Money presents an important lesson - the larger and more valuable a social institution gets, the more it incentivizes others to seek control over it

Hence, the institution needs protection, historically provided by the most powerful entity – the state.

Over time, protection turns into control and then into abuse.

When the institution loses its benefits, the social contract is violated - people lose trust (TODO: link to a most peaceful revolution), and breaks down.

Satoshi fixed this dynamic by inventing:

1. decentralized security - instead of a central party - security is derived from a decentralized hypercompetitive market

2. a way for the users and the competing security providers (miners) to come to a consensus over who owns what at any given time

Bitcoin introduced an innovative system where all of the participants [collectively own and decide](https://www.2minutebitcoin.org/blog/unpacking-bitcoins-social-contract-2018) what happens to the protocol. This naturally makes the project recycle who the decision-makers are as new people enter and old people leave.

Contrastly - companies today have the same owner for decades.

Decentralized organisms like Bitcoin are superior precisely because of this rotation.

- these are excerpts taken from the 2-minute versions of Unpacking Bitcoin's Social Contract (2018), originally posted in https://www.2minutebitcoin.org/blog/unpacking-bitcoins-social-contract-2018 and Saylor Series: The Rise of Man Through the Stone and Iron Ages Episode 1 (2020), originally posted in https://www.2minutebitcoin.org/blog/saylor-series-the-rise-of-man-through-the-stone-and-iron-ages-episode-1-2020