Bob Burnett: Satoshi's Heel

— Bob Burnett's background spans 35+ years in technology, from designing the world's first laptop computer at Zenith to becoming CTO at Gateway during its rise as a Fortune 200 company.

— The miners' trilemma posits that mining success requires solving for three variables—energy, equipment, and capital—and that difficulty in obtaining each shifts over time depending on market conditions.

— Public mining companies operate outside Bitcoin's ethos because they are legally obligated to pursue high time preference behaviors that eventually corrupt long-term sound decision-making.

— Mining infrastructure requires geographic, scale, and energy source diversity; concentration in large operations (elephants) creates existential vulnerabilities to legislative, physical, or terrorist attacks.

— Wild horses—self-sovereign, mobile, medium-scale mining operations—are essential for Bitcoin security alongside rabbits (plebs) and wild elephants; captive operations dependent on grid permission undermine sovereignty.

— The "night terror scenario" describes a theoretical attack at difficulty adjustment where 99% hash knockout could paralyze the network for ~four years, avoidable only through maintaining at least 30% decentralized hash rate.

— If investing in mining, buy equipment and deploy capital during bear markets when all three trilemma variables (energy, equipment, capital) are most accessible; avoid chasing bull markets when lead times are long and overpayment is guaranteed.

— Evaluate any mining company or stock on whether it operates with high time preference (quarterly earnings, stock price pressure) or low time preference (long-term ethos); public mining companies structurally cannot prioritize Bitcoin's thousand-year security.