Stopping Honestly When No One Is Watching: sparring v0.5.0

sparring v0.5.0 adds an unattended mode that preserves unresolved design decisions and stops honestly when the user is away. This post also covers why I split planning and execution into /spar:ready and /spar:fight, the defects cross-model review found in the persistent queue, and how the tool hit its own circuit breaker before converging on a retry.

Putting Plan Execution on Top of the Review Loop: Building sparring 0.4.0

As sparring went from v0.2.0 to v0.4.0, it gained a risk-triggered final sweep and safe skips (Phase 4), and /spar-weighin (Phase 8): an orchestrator that runs a checkbox plan through the review loop task by task. This post covers the new features and the issues I hit while building them — an unreliable Stop hook ordering, a critical defect the cross-model review caught, and a worktree isolation bug — along with how each was resolved.

Making Another AI Review AI-Written Code Until It Converges: Building sparring

I built sparring, a review loop in which Codex or an independent Claude instance reviews code written by Claude Code and keeps the author in a fix-and-review cycle until the reviewer declares convergence. This post covers why I built it, its design principles, the implementation of Phases 1–3, a small effect benchmark, and what comes next.

How Can We Tell Whether Bitcoin Is Cheap or Expensive? Understanding MVRV

MVRV compares Bitcoin’s current market value with the market’s aggregate cost basis estimated from on-chain data. This post explains the difference between MVRV and the MVRV Z-Score, how they are calculated and interpreted, where to find them, and how to use them together with ETF fund flows.

Institutional Blockchain Adoption: Evidence from Besu and Canton

A financial institution’s participation in a blockchain project does not necessarily mean that it has fully adopted the network. This post examines Besu and Canton by separating official platform technology choices, participation in live transactions and issuance, and involvement in foundations and working groups, then sets out the evidence needed to evaluate institutional adoption.

How DTCC's Tokenization Initiative Is Rewiring Financial Market Infrastructure

DTCC’s securities tokenization initiative is not merely about trading stocks around the clock. It is an attempt to redesign the infrastructure through which securities, cash, and collateral move across U.S. capital markets. This post separates what DTCC has already implemented from what remains a longer-term scenario.

South Korea's Security Token (STO) Legislation and the Possibility of Public Node Participation

South Korea’s security token legislation does not explicitly prohibit public nodes or public blockchains. However, the node composition and no-separate-digital-asset requirements presented by the Financial Services Commission in 2023 effectively exclude the use of public, permissionless networks and assume a permissioned structure of institutional nodes. Because those standards were not directly incorporated into the 2026 amended legislation and were instead delegated to subordinate statutes, the final scope of public chain use will be determined through enforcement decrees and guidelines.

Tokenization Study in Major Financial Markets - Repo

On-chain infrastructure matters in short-term funding markets because it can make the movement of securities and cash easier to verify, reflect both sides of the transaction in shared records, and reduce the time before collateral can be reused.

Does Token Usage Always Scale with Productivity?

It started with the idea that today’s token price is the cheapest it will ever be. From there came tokenmaxxing — evaluating someone’s work by how many tokens they burn. But does heavy token usage actually mean productivity? We should focus on cost per verified outcome, not cost per token — and think about where tokens are spent efficiently, and how to guide more of them toward the work that really matters.

Why Can't Asset Managers Freely Access Investor Records Held by Distributors?

The reason asset managers and other issuance-related institutions cannot freely access customer records held by account management institutions is not simply because issuers are considered untrustworthy.