Stop acting surprised that bitcoin had a large drawdown. Just because it happened many times before does not mean it won't happen again. Patterns can actually repeat, and correlation can, in fact, be causation.
Asking ChatGPT a question and it tries to link one of my own videos as the answer - yeah, no, sorry dude - I need an actual expert to answer my question.
@BorisJohnson Bitcoin is not a Ponzi scheme. A Ponzi requires a central operator promising returns and paying early investors with funds from later ones. Bitcoin has no issuer, no promoter, and no guaranteed return—just an open, decentralized monetary network driven by code and market demand.
Be honest and realistic. You have to personalize the answer but here is what i would say:
"I have high agency and get the work done. I expect a pay that increases with my performance and i expect opportunities to challenge myself. As long as both of these happen I feel fulfilled and won't look for work elsewhere"
Employment is a two way street, if an employer wants an employee who just sits and does his exact task description, i would not work for them.
Day 10 – Why Can’t Miners Speed Up Bitcoin’s Supply?
Yesterday, we talked about Bitcoin’s fixed supply and how only 21 million BTC will ever exist. But that raises a question…
If bitcoin are created through mining, what happens if miners start finding blocks faster than expected?
Would we hit 21 million bitcoin before 2140?
No—because Bitcoin has a built-in self-regulating mechanism: the difficulty adjustment.
🔹 Why is the Difficulty Adjustment Necessary?
Bitcoin is designed to produce a new block every 10 minutes—but mining is a competitive process.
✔️ If more miners join, the network’s total computing power (hashrate) increases.
✔️ More miners = faster block discovery.
✔️ Faster blocks = more bitcoin being mined ahead of schedule.
To counteract this, Bitcoin automatically adjusts the mining competition difficulty every 2016 blocks (~every two weeks) to ensure that blocks continue to be mined at a steady pace.
If blocks are being found too fast? The difficulty increases.
If miners drop off and blocks are taking too long? The difficulty decreases.
This ensures that no matter how many miners are competing, Bitcoin’s supply schedule remains predictable.
🔹 How Bitcoin Differs from Gold
As gold prices rise, mining gold becomes more profitable. This allows miners to extract gold that was previously too expensive to mine, increasing supply and dampening price gains.
Bitcoin doesn’t work like this.
✅ No matter how high bitcoin’s price goes… the supply schedule stays the same.
✅ No matter how many miners join the network… the supply schedule stays the same.
This is one of Bitcoin’s most unique properties—a true monetary constant in a world of uncertainty.
A scarce asset that can’t be inflated, manipulated, or accelerated.
The difficulty adjustment is what keeps Bitcoin on track, no matter what.
Check the comments 👇 tomorrow for Day 11! #21DaysOfBTC
📌 Side Note: This is part of “Understanding Bitcoin: A 21-Day Journey.” After 21 days, you’ll know more than 99% of people about how Bitcoin truly works.
New here? No worries—start from the beginning here: https://t.co/WjF5tG50p8
Day 9 – Why Will There Only Ever Be 21 Million Bitcoin?
Unlike fiat currencies that can be printed endlessly, Bitcoin has a fixed supply. There will never be more than 21 million BTC.
But why? And how does Bitcoin enforce this limit?
Bitcoin’s Hardcoded Scarcity
Bitcoin’s supply is governed by code, not by politicians or central banks. New bitcoin enters circulation through mining, but it follows strict mathematical rules:
✔️ Every 10 minutes, miners process transactions and add a new block to the blockchain.
✔️ Each time they do, they’re rewarded with newly minted bitcoin—this is called the block subsidy.
But here’s the catch: The block subsidy is not constant.
The Halving Cycle: Bitcoin’s Supply Schedule
Every 210,000 blocks (~every 4 years), the reward for mining a block is cut in half. This event is called the halving.
🟠 2009: Miners earned 50 BTC per block
🟠 2012: Dropped to 25 BTC
🟠 2016: Dropped to 12.5 BTC
🟠 2020: Dropped to 6.25 BTC
🟠 2024: 3.125 BTC per block
And this cycle continues until the year 2140, when the last fraction of a bitcoin will be mined.
🔹 Why Doesn’t Bitcoin Exceed 21 Million?
Bitcoin’s supply follows an asymptotic curve, meaning it gets infinitely close to 21 million, but never exceeds it.
Think of it like this:
Imagine splitting a pizza in half. Then halving it again. And again. No matter how many times you divide it, you’ll never completely run out—you’ll just get smaller and smaller slices.
That’s how Bitcoin works. Each halving event slows down new issuance, ensuring that bitcoin remains scarce.
🔹 What Happens After 2140?
When the final fraction of BTC is mined in 2140, miners will no longer receive a block subsidy.
But they’ll still have an incentive to secure the network—because they’ll earn transaction fees instead of new bitcoin.
Bitcoin’s fixed supply is one of its most powerful features. No bailouts. No inflation. No monetary manipulation. Just pure, mathematically enforced scarcity.
🔥 Sound money. Hard money. The scarcest money ever created.
But this begs the question... If bitcoin is released on a predictable schedule, what happens if miners speed up? Or slow down? We’ll cover this tomorrow.
Check the comments 👇 tomorrow for Day 10! #21DaysOfBTC
📌 Side Note: This is part of “Understanding Bitcoin: A 21-Day Journey.” After 21 days, you’ll know more than 99% of people about how Bitcoin truly works.
New here? No worries—start from the beginning here: https://t.co/WjF5tG50p8
Day 8 - What are Bitcoin nodes?
Ok, so we’ve covered miners—the ones who process transactions and add new blocks to the blockchain. But miners don’t control Bitcoin.
Nodes do.
🔹 What is a Bitcoin node?
A Bitcoin node is software that runs the Bitcoin protocol and enforces its rules. Unlike miners, which require specialized hardware and energy, anyone can run a Bitcoin node with just:
✅ A computer
✅ An internet connection
✅ About 550GB of storage (to keep a copy of the blockchain)
🔹 What do nodes do?
Nodes verify and relay transactions, ensuring they follow Bitcoin’s rules. If someone tries to cheat—like spending the same bitcoin twice or creating invalid transactions—nodes reject them.
Think of nodes like referees in a game—they enforce the rules, making sure everyone plays fairly.
🔹Why do nodes matter?
Bitcoin’s security doesn’t come from miners alone. It comes from the thousands of independent nodes spread worldwide.
Even if a miner tries to change Bitcoin’s rules, nodes won’t accept it.
Example: If someone ran a modified Bitcoin version that allowed printing extra coins, their node would be out of sync with the rest of the network and ignored.
This is what makes Bitcoin truly decentralized—no single person, company, or government can change the rules.
🔹 Nodes vs. Miners: What’s the Difference?
Miners 🏗 → Process transactions & create new blocks
Nodes 🏛 → Verify transactions & enforce rules
Miners compete to win rewards, but nodes keep them honest.
🔹Why Should You Run a Node?
Running a node gives you:
✔️ Full control over verifying your own transactions
✔️ True sovereignty—you don’t need to trust anyone else
✔️ Support for decentralization—the more nodes, the stronger Bitcoin becomes
Bitcoin isn’t secured by trust—it’s secured by thousands of independent nodes enforcing the rules. That’s the power of decentralization. 🚀
With that said, "how does Bitcoin’s code guarantee a hard limit of 21 million?" Let’s unpack this tomorrow.
Check the comments 👇 tomorrow for Day 9! #21DaysOfBTC
📌 Side Note: This is part of “Understanding Bitcoin: A 21-Day Journey.” After 21 days, you’ll know more than 99% of people about how Bitcoin truly works.
New here? No worries—start from the beginning here: https://t.co/WjF5tG50p8