Bitcoin's Security Budget Issue: Problems, Solutions and Myths Debunked
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Re: Bitcoin's Security Budget Issue: Problems, Solutions and Myths Debunked
#2According to ChatGPT, Bitcoin market cap is $2T while the cost to carry out a 51% attack is $4B. If correct, it seems a little imbalanced.
Re: Bitcoin's Security Budget Issue: Problems, Solutions and Myths Debunked
#3According to ChatGPT, Bitcoin market cap is $2T while the cost to carry out a 51% attack is $4B. If correct, it seems a little imbalanced.
That market cap would quickly collapse if there was a 51% attack.
Re: Bitcoin's Security Budget Issue: Problems, Solutions and Myths Debunked
#4[dead]
Re: Bitcoin's Security Budget Issue: Problems, Solutions and Myths Debunked
#5This page's design is great and what I thought tufte-ian journalism would have led to. Using the presentation of quasi-mathematical facts in relatively grokkable formats to explain the state of the world in a way that can update itself several months or years later.
Specifically some of the political discussions lately feel like they could use better dashboards. The call to action at the end of this article with three main solutions called out now has some context in several dimensions (time, space, monetary).
The doge.gov website for instance would've been a prime candidate for that, like some sort of observablehq.com ability slice and dice a data dashboard. But then you also have to be able to trust the data I suppose.
Re: Bitcoin's Security Budget Issue: Problems, Solutions and Myths Debunked
#6This page's design is great and what I thought tufte-ian journalism would have led to. Using the presentation of quasi-mathematical facts in relatively grokkable formats to explain the state of the world in a way that can update itself several months or years later. Specifically some of the political discussions lately feel like they could use better dashboards. The call to action at the end of this article with thre…
Like this? https://www.project2025.observer/
Re: Bitcoin's Security Budget Issue: Problems, Solutions and Myths Debunked
#7According to ChatGPT, Bitcoin market cap is $2T while the cost to carry out a 51% attack is $4B. If correct, it seems a little imbalanced.
First, that figure is way off. Marathon alone has a market cap over $4B and controls less than 5% of the total hash rate.
Second, the system only seems vulnerable if you ignore economic incentives. A 51% attack isn't just technically difficult - it's economically irrational. Pulling it off would cost billions, and even then, there's no clear way to profit from it. The only scenario where it makes sense is a non-economic actor (e.g. a hostile government) aiming to disrupt Bitcoin. But even then, that investment could be neutralized by a fork that tweaks the mining algorithm, instantly rendering the attacker's hardware obsolete.
Re: Bitcoin's Security Budget Issue: Problems, Solutions and Myths Debunked
#8According to ChatGPT, Bitcoin market cap is $2T while the cost to carry out a 51% attack is $4B. If correct, it seems a little imbalanced.
That market cap would quickly collapse if there was a 51% attack.
One can take short positions on bitcoin almost as easily as long positions. With enough leverage, a well-connected firm could probably make a low 11-digit bet fairly easily.
Re: Bitcoin's Security Budget Issue: Problems, Solutions and Myths Debunked
#9According to ChatGPT, Bitcoin market cap is $2T while the cost to carry out a 51% attack is $4B. If correct, it seems a little imbalanced.
Claude deep research estimates that it would cost 20-40b and "vastly exceeds the rational economic gain". Ideological/nation-state motivation would be the only reason to do this.
Re: Bitcoin's Security Budget Issue: Problems, Solutions and Myths Debunked
#10Wow, its almost like deflationary currency isn't a good idea. Who would have thought? Certainly, uh, most economists.