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Blockchair
Blockchair reposted
As Bitcoin's security budget continues to diminish, I've decided to launch — a website with live charts dedicated to explaining-like-you're-five why Bitcoin will fail one day if this issue is not resolved.
What you'll find:
• What's the security budget issue and what could be achieved with a 51% attack;
• How the budget is formed with subsidy (which is halved every 4 years) and fees (which still haven't formed the so-called "fee market");
• What can be done: good options like scaling Bitcoin, and bad options like breaking the 21 million coin cap which is already being proposed by some Bitcoin Core developers;
• An overview of the common fallacies like "the hashrate is growing, so we're okay" and "Bitcoin's price will moon to $1M, so we're okay".
H/t @jamesob and @Justin_Bons! Any suggestions are welcome!
13.28K
Blockchair reposted
As Bitcoin's security budget continues to diminish, I've decided to launch — a website with live charts dedicated to explaining-like-you're-five why Bitcoin will fail one day if this issue is not resolved.
What you'll find:
• What's the security budget issue and what could be achieved with a 51% attack;
• How the budget is formed with subsidy (which is halved every 4 years) and fees (which still haven't formed the so-called "fee market");
• What can be done: good options like scaling Bitcoin, and bad options like breaking the 21 million coin cap which is already being proposed by some Bitcoin Core developers;
• An overview of the common fallacies like "the hashrate is growing, so we're okay" and "Bitcoin's price will moon to $1M, so we're okay".
H/t @jamesbob and @Justin_Bons! Any suggestions are welcome!
280
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