Reason from what is fixed toward what is variable. Price absorbs everything the fixed supply cannot, which makes it the least knowable element — not the most.

“The models break” is not a bullish slogan. It is a neutral, structural fact — and it means conventional tools cannot bound Bitcoin’s value in either direction.

The same resistance to change that rejected BIP-110 is what protects the 21-million cap. Rules that are difficult to change are what make the guarantees credible.