Can Bitcoin Be Secured Only by Transaction Fees? Two Researchers Sound Off - Ep.272

Unchained

English - September 14, 2021 07:30 - 1 hour - ★★★★★ - 1.2K ratings
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Once the block reward diminishes greatly, can Bitcoin be secured only by transaction fees? On Unchained, Bitcoin writer Vijay Boyapati and Ethereum Foundation’s Justin Drake debate the merits of Bitcoin’s security model, which Drake says will largely rely on transaction fees as soon as within 20-30 years, not in 100+ years. Highlights:
Justin’s and Vijay’s professional backgrounds
why Justin thinks Bitcoin cannot survive solely on fees
how Bitcoin is currently secured
what makes Bitcoin’s security subjective rather than binary
how much it would cost in dollars to 51% attack Bitcoin
what the Bitcoin network could do in response to a 51% attack
how to calculate Bitcoin’s security budget
why Bitcoin's price can’t go exponential forever
whether a “nuclear option” for Bitcoin miners could protect against a 51% attack
why nation-states could be either pro or anti-Bitcoin
why a Bitcoin Standard could be similar to the Gold Standard
how Bitcoin will change going forward, and why Vijay thinks transaction fees will increase
why Justin does not think transaction fees will increase enough to secure Bitcoin’s base layer
how Justin would fix Bitcoin’s security model -- and why he thinks the 21 million hard cap is a meme
why Vijay does not think Bitcoin’s security model will ever change -- especially the 21 million hard cap
what Justin thinks Ethereum is doing better than Bitcoin
why Vijay thinks Ethereum will fail
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Hey all, I'm excited to announce that I'll be writing a Facebook Bulletin newsletter , joining the likes of Malcolm Gladwell, Malala Yousafzai and Adam Grant, among others. My first post is already up.

Thank you to our sponsors!
Digital Asset Research: https://www.digitalassetresearch.com/
Ledger: https://www.ledger.com/
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021

Episode Links

Justin Drake
Twitter: https://twitter.com/drakefjustin

LinkedIn: https://www.linkedin.com/in/drakefjustin/

Recent Unchained appearance:

https://unchainedpodcast.com/is-eth-on-its-way-to-becoming-ultra-sound-money-yes-says-justin-drake/

Vijay Boyapati
Twitter: https://twitter.com/real_vijay

LinkedIn: https://www.linkedin.com/in/vijayboyapati
The Bullish Case for Bitcoin:

https://vijayboyapati.medium.com/the-bullish-case-for-bitcoin-6ecc8bdecc1

Bitcoin’s Security Model
Hasu
https://ark-invest.com/podcast/bitcoins-security-model-with-hasu/

Dan Held

https://danhedl.medium.com/bitcoins-security-is-fine-93391d9b61a8

Nic Carter
https://medium.com/@nic__carter/bitcoin-bites-the-bullet-8005a2a62d29
https://www.docdroid.net/C7uTY1R/mit-expo-slides-nic-carter-pdf#page=12

Paul Sztorc

https://www.truthcoin.info/blog/security-budget/

Donal McIntyre
https://etherplan.com/2019/05/17/why-the-bitcoin-fee-model-will-work/7587/

Phil Geiger

https://unchained-capital.com/blog/21-million-is-non-negotiable/

Jordan McKinney
https://medium.com/coinmonks/bitcoin-security-a-negative-exponential-95e78b6b575

https://medium.com/coinmonks/bitcoin-security-in-one-chart-694ee3ed8c2d

Lyn Alden

https://www.lynalden.com/bitcoin-security-modeling/

Princeton

https://www.cs.princeton.edu/~arvindn/publications/mining_CCS.pdf

Doomsday economics of PoW

https://www.bis.org/publ/work765.pdf

Basic Info
How BTC fees work
https://river.com/learn/how-bitcoin-fees-work/

https://en.bitcoin.it/wiki/Miner_fees

What will happen when all BTCs are mined?
Decrypt: https://decrypt.co/33124/what-will-happen-to-bitcoin-after-all-21-million-are-mined

River: https://river.com/learn/what-will-happen-after-all-bitcoin-mined/

Bitcoin Fees

https://studio.glassnode.com/metrics?a=BTC&category=&ema=0&m=fees.VolumeSum&mAvg=365&mMedian=0&modal=loginForm

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Justin’s and Vijay’s professional backgrounds why Justin thinks Bitcoin cannot survive solely on fees how Bitcoin is currently secured what makes Bitcoin’s security subjective rather than binary how much it would cost in dollars to 51% attack Bitcoin what the Bitcoin network could do in response to a 51% attack how to calculate Bitcoin’s security budget why Bitcoin's price can’t go exponential forever whether a “nuclear option” for Bitcoin miners could protect against a 51% attack why nation-states could be either pro or anti-Bitcoin why a Bitcoin Standard could be similar to the Gold Standard how Bitcoin will change going forward, and why Vijay thinks transaction fees will increase why Justin does not think transaction fees will increase enough to secure Bitcoin’s base layer how Justin would fix Bitcoin’s security model -- and why he thinks the 21 million hard cap is a meme why Vijay does not think Bitcoin’s security model will ever change -- especially the 21 million hard cap what Justin thinks Ethereum is doing better than Bitcoin why Vijay thinks Ethereum will fail

Take the annual Unchained survey!

Hey all, the Unchained survey is out now, and we'd so appreciate it if you could give us your thoughts on how Unchained is doing and what we could do better. Plus, we've got some questions for you about Laura's upcoming book launch and the articles that she's already starting to write! Two lucky survey respondents will receive a BTC candle, which is scented with "satoshiwood, musk musk, tulip bulbs and finite minerals."

Head to surveymonkey.com/r/unchained2021 to fill out the survey today!

Subscribe to my Facebook Bulletin Newsletter!

Hey all, I'm excited to announce that I'll be writing a Facebook Bulletin newsletter , joining the likes of Malcolm Gladwell, Malala Yousafzai and Adam Grant, among others. My first post is already up.

Thank you to our sponsors!

Digital Asset Research: https://www.digitalassetresearch.com/

Ledger: https://www.ledger.com/

Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021

Episode Links

Justin Drake

Twitter: https://twitter.com/drakefjustin
LinkedIn: https://www.linkedin.com/in/drakefjustin/
Recent Unchained appearance:
https://unchainedpodcast.com/is-eth-on-its-way-to-becoming-ultra-sound-money-yes-says-justin-drake/

Vijay Boyapati

Twitter: https://twitter.com/real_vijay
LinkedIn: https://www.linkedin.com/in/vijayboyapati The Bullish Case for Bitcoin:
https://vijayboyapati.medium.com/the-bullish-case-for-bitcoin-6ecc8bdecc1

Bitcoin’s Security Model