Justin Bons explains the value-investing method and the case for research across competing blockchain networks.

Justin’s widely discussed analysis of Bitcoin transaction capacity, withdrawal queues and the risks of simultaneous exits.

A reassessment of Solana: what changed, and why the investment thesis changed with it.

Justin's economic critique of Bittensor separates token-funded incentives from paying customers, then asks who captures subnet revenue and who bears the cost.

An examination of Canton's validator admission, application rewards and fee structure, challenging what institutional partnerships and reported asset totals actually demonstrate.

A detailed response to Dominic Williams on subnet attack surfaces, operator independence and the difference between economic security and legal or reputational guarantees.

Justin weighs Hyperliquid's trading performance against validator concentration and code transparency, asking which decentralisation improvements must accompany its growth.

A 25-part critique of XRP Ledger's trusted validator lists, overlap requirements and list publishers, examining where practical control can sit in a federated consensus system.

A close examination of Sui's supply disclosures, staking concentration and foundation-controlled allocations, with proposals for making that power more accountable.

A November 2025 assessment of Cardano's capacity, batching and fee rules, separating Hydra's role from the proposed Leios upgrade and the demands of competitive applications.

A January 2026 critique of Ethereum's proving roadmap: GPU requirements, proof-generation latency and the risk of concentrating work among a small set of builders.

A launch-era critique of Worldcoin's small circulating float, market-maker allocations and token utility, exploring how a headline valuation can conceal future supply pressure.

How borrowing against a concentrated crypto balance sheet can amplify both buying and forced selling, and why a listed treasury company adds risks beyond owning the underlying token.

Who can change a blockchain’s rules, and how is that power kept accountable?

A comparison of validator economics, governance and scaling, arguing how network usage could reshape decentralisation.

The 2023 investment critique, covering capacity, security and economic incentives.

Self-custody and professional custody involve different responsibilities and failure modes.

A three-stage model for understanding how power and governance evolve in Bitcoin.

Why individual responsibility, deliberate planning and political judgment still matter in decentralised governance.

A comparison of the economic, security and governance trade-offs in consensus design.

An October 2025 critique of proposed changes to MultiversX’s supply and governance.

The June 2025 argument on Bitcoin’s security budget, capacity and long-term incentives.

Written with Stephan Brouwer. Ten arguments for cryptocurrency’s social and economic potential, from financial sovereignty to accountable institutions.

A historical case study of developer funding, miner voting and the risk of entrenching protocol-level power.

The July 2026 version of Justin’s fourteen-part critique of Bitcoin as an investment.

The July 2025 argument on Bitcoin’s original purpose, utility and economic design.

A critical examination of the trust assumptions and trade-offs behind Bitcoin DeFi projects.

The 2023 critique, preserved alongside the 2025 article explaining why Justin changed his view.

A year-end reflection on the technology, governance and market events of 2022.

An original contribution to the 2015 Bitcoin block-size debate.