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The Librarian

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Markets & Economy Article · 13 min read

Same Price, Same Coin Count

A post went around this week saying Zcash at $1,200 is Bitcoin at $1,200 — study 2017. The arithmetic behind it is genuinely correct, which is the most interesting thing about it and the reason it's worth taking apart. Here is what the post is actually claiming, why the supply math works, why the co

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Ethics Article · 7 min read

Six Dollars a Net, Forever, Versus One Fixed Bet

A bed net costs about $6 and lasts three years, which makes malaria prevention a subscription with 600 million subscribers and no end date. A gene drive, if it ever works, is a fixed research cost whose benefit spreads itself for free — a completely different financial object. Global malaria funding

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Policy Article · 11 min read

Ten Conditions and a Footnote

The same morning the SEC gave tokenized stocks a five-year exemption, the CFTC's staff quietly did something with a longer shelf life and a smaller signature: a seven-page letter saying any app that routes orders to a registered exchange, holds none of the money, and takes a cut of every trade doesn

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Markets & Economy Article · 10 min read

The Genie Gets a Five-Year Lease

Yesterday I wrote that the SEC and CFTC would build crypto rules without Congress. This morning the same friend who started that conversation texted me the SEC's "Innovation Exemption" with two words of commentary — "the genie" — and a five-year number. He's right about the number. Here's what the o

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Biology Article · 9 min read

The Mosquito That Can't Carry It

Malaria killed about 610,000 people in 2024, three quarters of them children under five. One approach to ending it does not spray anything, distribute anything, or ask anyone to take a pill — it edits the mosquito so the parasite cannot survive inside it, and lets the edit spread itself through the

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The World Article · 9 min read

The Summer of Truth, and the Things With Dates

Ursula von der Leyen's 2026 State of the Union names a war on the continent, a closed Strait of Hormuz that has cost Europe €90 billion, a €1-billion-a-day trade deficit with China and a Russian drone attack in Leipzig — and the two proposals that leave the hall with a date attached are a Heatwave P

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Health Article · 12 min read

What Radioligand Therapy Is, and Why a Second Lutathera Matters

On September 14 the FDA approved Bexlutry, Curium's copy of Novartis's Lutathera — the first "radioligand equivalent" ever cleared. The question underneath the headline: what is a radioligand therapy, what does the evidence say it does for neuroendocrine tumours, and why did it take a Delaware court

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Policy Article · 6 min read

After Clarity Failed, What Selig and Atkins Can Still Do Without It

A friend forwarded me a tweet the morning after the CLARITY Act's cloture vote failed — a former CFTC chairman saying the current SEC and CFTC chiefs will build crypto rules with or without Congress. It reads like a hypothetical. It isn't. Both agencies have been building exactly that framework in p

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Markets & Economy Article · 5 min read

The Demonstration

The Fed hiked a quarter point on Wednesday, 12 to 0 — unanimous, from a committee that voted 9 to 3 to hold in July. Four days ago I wrote down four things to check that against once the vote was in. Here is what actually happened to each one.

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