Author: jk_14 at op.pl 2023-01-07 18:52:47
Published on: 2023-01-07T18:52:47+00:00
In a discussion on the bitcoin-dev mailing list, the topic of security and fees was raised. It was noted that currently, around 13% of miner revenue comes from fees, with the majority of security coming from coinbase rewards. The question was posed as to what size of threat would be unrealistic enough to not require additional security measures. One estimate placed an upper bound of $350 billion per year in seigniorage extraction that would be at risk if governments were to view bitcoin as a threat to their currencies. The cost to purchase a 50% share of bitcoin miners is currently estimated to be less than $7 billion, with a potential price of $800,000 per bitcoin needed to support $350 billion in security. However, if fees alone are not enough to support sufficient security, there is still time to address the issue. The importance of avoiding long-term global hashrate regression for store of value feature was also discussed.
Updated on: 2023-06-16T03:40:21.307855+00:00