Bitcoin: Peer to peer, open source, censorship resistant, immutable, permissionless,
decentralized, global, digital monetary network of the 21st century.
Episode 1 -2: Bitcoin Monetary Network
What is Bitcoin?
Bitcoin is digital gold. An asset-based monetary system that uses a completely digital network (
nodes) to function. Bitcoin uses peer-to-peer/decentralized technology to operate with no
central authority or banks; managing transactions and the issuing of bitcoins is carried out
collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls
Bitcoin, and everyone can take part.
As a separate monetary system, how does it operate?
Being open source, the Bitcoin network shares a public ledger called the "blockchain."
As a decentralized system, Bitcoin operates without a central authority or single
administrator, It is permissionless in the sense that with Bitcoin, holders can buy, sell, and
exchange goods or services without an intermediary.
It is a peer-to-peer network to perform the verification and recording functions. When a buyer
uses the cryptocurrency Bitcoin to pay for a transaction, the transaction record is transparent in
that it is viewed and verified only by participants of the peer-to-peer network. Nothing more,
nothing less.
Open source networks reduce development costs and time-to-market for blockchain-based
applications and services, which means faster peer-to-peer transactions, worldwide payments,
and low processing fees.
Others:
SHA-265 is a cryptographic security ensuring that once transactions are confirmed, they are
immutable and cannot be altered or reversed.
Portability, divisible, transparent, anonymous, frictionless, censorship-resistant, seizure
resistant
Why do Bitcoins have value?
Bitcoins have value because they have purchasing power. Bitcoin has been accepted as a
medium of exchange.
Bitcoin is digitally scarce and verifiable because there are only 21 million bitcoins or 2 1
quadrillion satoshi forever unable to be counterfeited.
It is a good store of value because it is completely digital, and it retains its value over time.
Proof of worth = the literal energy converted into Blocks that secures the network, creating
scarcity and consensus without a central authority.
Proof of work = converts kinetic energy, which is electricity, into a ledger block by attaching
energy to the block, securing the network, giving it form, allowing it to have real value and
consequence in the real world.
Fiat monetary system
The Fiat Monetary system is where money is issued and regulated by the government.
Traditionally, currencies were backed by asset/physical commodities such as silver and gold,
But fiat money derives its value from trust in the government and the economy.
The fiat monetary system is run by a debt-based monetary system because it relies on the
issuance of credit (debt) to create money, which fuels economic activity. This is essentially
creating money in exchange for debt.
The very problem with Fiat system is it’s manipulable supply and politicize interest rates
excessive debts and excessive spending. The very operation of fractional reserve banking
system, expands the money supply though credit creation.
The union between the state and money creates a centralized network giving the central
banks greater control over the economy because they can control how much money is printed
and transmitted.
The union of money and state is not simply artificial but is both a necessary and dangerous.
Challenges of a debt-based system:
The fiat money lacks intrinsic value, isn't linked to physical reserves, unlike gold-backed
systems; fiat money derives its value from trust in the government and the economy. So it risks
losing value due to inflation.
A money that no longer hold value, people lose faith in a nation's currency unlike a currency
backed by gold.
Debt Bubbles are excessive borrowing that leads to unsustainable levels of debt and
financial crises.
Inequalities, Those with access to credit (often the wealthy) benefit disproportionately from
a debt-based system.
Inflation Risks, Over expansion of the money supply can erode the value of money,
excessive printing debases the value of money.
Our monetary system is broken known as fiat system. The problem with conventional currency
is all the trust that’s required to make it work. The central banks must be trusted not to debase
the currency, to safeguard and transfer it accordingly, but in reality, they lend it out on large
credit bubble with less fraction in reserve
Bitcoin as disruptive technology, fixes everything
Bitcoin removes the need for centralized control of money — a direct challenge to fiat system
Money is issued by algorithm (fixed supply), No central bank. No printing. No bailouts.
Trust is placed in code, mathematics, and consensus — not political actors
Bitcoin as an asset backed by its proof of worth
Bitcoin renders parts of the banking system obsolete, particularly for payments, savings, and
remittances.
Peer-to-peer value transfer.
No need for intermediaries or permission – no point of failure
Accessible globally and frictionless currency
Censorship resistance removes the state’s ability to control or stop transactions.
Value is transferred outside of legal frameworks, without needing state recognition.
Bitcoin has a fixed 21 million cap that cannot be tampered and manipulated. Bitcoin operates
as a platform for realizing the constitutions dream of building a just and humane society.
In the bitcoin system, it is protected by energy and cryptographically the code as law prevents
those in power from imposing unfairness and taking advantage of others breaching peoples
trust.
Immune from inflation, debasement, cantillion effect, no need to rely on trust in financial
institutions.
The bitcoin effects on individual is that it promotes the wealth of networks enhance individual
autonomy over their property promoting justice and human development advancing fairness
and social relations
Bitcoin gives the power over money back to the people. - Bitcoin is the case for simple
fairness - that money not be taken away by those in power from the overwhelming majority of
ordinary, hardworking human beings who have seen inequality levels go up even as they have
worked harder and harder, like rats on a hamster wheel. When money gets manipulated and
inflated, the wealth is predictably and always redistributed from the powerless to the powerful.
It is plain and simple theft perpetrated by those in charge of the printer, hiding behind the
power of the State. The argument for Bitcoin is that honest money ensures systemic fairness
and ultimately guarantees what our grouchy philosopher Mr. Hetfield has been screaming
about since the 90s: justice for all.
What is money?
Battery for human energy (capacity to do work)
Its transmission network for moving/storing value over time and space
Money as a social network for exchanging values
Money is technology technology for transmitting value over space and time
Hard money that exhibits the characteristics of integrity and scarcity is considered hard money,
Easy money, money that is easy to create and therefore is vulnerable to large increases in
supply.
Sound money is a stable and reliable currency that maintains its purchasing power, is scarce,
divisible, durable, portable, and recognizable, and is often seen as a safeguard against economic
instability.
Unsound Money, a monetary system or currency that lacks inherent value and stability. It's
often characterized by excessive government intervention, a lack of scarcity, or a decline in
purchasing power over time
Lack of Intrinsic Value - Unsound money isn't backed by a tangible asset like gold or
silver, making its value dependent on government actions or market perception.
Excessive Government Control - Governments may manipulate the money supply to
stimulate the economy, but this can lead to inflation and instability.
High Inflation or Hyperinflation - Unsound money can lose its purchasing power quickly,
making it difficult for people to save and plan for the future.
Lack of Scarcity - When a currency is not scarce, it's easier for governments to print
more, leading to inflation and potentially undermining its value.
Notes:
Money is a system of trust and confidence
Gold became the longest form of exchange (money)
Because people understand that gold is good store for value, not easily manipulated, scarce,
acceptable means of exchange wherever.
Durable, scarce, relationship with energy (the work/energy it needed to find and produce gold,
it became a compensation for services and exchange)
Brenton Woods agreement – exchange gold with dollar at 35 ounce, this gave a global currency
medium of exchange , made us the printor
Nixon shock in 1971 the us declared there was attack against US currency, so the president of
the united states severed the link between the convertibility of gold certificate (dollar) to gold.
Chapter 1: Problems
[Link]- (1) Increase in money supply, (2) Loss of purchasing power at the rate of inflation,
(3) tax on your savings and devaluing human Labor, (4) redistribution of wealth (cantillion
effect)
Weak currency that’s eating away the value of its labor
Hyperinflation is just inflation, but in slowmotion
Wage deflation – devaluing the value of labor, value of salary goes down at the rate of inflation
Bitcoin’s value has only gone up.
In inflation money losses its purchasing power, ist market driven or design?
Inflation is the value of currency is goes down, its losing its purschasing power.
[Link] the unbanked – not having access to financial services , no bank accounts. Subject to
accessibility and subscription to censorship.
Monetary system is a critical infrastructure, it’s about the network not the price.
Lack of access to financial services is an economic disability
[Link] fees – extracting value is form of services. Though it is regulated it has been seen the
excessive fees to operate.
Intermittent services.
[Link] repression – weaponizing banking systems, such as asset freeze as method for
containment/control. A monetary system that is used as political tool to suppress the masses
[Link], bailins, asset freezes/ keysean economics – bailouts means injecting money to the
banks from collapsing.
Redistribrution of wealth
Bailout means that the government is taking directly from the people through the bank.
[Link] has operation limits – physical operation limits , international transactions give more
charges for the intermidiaries, transacting at permissioned system that is administered and
would take time to complete transaction
[Link] – wars are costly both human and financial burden.
Countries fund war with bank printing more money creating more inftlation.
The money then is taxed on the people and make them spend for war
We fund war through resreves, tax, debt, inflation (invisible way to tax)
Profitable wars over boring peace
Wars are money laudering scheme, made to enrich American war companies.
[Link] colonialism – economic colonialism. Aids and welfare are a scam.
Money becomes a power to control, because the master has the right to print the money of the
servants
Extractive system with a formal architecture
[Link] future generations- the governments unlimited ability to operate on debt
determines the one who pay for it. Debt are paid by more debt.
Relationship between defeceit spending and inflation? People get enslaved through debt and
deficit spending.
the loan that was made are tax on the future generation benefiting the elites.
Fiat operates base on debts, Peso is a Weak currency that’s eating away the value of its labor,
[Link] digital currencies run by the state – Digital programmable currencies issued by the
government. It is still controlled by the state according to policies, posing danger to
fundamental freedom such as right to privacy, speech, and property.
Digital panopticon/watchtower
A form of money that can’t be controlled by the citizen, instead a money that controls the
people.
Bitcoin is evil
Society has two main mechanisms
Language is a mechanism for transmitting ideas, Money is a network for transmitting value.
Destroy these mechanism you destroy their civilization.
Slavery is never about owning a person but owning the fruits of their labor.
Everyone subscribe to a monetary sytem and if the government can print your money, you’re a
slave. / you take away the money to print, you take away the capacity to steal.
We fund the government by tax, debt, and inflation.
Tax direct charge from your income
Debt are tax on your savings
Inflation is tax on human labor, people work harder but your money goes down.
Currency is good medium of exchange, but not a good store of value.
Something cannot have value unless its intrinsic, vs value is subjective
Money is technology for transmitting value over space and time
Chapter 2: Stones of Yap – rai stones
Society has two main mechanisms:
Language is a mechanism for transmitting ideas, Money is a network for transmitting value.
Money is a Critical foundation for cultural practices – form of language, a protol for
communicating, transferring, and exchanging value.
Money doesn’t only make the world go round, it is the stuff that allows civilization to be built.
Functions of money:
Medium of exchange – solves the problem of coincidence of wants, it is the acceptable means
of commodity a fair exchange. It is the thing which other party is willing to accept.
Store of value- it solves the problem of salability, it has the ability to store its value through
time and space.
Money that exhibits the characteristics of integrity and scarcity is considered hard
money, while others which lacks such qualities is considered easy money.
Having a good store of value is very important for long term thingking and building
socities that last.
Fiat is a good medium of exchange but not a good store of value. There is no incentive
to save when our money loses value everyday, making it hard to live normally and plan
ahead.
The type of money a society use impacts its ability to sustain itself, thrive, flourish.
Unit of account - money is the lens through which people put a price tag on what they see, the
objective measure of peoples subjective judgement of value.
Money becomes the common language for measuring value and builds the social construct by
which we see and name things and attach specific worth to them. It is how we make sense of
knowledge and build the reality outside of us.
Peso is a losing currency more like a language going extinct.
Lessons learned from island of yap:
1. To be a good form of money, a monetary good must be seen or believed as valuable
(subjective element) and be sufficiently durable and scarce (subjective element)
People use and hold different types of money until one dominates the rest- which people trust
and build system of assets and credits.
2. Scarcity is special – a monetary system can only retain its credibility if its monetary
guarantees hold true over time. Couldn’t be tampered or easily manipulated.
3. Proof of work, integrity of money – understanding what where, and how it came to be.
Must be trusted and verifiable. No free lunch
4. Money is technology for transmitting value over space and time
Effects of disruptive technology- people who rely on an existing technology can have their lives
altered. Money is an information system that requires good technology and every technology is
vulnerable to an upgrade.
5. The power to print money or expand its supply is the power to create and impose inflation,
to the detriment of fellow members. Those who control the money printer control peoples
lives.
The power to print is the ultimate ring of power
6. A nation with power to print another nations money will have the ability to siphon off/leach
off the other nations wealth and resources.
This process of extraction is what creates masters and slave, creditors and debtor nations,
empires and colonies. – monetary colonialism
Lecture notes:
Steal Money = Stealing time = stealing Labor/energy
Bitcoin as a Disruptive technology
We would want money that is technologically secured, Innovation doesn’t wait for legislation.
“separation of medium of exchange and store of value?” – money is a creature of the
government
Chapter 3: from Croesus of Lydia to the florins of Florence
Bitcoin is the most significant monetary advance since the creation of coinage – Edward
snowden
Gold was the universal standard for sound money
Because there is a consensus, people understand that gold is good store for value, not easily
manipulated, scarce, acceptable means of exchange wherever.
Stable & Durable it doesn’t rust and is difficult to destroy, Rare & scarce, relationship with
energy in its difficulty to extract mining gold requires a lot of work in hazardous environments
harmful to humans - (the work/energy it needed to find and produce gold, it became a
compensation for services and exchange)
King Croesus used technology for money = minted the first gold coins
What did coinage do?
(1) Standardized payments removing the need to weigh the gold for every transaction, (2)
Democratizing ownership among citizens and popularizing gold as a store of value, (3) Explosion
of commerce the ability to create markets – allowing to scale civilizations
What lazy empiress do?
Steal, extort, conquest, impose monetary system.
Monetary debasement - The romans reminted their money denaurius and aureus, coin cutting,
metal debasement, until it degenerated that it did not contain mmore than 5% of its original
content. That’s how the roman empire fell and comes the dark ages.
Money laundering (wars, infastructure), social welfare (free stuff, ayuda) = disempowers
people, makes them dependent on politicians, makes abusers famous, leakage corruption
Curroption is systemic = money printing + debt (defeciet spending) = inflation
Government money has an inflation baggage, rome empire went bankrupt = sovereign default
Inflation = rust = termite
Monetary debasement - Increase of in money supply reduces the value of people’s money –
people work harder and harder but their real wages continues to go down; Living in debt as the
Poor gets poorer, families breakdown, criminal rate goes up, all the while the money is
redistributed and stolen by the elites then it is used to buy more assets in their favor.
If money is how we see, measure, and realise the wolrd then Having a broken money is no
different from developing your own cancer bubble.
Rebuilding monetary network = money is all about gurantee
Florence = florin (3.3g of gold)
Other feudal cities minted their own gold coins Duca, genoa, pisa , leris, etc. = banking services
outside the emmidiate control of the empire and or the church.
Centralized to decentralized = stabilizing the market
Disruption in Monetary system introduction of banking innvations:
Cambium per letras/ bills of exchange - Christian interpretation in middle ages forbade charging
interests on loan because usury isn’t allowed. Debt ultimately leads to slavery.
They managed to get away with bills of exchange, where merchant agrees to pay higher
amount in another currency. This was not a loan, only exchange of currency.
Double entry ledger and check
Fibonacci’s libr abaci = hindu Arabic numeral system
Practical and faster to use, the same effect of having a numerical alphabet for arithmetic.
Ultimately altered feudalism with sound money as foundation of renaissance a period that
brought great advancement to art, history, math, architecture, music, and other human
pursuits.
Broken money breaks societies, while sound money brings sanity, stability, and abundance,
allowing humans too explore.
Chapter 4: fractions, reserves, bank runs (Feb 22, 2025)
Lecture notes:
Piggy bank theory = money in the bank
Deposits are actually a loan, making you a lender to the bank = transfer of legal ownership of
money to the bank
Money = bank = debt (asset to you and an obligation of the bank)
Fraction reserve system – 7% banks loan way more than what is desposited with them and keep
only a small percentage of such funds in their custody.
Through lending money , banks are able to print neew money and add to the supply.
Lying Goldsmiths
Goldsmiths as Trusted custodians safekeeping gold
Goldsmiths realized they could lend the gold in his custody for a fee.
Breach of trust who expected his gold to be safe and intact yet it ended outside circulated in
the economy
Danger for the entire custodial business
Gold certificates were simply evidence of the real thing deposited, yet it acquired an
independent value. They ended up producing more certificates than the actual gold inside the
vault.
Goldsmith to bankers = modern banking system = lending and borrowing
System based on fraud and debt (it is legal because the law say so)
Bank run – when bankers are unable to honor redemption and goes bankrupt.
Banking with asset vs banking with debts
Modern Banking is banking with assets that has counter parties.
Fiat money is an obligation by the government backed by the promise of the same government.
A debt instrument will never a good store of value because its pure obligation which without
the governments mandate as legal tender, will not be accepted.
Easy money is the very existence of fractional reserve banking that magically lend and print
money. Leads to unsustainable expansion of credit, low interest, and deficiet spending.
Consumes people to loan without thinking their ability to repay, that leads to default.
This is not a problem of capitalism; it is simply misallocation of capital borne by the inevitable
bubble
Fractional reserve banking is a system base on fraud, but with express permission of the state
to print money through credit expansion.
Chapter 5: the dollar that used to bind
Gold standard = economies was valued in gold and money were backed by gold
Fixed exchange rates- each currency were just a name for a certain weight of gold
(dollar ½- ounce, pound ¼ ounce, etc.)
The power to redeem- mechanism of verification
Automatic adjustments of trade imbalance – print money 40% federal reserve act
Gold was special because it is the embodiment of proof of work
Golden rule = no such thing as free lunch, no free money, to make money is work for it.
Ww1 money printing
Taxation, borrowing, and inflation
Profitable wars over boring peace– suspending convertabilty of gold was to devalues paper
currency ex: german marks hyperinflation, 1920 great drepression
1933 eo 602 pres Roosevelt (prohibiting hoarding of gold)
Gold reserve act 1934 – exchange of gold 35$ per ounce
An international monetary agreement reached in July 1944, in Bretton Woods, New
Hampshire, USA, among 44 Allied nations – new monetary regime – re-creation of money
Under the Bretton woods agreement the us will become the world reserve bank
Currencies were pegged to the U.S. dollar, which was convertible to gold at $35/oz.
Dollar as better medium of exchange compared to gold of the realities of thr 20 th
century fast paced commerce.
WWII – making the dollar as a global reserve currency “king dollar.’
Priviledge of printing the worlds money “seigneurage”
Chapter 6: what happened in 1971?
Triffin paradox – Named after economist Robert Triffin, this explains the inherent contradiction
in a national currency (like the U.S. dollar) acting as the global reserve currency.
That the Us would overprint the dollar making it impossible to defend the 35$ peg it promised
Guns and Butter Policy: Unsustainable Spending
A phrase used to describe the U.S. spending on both military (“guns”) and social programs
(“butter”) — without raising taxes.
Vietnam War (military spending),
Great Society programs (welfare, Medicare, housing, education reforms under LBJ),
All funded by debt and money printing, not real productivity.
This reckless monetary expansion led to rising inflation, gold outflows, and debt monetization
— which ultimately broke the Bretton Woods gold standard.
By the 1960s, the U.S. was printing more dollars than it had gold to back.
In August 15, 1971, U.S. President Richard Nixon ended the U.S. dollar’s convertibility to gold,
the gold reserves couldn’t keep up with foreign claims on U.S. dollars.
This effectively ended the Bretton Woods system, moving the world to fiat currency regimes.
Post-1971 fully transitioned to fiat currencies, backed only by government decree (“legal
tender laws”), no global currency was backed by gold or any hard asset.
Enabled unprecedented money printing, leading to:
politicized, inflationary, and debt-based.
A monetary system that is based on trust in government, the ultimate union of money and
state.
Petro Dollar System - To preserve the dollar's global dominance after 1971, the U.S. negotiated
with Saudi Arabia and OPEC to price oil exclusively in U.S. dollars.
Oil is sold worldwide only in USD.
Countries need to buy dollars to purchase oil, creating artificial demand for the U.S. dollar.
In exhange for military protection and allowing these foregn nationals to to buy US
treasuries and invest on American companies
Surplus dollars from oil sales are reinvested in U.S. Treasury bonds (called “petrodollar
recycling”).
Thus, Preserving dollar supremacy without gold. Gave the U.S. geopolitical leverage over global
finance. Allowed the U.S. to run endless deficits without losing dollar demand.
The global financial system dependent on war, oil, and U.S. debt = Modern banking creates a
baloon and to sustain the economy means to inflate
1971 wasn’t just an economic decision — it was a political revolution.
It marked the moment when money became untethered from physical reality, allowing
governments to inflate, indebt, and extract value without consent.
Chapter 7: printer went brrrrr
The GFC was engineered by the fiat conditions brought by the the fall of the Bretton woods
agreement and petrodollar system
Countries need to buy dollars to purchase oil, creating artificial demand for the U.S. dollar
The US main product is the dollar, that should have destroyed them got exported to other
countries that were forced to do so because they needed to buy oil.
Thus enabling the U.S. to extract global wealth unfairly. The U.S. could print dollars at will to
buy real goods and resources globally. This imbalance of power is often referred to as
"monetary imperialism."
Us has been piling up their debt up to where their debt is bigger than their economy
FIRE Economy. = easy credit + deficit spending
GFC= Deregulation + Housing bubble + (CDO)
Bail ins and bail outs
Cantillion effect – the closest to the printer are the biggest beneficiaries, whenever the
government expand the money supply those who heo gets the newly printed money are able to
benefit from the ensuing inflation, allowing them to win through asset inflation while everyone
loses.
History of inflation is inflation made by the government
Economy is the goods and services in the market, not the money
Expanding the money supply doesn’t increase the number of goods and services, it doubles the
price of these commodities.
Increasing money supply is a redistribution of wealth in favor of those closest to the printer.
Chapter 8 Gift from faceless man
Bitcoin is digital gold.
Portability, verifiable, divisible, censorship resistant = gold 2.0
Social organization becomes possible because of our capacity to organize information, creating
identifiable structures through basic protocols for exchanging ideas (language) and for
exchanging value
Quest for digital Cash = fiat system wasn’t designed for the architecture of cyberspace
Chapter 9 – 15 slaps of fiat
[Link] to peer – bitcoin is issued and and created thru the bitcoin software. It runs on code and
electricity not influenced by the outside world.
There is separation of money and state
[Link] without counter parties - Fiat money is both an asset to you and an obligation of the
government - Bitcoin is an assest without counter parties
[Link]- bitcoin bypasses legal tenders a global payment network – it’s a frictionless currency.
Bitcoin accomplish this without colonization, imperialism, and extractive practices.
[Link] onilne – the network is running on nodes constantly updating the blocks.
5. Anonymity – a monetary system that allows every person to transact freely and anonymously
[Link] political- bitcoin network doesn’t care about identity of transacting parties, underlying
reasons/ considerations, and the legal capacity of the parties.
All that matters is the whether you have the private keys or not.
[Link] resistant – As an opensource network this empowers everyone to download an
participate on the bitcoin network open for all.
[Link] supply – The case of bit will only ever have a cap of 21 million btc and no banks or
governments can tamper with it.
This supply is determined by software, and code is the law, and is immune to changes in prices.
[Link] – no walled institutions for transacting and exchanging with anyone globally.
Promotes free exchange and removes trust to intermidiaries
[Link] bearer asset; like cash – private keys that unlocks the bitcoin in blockchain. Ultimate
portable property.
[Link]- bitcoin empowers people giving them ability to check and verify the entire ledger
themselves.
Fiat money was created to regulate and control, whereas bitcoin is designed to enable and
empower
12. divisible – 1 bitcoin is divisible to 100,000,000 satoshis
[Link]- bitcoin is as durable as the internet.
[Link] resistant – Gold and fiat are susceptible to centralization and regulation.
Bitcoin is anti fragile only you have the keys to the blocks. No one knows if whether you have
bitcoins or not.
This is because the nature of bitcoin resides on the principle of sovereign individuality.
15. Immutability – Nobody should be in business of manipulating money.
The immutability of the blockchain means that when a transaction is entered and recorded on
the ledger there is no way in reversing that exchange. You cannot go back in time and modify
what has been done.
Chapter 10 Magic internet money
Monetary policy of Bitcoin
Block chain – distributed consensus enabling decentralization validated run by individual nodes
all over the world, constantly updated, transparent, and publicly available online.
This enabl
Distribute the ledger – blockchain – allows everyone to download it for free
The monetary policy of bitcoin is how it speaks supply of 21 million is distributed overtime and
how the balance of emissions schedule to ensure the use and security of the network.
Bitcoin emission has Cycle of 10 minutes
Halving- bitcoins production is cut in half every 4 years until 2140
Difficulty adjustment – Control mechanism of the network to secure the propagation and block
production that every 2016 blocks approximately 2 weeks the difficulty to mine bitcoin will be
adjusted to ensure the distribution of 21 million bitcoins by 2140. = making it immune to law of
supply and demand.
If there are more miners in the network = More energy=more computing power = the hashrate
goes up and down to ensure the block production every 10 minutes
Blockchain trilemma are decentralization, scalability, and security.