Part 9/15:
He also warns against central planning in protocol development—comparing it to bad engineering practice—and advocates for a conservative, principled approach. Michael emphasizes that Bitcoin’s success relies on stability, avoiding abrupt protocol changes that could undermine security, decentralization, or introduce systemic risks.
The Fundamentals: Technology, Ethics, and Economics
Michael provides a comprehensive view of why Bitcoin succeeds: it's a combination of sound ethics, economics, and engineering. The protocol embodies "fairness"—a transparent and immutable ledger created by Satoshi, who monetized and then disappeared, establishing an ethical model of decentralized creation.