Satoshi Bitcoin Cycle, as defined by Crises 🧵🔽
"For society to function properly, all it takes is a small number of intolerant VIRTUOUS people with SKIN in the GAME, in the form of COURAGE."
- Minority Rule, Taleb
GENESIS (2009) - Creation of Bitcoin
Intolerant Monetary Purist Minority rises
1st Satoshi Crisis (2015-17) - Blocksize Wars.
Tolerant Majority fought a war for control, disguised as blocksize debate.
Intolerant minority (thank the Core) refused to give in.
Victory for Bitcoin & society.
2nd Satoshi Crisis - Miner vs Node Power (2017):
Tolerant majority (Wuille, Maxwell,Corall,etc) wanted miner fork activation.
Intolerant minority (Luke, Shaolinfry) said Node Power (UASF) = key Bitcoin difference.
Intolerant minority won - Bitcoin survived.
3rd Satoshi Crisis (2020-21) - Spam Floodgates
Intolerant minority (Luke) warned Taproot = spam vector.
Tolerant majority (Wuille, Poelstra, Maxwell, Nick, Zhao, Adam) pressed activation (Speedy Trial), then rejected fixes (2 controversial). Inscriptions/bloat surged.
4th Satoshi Crisis (2025) - Core confidence crisis.
Tolerant majority (Core) pushes high risk-low return change to align with OOB, PP, trolls, despite controversy.
Dissent squashed.
Intolerant minority (Knots) fights back.
Technical nuance awareness on the rise.