Research

Best-in-class evidence-based reports on Bitcoin, cryptocurrency and financial markets.

Recently published articles

Bitcoin Layer 2s – The CoreDAO Model

Abstract: We make a brief comparison between some of Bitcoin’s supposed “layer 2” systems, such as Lightning, Ethereum (WBTC), Blackrock’s $IBIT and a sidechain called CoreDAO. We argue that...

PoW vs PoS – Economic Cost To Attack

Abstract: In this piece we compare the economic costs of attacking a Proof of Work network and a Proof of Stake network. We break down the analysis between the...

Most popular articles

A collection of the most popular articles on Research.

The Complete Works

ArticleDate

Bitcoin Layer 2s – The CoreDAO Model

PoW vs PoS – Economic Cost To Attack

LEGAL NOTICE: DR CRAIG STEVEN WRIGHT IS NOT SATOSHI NAKAMOTO

COPA vs CSW – Injunctive Relief Hearing

PoW Centralisation Hysteria – What Size War Chest Is Required?

Assigning BIP Numbers

Satoshi’s 2014 Email Hack

Ethereum ETFs & Staking

COPA vs CSW – Day 16 – Craig’s Lawyers Do COPA’s Job For Them

COPA vs CSW – Day 11 – Stefan Matthews

COPA vs CSW – Day 2 Thoughts

Cash vs In-kind ETFs

Crypto ETP Provider Data

Complete List of Cryptocurrency Related ETPs

Bitcoin Time Locks

Getting paid in BTC in Singapore

SBF Trial – Closing Summations – 1 Nov 2023

SBF Trial – Full List of BitMEX Research Tweets

Sam Bankman-Fried Trial Transcript – 31 October 2023

Sam Bankman-Fried Trial Transcript – 30 October 2023

The Lagged Impact Of Higher Rates

Bitcoin’s Culture War – Discussion With Udi Wertheimer

Drivechains

Gensler’s Done It All Before

Miner Fee Gathering Capability (Part 2) – Out of Band Fees

Calvin Kim Developer Grant

Renewal of Rene Pickhardt’s Bitcoin Developer Grant

Lightning Payments – When Are They Too Small To Secure?

Renewal of Sjors Provoost’s Bitcoin Developer Grant

The Bitcoin Forum

Renewal of Chris Coverdale’s Bitcoin Developer Grant

Reckless – Chapter 21: Proof Of Stake Economy

Reckless – Chapter 20: Staking Derivatives

Cryptocurrency Interest Rate Derivative Discussion (Twitter Spaces)

Reckless – Chapter 19: The Proof Of Stake Interest Rate

Reckless – Chapter 18: Proof Of Stake

Reckless – Chapter 17: Celsius

Reckless – Chapter 16: The Earn Collapse

Reckless – Chapter 15: Financial Contagion

Reckless – Chapter 14: Crypto Credit Market Structure

Reckless – Chapter 13: DeFi

Ordinals Data

Reckless – Chapter 12: Stablecoins

Reckless – Chapter 11: The Earn Model

Reckless – Chapter 10: Bitcoin’s Risk Free Rate

Reckless – Chapter 9: Bitcoin As Collateral

Reckless – Chapter 8: The Emergence Of Lending Markets

Reckless – Chapter 7: The Early Years

Reckless – Chapter 6: Bitcoin Interest Rate

Reckless – Chapter 5: Everything Bubble

Show Us Your Leaves!

Reckless – Chapter 4: The Wrong Rate

Reckless – Chapter 3: The Natural Rate

Reckless – Chapter 2: Interest Rate Ethics

Reckless – Chapter 1: The History Of Interest Rates

BSV Hardfork – Security Considerations

Renewal of Rene Pickhardt’s Bitcoin Developer Grant

Reckless: The Story Of Cryptocurrency Interest Rates

Renewal of Gleb Naumenko’s Bitcoin Developer Grant

Renewal of Chris Coverdale’s Bitcoin Developer Grant

Renewal of Sjors Provoost’s Bitcoin Developer Grant

Renewal of Calvin Kim’s Bitcoin Developer Grant

The power of valves for better flow control, improved reliability & lower expected payment...

Erroneous findings in Merkle Trees Optimized for Stateless Clients in Bitcoin

OFAC Sanctions & Ethereum PoS – Some Technical Nuances

ETHPoW vs ETH2

The OP_Return Wars of 2014 – Dapps Vs Bitcoin Transactions

TxWithhold Smart Contracts by Gleb Naumenko

Taproot Demonstration

Renewal of Calvin Kim’s Bitcoin Developer Grant

Renewal of Rene Pickhardt’s Bitcoin Developer Grant

Renewal of Chris Coverdale’s Bitcoin Developer Grant

Price of Anarchy from selfish routing strategies on the Lightning Network by Rene Pickhardt

Renewal of Sjors Provoost’s Bitcoin Developer Grant

Renewal of Gleb Naumenko’s Bitcoin Developer Grant

Michael Ford Developer Grant

A complete history of Bitcoin’s consensus forks – 2022 Update

Why Open Source Matters – Guix

Flashbots

OP_CTV – Summer Softfork Shenanigans

Mining Bull Market

Book review: The Cryptopians (by Laura Shin)

CoinPool FAQ

Don’t Wait For The Inflationary Endgame

Bitcoin’s Lowest Block Hash Values

BitMEX Supports Sending To Taproot Addresses

Bitcoin Address Re-use Statistics

Checking Ethereum’s Total Supply

Ethereum’s New 1MB Blocksize Limit

Bitcoin vs Ethereum – Blockchain Size

Scamwicks and Stop Cascades

Preventing Channel Jamming

Bitcoin’s Carbon Footprint

Outsourced Stake

Ethereum’s Proof of Stake System – Calculating Penalties & Rewards

Mapping Out The Macro Endgame

BitMEX Research Is Now An Ethereum Staker

Proof of Reserves & Liabilities – BitMEX Demonstration

Fixing The Privacy Gap In Proof Of Liability Protocols

The Blocksize War – Chapter 21 – Victory

The Blocksize War – Chapter 20 – SegWit2x

The Blocksize War – Chapter 19 – Bitcoin Cash

The Blocksize War – Chapter 18 – New York Agreement

The Blocksize War – Chapter 17 – User-Activated Softfork

The Blocksize War – Chapter 16 – Litecoin

The Blocksize War – Chapter 15 – Dragons’ Den

The Blocksize War – Chapter 14 – ASICBoost

The Blocksize War – Chapter 13 – Exchanges

UNFUCKWITHABLE MONEY

The Blocksize War – Chapter 12 – Bitcoin Unlimited

The Blocksize War – Chapter 11 – Scaling III – Milan

The Blocksize War – Chapter 10 – The DAO

Out of Order Block Validation with Utreexo Accumulators

Faster Blockchain Validation with Utreexo Accumulators

The Blocksize War – Chapter 9 – Faketoshi

Breaking Down The Fee Market (EIP-1559)

The Blocksize War – Chapter 8 – Hong Kong Roundtable

The Blocksize War – Chapter 7 – Bitcoin Classic

The Blocksize War – Chapter 6 – Lightning Network

The Blocksize War – Chapter 5 – SegWit

The Blocksize War – Chapter 4 – Scaling II – Hong Kong

The Blocksize War – Chapter 3 – Scaling I – Montreal

The Blocksize War – Chapter 2 – March To War

The Blocksize War – Chapter 1 – First Strike

Book Published: The Blocksize War

Taproot: You Betcha

January 2021 Cryptocurrency Exchange Review (From CryptoCompare)

Progress Towards Utreexo Goals

Bitcoin Miner Transaction Fee Gathering Capability

London 2012 – The Second Bitcoin Conference

Exchange traded Bitcoin products

Mitigating Channel Jamming with Stake Certificates

The Growth of Bitcoin Merge Mining

Current Status of the Utreexo Project

Call me Ishmael

Battle of the Dexes

Bitcoin Satellite

August 2020 Report Into Cryptocurrency Exchanges (From CryptoCompare)

Antminer S19 Pro vs Whatsminer M30S+ (Part 2) – Thermal Image Analysis

Antminer S19 Pro vs Whatsminer M30S+

July 2020 Report Into Cryptocurrency Exchanges (From CryptoCompare)

Bitcoin Softfork Activation Methodology

Call to action: testing and improving asmap

June 2020 Report Into Cryptocurrency Exchanges (From CryptoCompare)

Battle For ASIC Supremacy

May 2020 Report Into Cryptocurrency Exchanges (From CryptoCompare)

Subtleties and Security

The Crisis Happened: What’s Next?

April 2020 Report Into Cryptocurrency Exchanges (From CryptoCompare)

Ethereum 2.0

Life with SARS-CoV-2

March 2020 Report Into Cryptocurrency Exchanges (From CryptoCompare)

Mining Incentives (Part 4): The Impact Of The Halvening

Who Funds Bitcoin Development?

Central Bank Digital Currency

Inflation Is Coming

January 2020 Report Into The Cryptocurrency Exchange Industry (From CryptoCompare)

Lightning Network (Part 7) – Proportion Of Public vs Private Channels

Growth In The Level Of Precision Of Bitcoin Spending

Lightning Network (Part 6) – Over 60,000 Non-Cooperative Channel Closures

Build Systems & Security – Bitcoin Is Improving

Initial Exchange Offerings (Part 2) – Investment Performance Update

I CAN has IPO

Lightning Network (Part 5) – BitMEX Research Launches Penalty Transaction Alert System

Bitcoin’s Initial Block Download

Benford’s Law & Cryptocurrency Trading Data

Announcing txstats.com

Bitcoin Cash’s October 2019 Hashrate Volatility Increase

Bitcoin’s Block Timestamp Protection Rules

ForkMonitor: Unexpected Inflation Detection and Warning System

The Bitcoin Foundation

Lightning Network (Part 4) – All Adopt The Watchtower

Lightning Network (Part 3) – Where Is The Justice?

Facebook Takes on ETF Giant Blackrock, with a Fixed Income ETF called Libra

HDR Global Trading Limited Donates to the Massachusetts Institute of Technology’s Digital Currency Initiative...

The Bitcoin Cash Hardfork – Three Interrelated Incidents

Initial Exchange Offerings

The Schnorr Signature & Taproot Softfork Proposal

Bitcoin Cash SV – 6 block chainsplit

The Lightning Network (Part 2) – Routing Fee Economics

BitMEX Research Launches Ethereum Node Metrics Website – Nodestats.org

Anatomy Of The Next Global Financial Crisis

The BitMEX Insurance Fund

The Mystery Of The Bitcoin Nonce Pattern

Tracking US$24 billion Of Tokens ICO Makers Allocated To Themselves

Atomic Swaps and Distributed Exchanges: The Inadvertent Call Option

Would Bitcoin’s mass adoption fundamentally transform the financial system?

The Price Crash & The Impact On Miners

Bitcoin Cash ABC’s rolling 10 block checkpoints

Forkmonitor.info updated to estimate the value of mining losses since the Bitcoin Cash split

Detailed Report Into The Cryptocurrency Exchange Industry (From CryptoCompare)

BitMEX Research Sponsors Fork Monitoring Website

Competing with Bitcoin Core

SegWit vs Bitcoin Cash transaction volume update & Bitcoin Cash investor flow update

Tether – Q2 Puerto Rico data & Noble Bank looking for a buyer

Ethereum holdings in the ICO treasury accounts

Unboxing Bitmain’s IPO (Part 2)

Unboxing Bitmain’s IPO

Does Satoshi have a million bitcoin?

The bitcoin flash crash to $0.01 in June 2011

Tether: Puerto Rico financial data quarterly update

A brief history of Stablecoins (Part 1)

Bitcoin Economics – Deflationary Debt Spiral (Part 3)

List of 44 Bitcoin fork tokens since Bitcoin Cash

New Ethereum Miner Could be a Game Changer

Complete guide to Proof of Stake – Ethereum’s latest proposal & Vitalik Buterin interview

Bitcoin price correlation: Record high against the S&P 500

Update: SegWit transaction capacity increase compared to Bitcoin Cash

Tether: New financial data released by Puerto Rico

Diagram of a Bitcoin block: Covert versus overt AsicBoost

Tether

A blockchain-specific defensive patent licence

The Ripple story

The art of making softforks: Protection by policy rule

The Lightning Network

Mining incentives, part 3: Short term vs. long term

A complete history of Bitcoin’s consensus forks

Bitcoin Gold: Investment flow data

Public companies with exposure to the crypto space

Update: Bitcoin Cash investment flow data

Bitcoin’s unique value proposition

Revisiting “The DAO”

The implications for Bitcoin of the new Bitcoin Cash difficulty adjustment mechanism

The Litecoin vs. Dogecoin hash-rate wars of 2014 and implications for Bitcoin vs. Bitcoin...

Trading Tip: Attempt to obtain free Bitcoin Cash on Bitfinex

Non Empty Smaller Block Data By Mining Pool

Empty Block Data by Mining Pool

The Bitfinex chain split tokens

Bitcoin Economics – Credit expansion and the characteristics of money which make it possible...

Bitcoin Economics – Credit expansion and the characteristics of money (Part 2)

The SegWit2x (B2X) Hardfork – Protecting Yourself and Your Coins, Part 1: Coin Splitting

The SegWit2x (B2X) Hardfork – Protecting Yourself and Your Coins, Part 2: Investment Strategies

ICOs – Part 1 – An Interactive Visualization of the ICO Space

ICOs – Part 2 – Investment Returns

The SegWit Transaction Capacity Increase – Part 2 – The First Month After Activation

The SegWit Transaction Capacity Increase – Part 1

Mining incentives, part 2: Why is China dominant in Bitcoin mining?

Mining Incentives – Part 1 – The Economics of the Difficulty Adjustment

The SegWit2x Hardfork – The Supporters and Opponents

Overview of the covert AsicBoost allegation

Bitcoin Cash: Potential Price Implications of Investment Flow Data

Other Material

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Fork Monitor Website
TX Statstxstats.com