Bitcoin is not a normal asset.
It is a system.
Engineers are used to dealing with systems. This type of thinking, grounded in physics, provides clarity.
When an engineer designs a bridge, he starts with constraints:
Load.
Stress.
Material strength.
Failure points.
Physics is the signal.
Bitcoin has its own constraints:
21 million.
Difficulty adjustment.
Proof of work.
No issuer.
Price is not the system it's the output.

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