It From Bit
Every physical entity derives its existence from yes-or-no answers to questions.
John Archibald Wheeler's 1989 lecture proposes the strongest form of the information-substrate hypothesis: every it — every physical entity — derives its existence from bits, from binary answers to questions. The slogan is short but the consequence is large. If true, information is not a useful description of the universe but its substrate.
Wheeler's argument has three parts. First, every physical measurement is, at the operational level, an extraction of yes-or-no information from the universe. A particle is either at this location or not. A photon either passes through this slit or not. The information content of any measurement is finite and discrete.
Second, the universe respects information-theoretic bounds. The Bekenstein bound (1972) states that the maximum information a region of space can contain is proportional to its surface area, not its volume. This is contrary to classical intuition: we would naively expect the information capacity of a volume to scale as its volume. The bound is empirically grounded in black hole thermodynamics, where the entropy is proportional to the horizon area.
Third, the holographic principle ('t Hooft 1993, Susskind 1995, Maldacena 1997) generalizes the Bekenstein bound: the full physical content of any region of space can be encoded on its boundary. The Maldacena correspondence gives a worked example — a string-theoretic gravitational system in 5-dimensional anti-de-Sitter space is mathematically equivalent to a conformal field theory living on its 4-dimensional boundary. The geometry of the bulk is reconstructed from the information on the boundary.
If the holographic principle is correct at full generality, our universe is more like a hologram than a volume. The three dimensions of space we experience are emergent from a two-dimensional informational substrate. This is not science fiction; it is the most direct contemporary implication of black hole thermodynamics and string-theoretic gravity.
The stronger reading is Wheeler's: not just that the universe can be encoded informationally, but that it is informational. The yes/no answers are not descriptions of pre-existing physical entities; they are what physical entities are. This is a metaphysical claim, not a physical theorem, but the physics has not refuted it and the trajectory of late-20th-century theoretical physics has, on balance, supported it.