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

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By Laura Shin. Discovered by Player FM and our community — copyright is owned by the publisher, not Player FM, and audio is streamed directly from their servers. Hit the Subscribe button to track updates in Player FM, or paste the feed URL into other podcast apps.

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

Vijay Boyapati

Bitcoin’s Security Model

Basic Info

Bitcoin Fees

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