Sublime

Mining is two coupled markets for settlement and security; transaction fees are users’ bids for settlement rights; and the mempool is the miners’ ask for ordering transactions by offered fees. Similarly, hashes are miners’ bids for the right to add the next block, and the difficulty adjustment is the users’ asks for how much security they desire to

Money is the minimal information that captures the social truth of the value of time and energy.

A Bitcoin transaction is a global speech act that means, roughly, I am provably entitled to this portion, x, of the money supply, and am now transferring it to somebody else, in a language that everybody remembers forever and which can’t be used to lie.