What is…? The questions everyone starts with
All explainers — newest first
What is a DEX? The one difference that changes who can freeze, lose or return your money
A DEX is an exchange that never holds your coins. That one fact decides who can freeze, lose or return your money, and why swap and perp DEXs differ.
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What is position correlation — and why are three 2% trades not three 2% risks?
Position correlation explained with 200,000 simulated runs: three 2% positions moving together at 0.8 correlation hit a 50% drawdown 35.6% of the time - the risk of one trade at 4.8%…
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What is the Kelly criterion — and why does the “optimal” bet size ruin most traders?
The Kelly criterion explained with 200,000 simulated runs: the formula, why full Kelly hit a 50% drawdown 89.5% of the time, why half Kelly keeps 75% of the growth, and why your…
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What is risk of ruin — and why does a profitable system still blow up?
Risk of ruin explained with 500,000 simulated runs: why 1% and 3% per trade are not a small difference, why counting losing streaks gives the wrong answer, and where the maths still…
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What is a gas fee — and why is the one you actually pay set by your exchange?
Why a gas fee ignores how much you send, what an Ethereum token transfer really cost in September 2026, and why your exchange charges a different number.
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What is a blockchain — and which parts actually cost a trader money?
Blockchain explained from zero for people who trade: what the chain actually does, why your deposit waits for confirmations, and the arithmetic of what that wait costs.
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What is Bitcoin — and why does it have a price?
Bitcoin explained from zero: what the network actually does, who controls the 21 million supply, and the honest reason a digital number has a price.
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Before anyone needs a chart pattern, they need a straight answer to something simpler: what is this thing, and why does it cost anything? These pages answer one question each, in plain language, with the arithmetic shown and the counter-argument included. No prior knowledge assumed, and nothing sold to you along the way.
In the pipeline
New explainers are added regularly, each answering one question completely rather than half-answering five.
Go to the Primer Path
If you can already explain what bitcoin is and where its price comes from, skip ahead. The Primer Path is the structured route from “I understand it” to “I can manage risk on a real position”.