https://www.lukeliang.uk/tags/bitcoin/Recent content in Bitcoin on Luke的网络日志Hugozh-cnSun, 12 Jul 2026 22:03:32 +0800https://www.lukeliang.uk/posts/20260712-2203/Sun, 12 Jul 2026 22:03:32 +0800https://www.lukeliang.uk/posts/20260712-2203/<h2 id="the-case-of-bitcoin-and-the-epistemology-of-its-parameters">The Case of Bitcoin, and the Epistemology of Its Parameters</h2> <p><strong>Working paper · Methodological research</strong> <strong>June 2026</strong></p> <hr> <h2 id="abstract">Abstract</h2> <p>This paper examines a class of capital-deployment methods for building positions in assets that exhibit endogenous cyclicality, using Bitcoin as its case. Bitcoin&rsquo;s protocol embeds a deterministic supply-decay mechanism — the block subsidy halves every 210,000 blocks, approximately four years — producing a price history with a <em>non-sentiment-driven</em> periodic structure. This institutional fact is the foundation on which the method rests.</p>https://www.lukeliang.uk/posts/20260712-2021/Sun, 12 Jul 2026 20:21:29 +0800https://www.lukeliang.uk/posts/20260712-2021/<h2 id="prelude-two-voices">Prelude: Two Voices</h2> <p>On January 3, 2009, someone whose identity no one knows wrote a rule into a piece of code:</p> <p><strong>For every 210,000 blocks produced, the issuance of new coins is halved.</strong></p> <p>The rule gives no reason. It doesn&rsquo;t explain why 210,000, doesn&rsquo;t explain why halving rather than some other decay. It simply <strong>exists</strong>, like an axiom.</p> <p>Seventeen years later, on some night in 2026, I sat in front of my screen and wrote down a rule of my own:</p>