Bitcoin Is Money.
Ideas to take with you.
- 01
A minority of nodes cannot, on their own, coerce miners into a rule change; user-activated soft forks require broader economic consensus than BIP-110 could muster.
- 02
The network effect is itself a monetary property; a hard fork that abandons it in the name of monetary purity trades away the legitimacy that makes Bitcoin money in the first place.
- 03
Capture by the incumbent monetary system is likely a phase Bitcoin passes through rather than a terminal state, because an expanding claim on a fixed base eventually forces a visible breach.
- 04
Nodes carry weight only to the extent that real economic value flows through them; running a node without transacting or earning contributes little to consensus defense.
- 05
Being right too early can function the same as being wrong when the cost is losing the position from which future battles get fought.
