Thank you for your insightful feedback! Your observations about the article feeling "reworked" and lacking

attention to what the data actually meant were spot-on. We've made comprehensive changes based on your critique:

What We Changed:

1. Replaced Vague Economic Terms

- Eliminated "intrinsic value" throughout

- Now using concrete terms like "production cost floor" and "minimum viable production cost"

- The focus is now clearly on measurable mining costs, not philosophical value debates

2. Explained All Data Outliers

- Added detailed section "Notable Historical Outliers and Their Impacts"

- China mining ban: Quantified 45% model deviation, 6-month recovery

- Halving events: Documented 30-40% accuracy drops

- Transaction fee spikes: Specific percentages and durations for Ordinals, DeFi peaks

- Each outlier now has cause, effect, and recovery timeline

3. Complete Educational Restructuring

- Transformed from technical paper to educational journey

- Added 5 clear chapters building from basics to advanced concepts

- Starts with engaging question: "What gives Bitcoin value?"

- Uses analogies (lottery, gold mining, tipping) instead of jargon

- Every section now explains WHY it matters for the overall thesis

4. Embedded Core Thesis Throughout

- Energy costs create Bitcoin's fundamental price floor

- Prices above this = speculation

- Made this distinction clear without being preachy

- Added multiple examples with real numbers

Thanks again for taking the time to provide such constructive criticism - it made a real difference!

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