BTC_POWER_LA

The distribution of the local slopes has remained stable for more than 17 years. To test this rigorously, we use the Jensen–Shannon (JS) divergence, a very sensitive statistical measure designed to compare probability distributions.
If the JS divergence remains stable over time, it means the underlying distributions are essentially the same. In this analysis, the JS divergence is computed over rolling one-year windows, which provides enough data to obtain meaningful statistics.
Importantly, the JS divergence is bounded, and in our results it does not show any systematic growth over time. This

I love this quote.

Sorry it took a few attempts. Claude was misreading Saylor’s graph, so we had to try several times to correct the interpretation. It should be accurate now. What is interesting is how the power law derived from first principles matches very closely the true median value of the CAGR.
It also reproduces the same decay pattern shown in Saylor’s chart.
The key difference is that the power law provides a theoretical foundation for this behavior, whereas Saylor’s curve appears to be an ad-hoc estimate—essentially a guess without a clear underlying model.

Do not be misled by attempts to overcomplicate the Bitcoin power law.
Its strength lies precisely in its simplicity. With essentially a single parameter, the scaling exponent n≈6n
We can describe more than 17 years of Bitcoin’s history and even project its long-term trajectory decades into the future.
What makes this remarkable is that it is not simply a matter of curve fitting. The power law emerges from the underlying physics of networks, which is what fundamentally distinguishes Bitcoin from traditional assets.
Without this network-driven scaling behavior, the power law would not appear i

ChatGPT failed the test even when I tested it. But Claude did initially the same mistake but then got the correct answer after showing the aftermath of letting the pen go with the right hand.
Claude:
The left hand is gripping the pen somewhere near the middle or with enough friction that it simply holds the pen in place. When you release one end, if the grip is firm enough, the pen just... stays. Static friction from the left hand is greater than the torque gravity exerts on the free end. No pendulum, no drama.
This reveals something important about how both ChatGPT and I reasoned:
We jumped

I followed the recent controversies about Schiettini. I didn't know him well, although during my recent visit to Italy I saw his books and was curious about them.
Having taught physics at a university in America for eight years, I can say that he is really talented: this explanation is crystal clear and practically perfect.
Italy should be proud of communicators like him, instead of being dragged down by petty resentment towards those who succeed.

The Physics of Bitcoin website is ready. It is going to be a companion to the book with additional learning material (code, visualizations, live charts, videos and so on).
It is a work in progress but bookmark it because it is going to be an important resource for understanding Bitcoin as a system.
Link to the website in the comments.