"By focusing on hashpower, he implies that thermodynamic security is the fundamental aspect of the Bitcoin network's security model. This is incorrect and lacks nuance. There are lower levels of Bitcoin's security: the nodes that form the peer-to-peer network and the humans who collectively organize to agree upon what code they will run to secure the network.

This is why Bitcoin is fundamentally not protected by electricity, hashing machines, or even the "logical security" of nodes. Bitcoin is backed by a volunteer militia. The antifragile nature of Bitcoin as an ecosystem is because it's an open source project without a central coordinator."