https://www.youtube.com/watch?v=AruaJmEaycY

Understanding Bitcoin from First Principles

* Disruptive inventions cannot be understood using only past experiences.

* Bitcoin is especially abstract, so we must ask not “What is it like?” but “What is it?”

* First-principles thinking begins with truths about human behavior and society that do not change.

1. Value is subjective

* Worth depends entirely on circumstances.

* No object has universal, inherent value.

2. History cannot be rewritten

* If the past can be changed, cause and effect break down.

* Bitcoin’s ledger is transparent, permanent, and irreversible.

3. Private property must be protected

* Banks can freeze accounts; governments can seize assets.

* Holding your own keys means controlling your digital safe.

4. Theft is wrong in all forms

* Inflation silently reduces purchasing power, acting as legalized theft.

* Bitcoin cannot be forged, printed, or seized by decree.

5. Humans need money

* Barter cannot support complex societies.

* Civilization requires a stable unit for saving, pricing, and exchanging.

6. Energy cannot appear from nowhere

* Bitcoin is created through Proof-of-Work, turning real energy into digital scarcity.

* No shortcuts or free creation of coins.

7. Concentrated power will be abused

* Governments expand debt endlessly.

* Bitcoin’s supply is fixed and cannot be changed by anyone.

8. Laws require enforcement

* Traditional systems rely on human judgment and institutions.

* Bitcoin enforces rules through math and decentralized consensus.

9. Scarcity creates long-term value

* Fiat money can be printed infinitely.

* Bitcoin’s supply is capped at 21 million.

10. Not choosing is still a choice

* Rejecting Bitcoin means remaining in a flawed system.

Conclusion

* From first principles, Bitcoin simply makes sense.

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