Author: Eric 2023-01-07 23:22:02
Published on: 2023-01-07T23:22:02+00:00
It seems that the security of Bitcoin currency is not a major concern at present. Coinbase is starting to behave more bank-like, and there is a nostr bot that does block updates without factoring in Coinbase. There has been discussion around the amount of security provided by fees and coinbase rewards, with fees currently making up about 13% of miner revenue. The worst-case scenario would be the first global hashrate regression taking place in 2028. To avoid this, some propose a mechanism that self-regulates the level of taxation of parties involved, and tries to fix global hashrate regression if it appears. The size of the motivation of an attacker has been considered, with an upper bound on how much anyone would expect to bring to bear being approximately $350 billion. It has been suggested that if this level of security is necessary, things may need to be rethought. It is also possible that as the network of people who accept and use bitcoin grows, the fee market will grow superlinearly in comparison to market cap, which would make high levels of security more realistic. The issue of deflation in Bitcoin has also been discussed, with monetary inflation (specifically, a reduction in it) operating differently on the machinery of bitcoin than it does in the machinery of gold or other things.
Updated on: 2023-06-16T03:39:22.658047+00:00