Writing

• Analyzing Bitcoin Consensus: Risks in Protocol Upgrades - This paper provides an analysis of bitcoin's consensus mechanism, focusing on the roles of various stakeholders, their powers, and the incentives that guide their actions. Bitcoin is incredibly difficult to change by design. The default is no change. Any significant change needs to pass that hurdle. We categorize the roles people play in bitcoin's consensus into six distinct stakeholder groups, each with their own motivations and influence. We also notice that the relative powers of the stakeholders shift depending on their role in the network's operation and the stage of the consensus change process. Notably, while Bitcoin Core maintainers do not have excessive power to change Bitcoin, they possess significant power to veto changes. We also introduce the concept of State of Mind, which affects the degree that stakeholders engage in the process of finding consensus.
• Leverage and Path Dependence for Perpetual Swaps - Understanding liquidation risks and path dependence in leveraged perpetual positions