and bitcoin-native markets
  20. Client-side validation
  21. Contracts on bitcoin: DLCs and keyless-custody lending

Level VI · After bitcoin

  1. Anyone can copy the code
  2. Fair launch, premine, ICO and venture allocation
  3. ‘Blockchain, not bitcoin’
  4. The trilemma sales pitch
  5. Who can change the rules
  6. Proof of work and proof of stake
  7. Reading a tokenomics page
  8. Namecoin and Litecoin
  9. Dogecoin: the first memecoin
  10. Ripple and XRP
  11. Peercoin and proof-of-stake
  12. Monero and privacy coins
  13. Forks, clones and pump-and-dumps
  14. What survived and why
  15. The Ethereum whitepaper and the EVM
  16. ERC-20 and the 2017 ICO boom
  17. The DAO hack and Ethereum Classic
  18. DeFi: AMMs, lending, and what broke
  19. Stablecoins and the Terra collapse
  20. NFTs: CryptoPunks to the 2021 mania
  21. The Merge and proof-of-stake

Level VII · Evolution

  1. Ethereum: the power and price of programmability
  2. Accounts and global state
  3. Gas, the fee market and EIP-1559
  4. Explicit signing: UTXOs versus token approvals
  5. ETH’s monetary policy
  6. Rollups and fragmentation
  7. MEV, builders and censorship
  8. BNB Chain: an exchange’s chain
  9. Stablecoins: dollars on rails
  10. Tron and the dollar rails
  11. The ‘Ethereum killers’
  12. The 2022 contagion
  13. FTX and the exchange token loop
  14. Altcoins: what scarcity and survival require
  15. Market cycles and the halving
  16. Exchange failures: Mt. Gox to FTX
  17. Regulation and enforcement
  18. Spot bitcoin ETFs (2024)
  19. Strategy and the claims on bitcoin
  20. Nation-state adoption: El Salvador
  21. Tokenized stocks and real-world assets

Level VIII · The memecoin age

  1. Origins: proof of history
  2. Who owned SOL
  3. Wormhole and the bridge hacks
  4. FTX and Solana’s near-death
  5. The memecoin resurrection
  6. Validators and who runs the chain
  7. Solana goes institutional
  8. SPL tokens and accounts
  9. Wallets and signing
  10. DEXes and aggregators: Raydium and Jupiter
  11. Priority fees, MEV and Jito
  12. Outages, resilience and the cost of speed
  13. Reading the chain: explorers and holder analysis
  14. Solana and memecoins: speed, attention and abuse
  15. From Dogecoin to Shiba, Pepe, Bonk and WIF
  16. pump.fun, the bonding curve and graduation
  17. Launchpads and reward tokens
  18. Community, culture and the social attack
  19. Token anatomy, rug pulls and honeypots
  20. Market-cap math and position sizing
  21. Pairing assets and the launchpad ecosystem

Level IX · Speed and spectacle

  1. Low float, high FDV
  2. Points, airdrops and farming
  3. Celebrity and political coins
  4. Paid promotion and disclosure
  5. pump.fun by the numbers
  6. Bots, snipers and who actually wins
  7. 10 October 2025: the liquidation day
  8. A taxonomy of market abuse
  9. Admin keys and immutability
  10. Ordering attacks and their cures
  11. Launch attacks and Sybil-neutral design
  12. Fake activity, transparency and wallet tracking
  13. Perpetual curves and self-pricing markets
  14. Fair launches on bitcoin: from blueprint to practice
  15. What StonkFun set out to do
  16. What a tokenized stock is
  17. The launch math
  18. Reward launches: the flywheel math
  19. $STONK: revenue, buyback and burn
  20. The September spike and the audit trail
  21. How to read any reward launchpad

Level X · Full circle

  1. What the experiments proved
  2. What the experiments disproved
  3. A fair scorecard
  4. Dollars come home to bitcoin
  5. Bitcoin-native finance without bridges
  6. Tokens and memes on bitcoin
  7. Why bitcoin is different
  8. Step 1: take inventory
  9. Step 2: records before moves
  10. Step 3: exiting thin markets
  11. Step 4: real bitcoin, not a claim
  12. Step 5: self-custody, verified
  13. Step 6: your own node
  14. Step 7: recovery and inheritance
  15. Spending: Lightning in practice
  16. Saving: cold storage that lasts
  17. Privacy on the way back
  18. Earning and circular economies
  19. Building on bitcoin
  20. A field guide to the next pitch
  21. Full circle

Crypto Law

Level I · What crypto is in law

  1. Code is not outside the law
  2. Who makes crypto law: legislators, regulators, courts
  3. Rules, guidance and enforcement are not the same thing
  4. Jurisdiction: whose law applies to a borderless coin
  5. Pseudonymous is not anonymous
  6. Irreversible transfers and why the law cares
  7. Reading a crypto-law headline
  8. Property: what you can own
  9. Money and legal tender
  10. Securities: the investment contract
  11. Commodities
  12. Stablecoins: a category of their own
  13. NFTs: what you actually buy
  14. One token, several labels
  15. The SEC
  16. The CFTC
  17. The IRS and tax authorities
  18. FinCEN and anti-money-laundering
  19. OFAC and sanctions
  20. State regulators and the BitLicense
  21. International bodies: FATF, IOSCO and the FSB

Level II · Tax: the first trap

  1. Crypto is property for US tax
  2. Selling for cash
  3. Swapping one coin for another
  4. Spending crypto
  5. Gifts and inheritances
  6. Moving between your own wallets
  7. What is not a taxable event
  8. Mining income
  9. Staking rewards
  10. Airdrops and hard forks
  11. Getting paid in crypto
  12. Lending and DeFi yield
  13. Liquidity pools and LP tokens
  14. Reward tokens and fee-sharing coins
  15. Cost basis and lot selection
  16. Short-term and long-term gains
  17. Losses, worthless tokens and the wash-sale question
  18. The digital-asset question on Form 1040
  19. Form 1099-DA and broker reporting
  20. Foreign accounts: FBAR and FATCA
  21. Records that survive an audit

Level III · Tokens and securities law

  1. SEC v. W.J. Howey Co. (1946)
  2. An investment of money
  3. A common enterprise
  4. Profit from the efforts of others
  5. The DAO Report (2017)
  6. Telegram, Kik and LBRY
  7. Ripple: institutional sales and exchange sales
  8. Regulation by enforcement and its critics
  9. The SEC’s 2025 change of course
  10. The SEC staff statement on memecoins
  11. The GENIUS Act: a federal stablecoin law
  12. Market-structure legislation
  13. Exemptions: Regulation D, A+ and S
  14. Spot bitcoin and ether ETFs
  15. MiCA: the EU’s crypto regulation
  16. Service providers under MiCA
  17. Stablecoins under MiCA: EMTs and ARTs
  18. The United Kingdom’s regime
  19. Japan’s Payment Services Act
  20. Singapore, Hong Kong and the UAE
  21. Licences, passporting and the reverse-solicitation trap

Level IV · Holders' traps

  1. Not your keys: what an exchange account really is
  2. Exchange collapse: Mt. Gox
  3. FTX: commingling and fraud
  4. Celsius: when the terms of use decided ownership
  5. Self-custody and its risks
  6. Proof of reserves and its limits
  7. Choosing where to hold
  8. Pig-butchering and romance scams
  9. Fake exchanges and fake apps
  10. Wallet drainers and approval scams
  11. Impersonation and fake support
  12. Recovery scams: the second theft
  13. Ponzi schemes and guaranteed yield
  14. Reporting fraud and what happens next
  15. Account freezes and KYC demands
  16. Seizure and civil forfeiture
  17. Summonses and exchange data
  18. Crossing borders with crypto
  19. No chargebacks: irreversibility in court
  20. Clawbacks: when a bankrupt platform sues customers
  21. Delistings and frozen tokens

Level V · Builders and launchers

  1. Fair launch or presale
  2. Team allocations, vesting and disclosure
  3. Promising returns: the words that make a security
  4. Launchpads and bonding curves
  5. Liquidity locks and revoked authorities
  6. Transfer fees and reward tokens
  7. Marketing claims and consumer-protection law
  8. Money transmission and FinCEN’s 2019 guidance
  9. State money-transmitter licences
  10. KYC, AML and the Bank Secrecy Act
  11. The Travel Rule
  12. Sanctions screening and the SDN list
  13. Tornado Cash: sanctions on code
  14. Developers in court: Tornado Cash and Samourai
  15. Paid promotion and the disclosure rule
  16. Celebrity promoters and class actions
  17. KOL rounds and undisclosed allocations
  18. DAOs, partnerships and personal liability
  19. Smart-contract audits and what they promise
  20. Terms of service and disclaimers
  21. Entity choice: foundations, companies and DAO wrappers

Level VI · Market conduct

  1. Pump-and-dump
  2. Wash trading
  3. Spoofing and layering
  4. Front-running and MEV
  5. The Mango Markets case
  6. Market makers and manufactured volume
  7. Signal groups and coordinated buying
  8. Rug pulls in law
  9. Insider trading on tokens: the Coinbase listing case
  10. The OpenSea case
  11. Snipers, bundles and hidden supply
  12. Exit scams
  13. Hacks and exploits as theft
  14. Bounties, white hats and negotiated returns
  15. What honest disclosure looks like
  16. Locked liquidity and renounced control
  17. On-chain transparency: show people where to look
  18. Treasury and team wallets in public
  19. Burns: what they do and do not change
  20. Talking to holders
  21. A launch checklist

Level VII · Loopholes worth understanding

  1. The holding-period advantage
  2. Tax-loss harvesting and the wash-sale gap
  3. Gifting crypto
  4. Donating crypto to charity
  5. Step-up in basis at death
  6. Retirement accounts that hold crypto
  7. Specific identification: choosing which coins you sold
  8. Citizenship-based taxation: the US exception
  9. Puerto Rico and Act 60
  10. Zero-tax countries and their catches
  11. Exit taxes
  12. Holding-period exemptions: Germany and Portugal
  13. Tax residence tests and treaties
  14. CARF: the end of quiet offshore accounts
  15. Tax-free crypto schemes
  16. Offshore trusts and crypto
  17. Sovereign-citizen arguments in court
  18. Borrowing against crypto: tool or trap
  19. Unregulated is not the same as legal
  20. Privacy coins and mixers: what is actually allowed
  21. Spotting a pitch that ends in court

Level VIII · Around the world

  1. United States: federal and state layers
  2. Canada
  3. Brazil’s crypto law
  4. Mexico and Argentina
  5. El Salvador’s bitcoin law and its retreat
  6. The rest of Latin America
  7. The Americas compared
  8. MiCA across the member states
  9. DAC8: EU tax reporting
  10. Germany
  11. France
  12. Spain
  13. United Kingdom
  14. Russia
  15. China: the ban and Hong Kong’s door
  16. Japan
  17. South Korea
  18. Singapore
  19. Malaysia
  20. The UAE and Dubai’s VARA
  21. India: the 30% tax and 1% TDS

Level IX · Death, divorce and disputes

  1. Crypto lost at death
  2. Wills, keys and secrecy
  3. Crypto in a trust
  4. Executors and fiduciary access
  5. Valuing crypto in an estate
  6. Multisig and dead-man switches
  7. Leaving instructions without leaving keys
  8. Crypto in divorce
  9. Hidden crypto and how it is found
  10. Bankruptcy and crypto
  11. Creditors and judgments
  12. Loans between friends
  13. Business partners and shared wallets
  14. Lost or stolen: insurance and police reports
  15. Suing over crypto: who and where
  16. Arbitration clauses in exchange terms
  17. Class actions
  18. Blockchain evidence and tracing
  19. Freezing orders against persons unknown
  20. Serving papers by NFT
  21. Where to go from here

Trust Law

Level I · The idea of a trust

  1. What a trust is: holding for someone else
  2. The settlor: the one who gives
  3. The trustee: the one who holds
  4. The beneficiary: the one who benefits
  5. Legal title and beneficial ownership
  6. Fiduciary duty: loyalty, prudence, impartiality
  7. What a trust is not: wills, contracts, companies
  8. Rome: the fideicommissum
  9. The waqf: endowment held for a purpose
  10. Crusaders and the English use
  11. The Statute of Uses (1536) and the use upon a use
  12. Chancery and equity
  13. Civil law: the fiducie and the Treuhand
  14. The Hague Trusts Convention (1985)
  15. Express trusts: made on purpose
  16. Resulting trusts: when the purpose fails
  17. Constructive trusts: equity’s remedy for wrongs
  18. The three certainties
  19. Funding: a trust holds only what is put in it
  20. Revocable and irrevocable
  21. Living or at death: inter vivos and testamentary

Level II · Do you need one?

  1. What happens when you die without a plan
  2. Wills and what they cannot do
  3. Probate: time, cost and publicity
  4. Payable-on-death and transfer-on-death accounts
  5. The Totten trust: the bank-account trust
  6. Joint ownership and its traps
  7. When a trust is not worth it
  8. Do-it-yourself, online forms and attorney drafting
  9. What an estate-planning attorney charges, and for what
  10. Trustee fees: family, professional and corporate
  11. Ongoing costs: tax returns, accounting, administration
  12. Cheap mistakes that become expensive
  13. Questions to ask before you hire anyone
  14. Free and low-cost help: legal aid and clinics
  15. Choosing a trustee
  16. Successor trustees and what happens when one quits
  17. Protectors and advisers
  18. Naming beneficiaries without starting a family war
  19. Minors and money
  20. Trustee duties in plain words
  21. When trustees fail: removal and remedies

Level III · Family trusts

  1. The revocable living trust
  2. Funding a living trust: deeds, accounts and titles
  3. The pour-over will and pour-over trust
  4. Incapacity: who takes over while you are alive
  5. Living-trust myths: taxes, creditors, privacy
  6. Updating, amending and restating
  7. When the settlor dies: administration step by step
  8. The testamentary trust
  9. Trusts for children until a set age
  10. Incentive trusts: conditions and their limits
  11. Discretionary trusts: trustee judgement as the rule
  12. Support trusts: health, education, maintenance
  13. Spendthrift clauses for family
  14. Pet trusts
  15. Marital and bypass trusts
  16. The QTIP trust
  17. Blended families and second marriages
  18. Spousal lifetime access trusts (SLAT)
  19. Divorce and existing trusts
  20. Joint trusts versus separate trusts
  21. Community-property states

Level IV · Trusts that care

  1. Why an inheritance can cost someone their benefits
  2. Special needs trusts: first-party and third-party
  3. Pooled trusts run by nonprofits
  4. ABLE accounts and how they compare
  5. Payback rules
  6. Choosing a trustee for a vulnerable beneficiary
  7. Government benefit trusts beyond the US
  8. Paying for long-term care
  9. Medicaid asset-protection trusts
  10. Look-back periods and penalties
  11. Income trusts (Miller trusts)
  12. Protecting the family home
  13. Elder financial abuse and the trustee’s shield
  14. Planning conversations with aging parents
  15. Protective trusts: the English approach
  16. Spendthrift trusts and the creditor wall
  17. Addiction and gambling: trusts with guardrails
  18. Trusts for beneficiaries who cannot manage money
  19. Hybrid trusts
  20. Letters of wishes
  21. Reporting to beneficiaries

Level V · Tax and legacy

  1. Estate and gift tax: the basics
  2. The annual exclusion and Crummey powers
  3. Irrevocable trusts and getting assets out of the estate
  4. Life-insurance trusts (ILIT)
  5. Grantor trusts and why defective can be useful
  6. Installment sales to grantor trusts
  7. The Clifford trust and the history of income shifting
  8. GRATs: grantor retained annuity trusts
  9. GRUTs: grantor retained unitrusts
  10. Annuity trusts and unitrusts compared
  11. Qualified personal residence trusts (QPRT)
  12. Beneficiary defective inheritor trusts (BDIT)
  13. Tax-motivated trusts and the anti-abuse rules
  14. When the tax law changes under a plan
  15. Dynasty trusts
  16. Generation-skipping transfer tax
  17. Rule against perpetuities and its abolition
  18. Charitable trusts
  19. Charitable remainder trusts
  20. Charitable lead trusts
  21. Foundations, donor-advised funds and trusts compared

Level VI · Protection

  1. The creditor problem
  2. Third-party trusts versus self-settled trusts
  3. Domestic asset protection trusts (DAPT)
  4. Asset protection trusts in general
  5. Exception creditors: child support, taxes, fraud
  6. Choosing a DAPT state
  7. Real cases: when shields held and when they failed
  8. International and offshore trusts
  9. Cook Islands, Nevis and the offshore model
  10. Duress clauses, flight clauses and contempt
  11. Reporting: FBAR, FATCA, CRS
  12. Purpose trusts and the VISTA and STAR regimes
  13. Special purpose trusts in finance
  14. Offshore myths
  15. Fraudulent and voidable transfers
  16. Badges of fraud
  17. Timing: why planning must come before trouble
  18. Bankruptcy and the ten-year reach-back
  19. Professional ethics: what advisers must refuse
  20. Blind trusts for officials and executives
  21. Privacy versus secrecy

Level VII · Property and business

  1. Land trusts
  2. The Illinois land trust
  3. Nominee trusts
  4. Land trusts and privacy
  5. Holding rental property in trust
  6. Deeds, title insurance and trust ownership
  7. Farm and ranch succession
  8. Business trusts
  9. The Massachusetts business trust
  10. Delaware statutory trusts
  11. Real estate investment trusts (REIT)
  12. Voting trusts
  13. Business succession planning
  14. Trusts and operating companies: LLCs inside trusts
  15. Rabbi trusts
  16. Secular trusts
  17. Retirement accounts and see-through trusts
  18. Specialty assets: art, collections, intellectual property
  19. Firearms trusts
  20. Holding a closely held business in trust
  21. Trust administration for complex assets

Level VIII · Trusts of the world

  1. United States: the Uniform Trust Code
  2. United Kingdom: trusts after the Trustee Act 2000
  3. Canada and Australia
  4. Ireland
  5. Trust-friendly states: Nevada, South Dakota, Delaware, Alaska
  6. The Channel Islands and the Crown dependencies
  7. Choosing governing law and situs
  8. The French fiducie
  9. Liechtenstein, Switzerland and the foundation
  10. Waqf today: the Gulf and Malaysia
  11. China’s trust law (2001)
  12. Japan’s trust law
  13. Latin America: the fideicomiso
  14. Recognising a foreign trust
  15. The trustee’s first ninety days
  16. Investing under the prudent investor rule
  17. Accounts and records
  18. Trust taxation: who pays the income tax
  19. Decanting and modifying an irrevocable trust
  20. Disputes, litigation and mediation
  21. Ending a trust

Level IX · Trusts on chain

  1. Can a trust hold bitcoin?
  2. Keys, custody and the trustee’s duty of care
  3. Multisig and inheritance planning
  4. Exchanges, accounts and access at death
  5. RUFADAA: fiduciary access to digital assets
  6. Valuing volatile assets in trust
  7. Directed trusts for digital assets
  8. Tokenised real-world assets and who owns what
  9. Delaware statutory trusts and tokenisation
  10. Spot bitcoin ETFs as grantor trusts
  11. Stablecoin reserves held in trust
  12. Escrow, smart contracts and the word ‘trustless’
  13. DAOs, purpose trusts and legal wrappers
  14. Proof of reserves versus a trustee’s accounting
  15. What smart contracts cannot replace
  16. Fiduciary duty in code
  17. The three roles on a blockchain
  18. Self-custody and the settlor as trustee
  19. Building a plan that survives you
  20. Where to go from here
  21. Glossary and the road home