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Bitcoin

2 essays in the Forum tagged "Bitcoin".

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Cryptocurrency Trilogy

The Saleability Audit of Bitcoin: What Menger Would Say in 2026

Bitcoin maximalists insist Bitcoin is the most saleable monetary good ever created. Skeptics insist it doesn't work for the African villager or the rural Chinese citizen the maximalists invoke. Both positions miss what Menger's framework actually says when applied carefully. The audit produces uncomfortable results in both directions — Bitcoin scores remarkably well on some criteria and remarkably poorly on others — and the actual ground-truth of crypto adoption in emerging markets in 2026 is something neither camp accurately describes.

MengerFeketeBitcoinsaleabilitystablecoinsemerging marketscryptocurrencymonetary theory
Cryptocurrency Trilogy

Code Was Never Law: BIP-361, Mythos, and the End of Bitcoin's Founding Promise

On April 15, 2026, Bitcoin developer Jameson Lopp proposed BIP-361 — a soft-fork mechanism to permanently freeze approximately 5.6 million dormant Bitcoin worth over $420 billion, including roughly 1.1 million BTC associated with Satoshi Nakamoto. On May 1, Paradigm's Dan Robinson countered with PACTs, a privacy-preserving alternative. The proposals bracket a structural inflection that Bitcoin has avoided for sixteen years: the question of whether 'your keys, your coins' is an unconditional promise or a contingent one. The CMP framework from Essay 6 anticipated exactly this moment. This is what it looks like when it arrives.

FeketeMengerBitcoinBIP-361quantum computingQ DayProject GlasswingMythosPACTsCMPmonetary theory