This is a great visualization. Look at the shape: a ring of well-connected nodes in the middle, with work fanning out and aggregating through layers until the core only has to handle a single result. That’s a mandala. I’ve spent years on this question. In 2018 I wrote a piece that was eventually reposted on CoinGeek, “Bitcoin: A (decentralized) complex social network,” that started from the claim that Bitcoin’s miners form “a small-world near-complete network.” I wanted to know if it held up, so I turned to network theory, specifically Fernando Vega-Redondo’s Complex Social Networks. What I found changed how I think about decentralization. In network analysis, “the edges, or links, are more important than the number of nodes in a network.” What gives a network reach and resilience is how its nodes are connected, not how many there are. Now apply that to Bitcoin. A miner only gets paid if the rest of the network builds on their block, so as a miner, you have a clear incentive to be highly-connected to the other miners in the network. Every miner is pushed toward connecting directly to every other miner. Merchants are pushed the same way: to stop double-spends, they broadcast to the best-connected nodes. Nobody designs the topology. The incentives produce it. The result is a core that’s close to fully connected, where any miner is about one hop from any other, with everyone else arranged in layers around it. That’s a small-world network, and it’s what makes the design so innovative. Raising capacity doesn’t make the core more fragile, because the economics keep it tightly connected. Every other layer only has to verify what it touches. So Ethereum’s new thesis, “scalability increases with decentralization,” is right, provided you measure decentralization by connectivity rather than node count. That’s the insight Bitcoin’s design was built on. None of this is new. Satoshi wrote it down, again and again, before most of today’s crypto industry existed. November 2008, before Bitcoin had even launched: “Visa processed 37 billion transactions in FY2008, or an average of 100 million transactions per day. That many transactions would take 100GB of bandwidth.” Running nodes, he said, “would be left more and more to specialists with server farms of specialized hardware.” 2009, in an email to Martti Malmi: “The existing Visa credit card network processes about 15 million Internet purchases per day worldwide. Bitcoin can already scale much larger than that with existing hardware for a fraction of the cost. It never really hits a scale ceiling.” July 2010, on BitcoinTalk: “The current system where every user is a network node is not the intended configuration for large scale. That would be like every Usenet user runs their own NNTP server. The design supports letting users just be users. The more burden it is to run a node, the fewer nodes there will be. Those few nodes will be big server farms.” A well-connected core of specialists, with users at the edge who simply use it. That’s the mandala, described before the first block was mined. Here’s where things stand 17 years later: - Visa: about 705 million transactions a day (257.5B in FY2025), or roughly 8,000 per second on average. - Ethereum L1: a record of 25.9 transactions per second in Q2 2026, about 2.2 million a day. Ethereum’s base layer still hasn’t reached the 15 million daily online purchases Satoshi used as his benchmark in 2009. Visa as a whole handles about 300 times more. Meanwhile, in 2018 Vitalik called 128MB blocks “an insanely stupid idea.” Since then, BSV has mined a block of nearly 4GB, and Teranode averaged over 1 million transactions per second across a two-week test. That’s more than 100 times Visa’s average. Think about how much time, money and talent the industry spent trying to solve a problem whose answer was already in the original design. Much of that effort went into avoiding the plan rather than building it. But we’re not here to dunk. Seeing the brightest people in crypto arrive back at the same shape is a good sign. Good engineering converges. BSV has spent years running this architecture in production: Teranode at the core, overlays in the middle, SPV wallets at the edge. We’ve already paid for the hard lessons about what breaks at scale, and we're happy to compare notes. The answer was there in 2009. All any of us had to do was build it. 🔗 My 2020 deep dive: coingeek.com/bitcoin-a-decen…