Can Bitcoin Be Secured Only by Transaction Fees? Two Researchers Sound Off Unchained

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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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/