We propose the Coding Conception of ordinals and sets, which takes Cantor’s three generating principles as its sole foundation. Bounded sets of ordinals are generated synchronously with the ordinals themselves through a bijective encoding function that, at each stage, selects only the finitely many bounded sets actually required by the successor, limit, and restriction principles. This selective coding yields the first-order theory , which we establish is the metamathematically correct theory of the ordinals: it is bi-interpretable with , yet makes no claim about the general concept of set. Extending the conception to full set theory via a monadic second-order ordinal theory with arithmetic and class comprehension produces two mutually inconsistent first-order set theories according to distinct maximality intuitions: a Type-A universe , in which the power set of every ordinal is a set and the universe satisfies ; and a Type-B universe , in which sets are strictly more than ordinals and a largeness cardinal'' exists, beyond which power sets remain unencodable. We prove that this Power Set Dichotomy is unavoidable, even under potentialism, and conclude that $ZFC^-+$every cardinal has a successor’’ is the only philosophically uncontroversial common fragment of any true set theory; the status of the full power-set axiom remains the sole open philosophical choice point.

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