1. Supply law Let h be block height. The subsidy era is n=\lfloor h/210000 \rfloor. Then the block subsidy is: R(h)=50\cdot 2^{-n}\ \text{BTC per block} That 210,000-block halving interval is hardcoded in …
Read essay
Bitcoin is not finance. Bitcoin is physics. That is the first thing people still do not understand. They still think in the old language—stocks, charts, hype cycles, CNBC, “risk assets,” narratives, feelings, …
Read essay
Executive summary STRC (“Stretch”) is not a blockchain protocol or a Bitcoin bridge in the cryptographic sense. It is a Nasdaq‑listed, SEC‑registered, variable‑rate perpetual preferred stock issued by entity[“company”,”Strategy”,”nasdaq:mstr software firm”] that …
Read essay
Executive summary STRC (“Stretch”) is not a blockchain protocol or a Bitcoin bridge in the cryptographic sense. It is a Nasdaq‑listed, SEC‑registered, variable‑rate perpetual preferred stock issued by entity[“company”,”Strategy”,”nasdaq:mstr software firm”] that …
Read essay
Executive summary The claim “Bitcoin is monetary physics” is best understood as a metaphor: it argues that Bitcoin’s monetary properties are governed by objective, measurable constraints—especially time, computation, and energy—rather than by …
Read essay
Executive summary MSBT (as used in Bitcoin markets in April 2026) is the ticker for the Morgan Stanley Bitcoin Trust, a U.S.-listed spot-bitcoin exchange-traded product that holds bitcoin in custody and issues …
Read essay