Bitcoin's "Security Budget" Debunked
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In this video, I debunk Bitcoin's imaginary "security budget" problem.
There is no defined level of miner revenue where the Bitcoin network is safe from chain rewriting attacks, especially as long as mining pool centralization persists.
Rather what will protect the network is hodlers running nodes and using them to build their own block templates and mine with them.
A Bitcoiner who owns 1 BTC will need to spend something like $1.90/day to help to secure the network that holds his life savings.
Bitcoin Core devs and supporters, shipcoiners, Bitcoin spam promoters and many others seem to think that the security budget is a real problem, mostly because they're unable to imagine a world where plebs are running their own nodes and mining with them using rented hashrate.
Not investment advice! Consult a financial advisor.
Bitcoin's total hashrate has exploded higher:
https://data.hashrateindex.com/network-data/network
Bitcoin mining pool centralization:
https://mainnet.observer/charts/mining-pools-hashrate-distribution/
David Bailey invoking the "security budget" to justify spam:
https://x.com/DavidFBailey/status/1773143812421857439
Bitcoin spam analysis:
https://thebitcoinportal.com/onchain/spam-analysis/overview
Pieter Wuille on the dwindling block subsidy:
https://www.youtube.com/watch?v=QNrW4dUc_U4&t=5041s
Peter Todd making awful proposals:
https://www.youtube.com/watch?v=-Dy4DeVhk_g&t=759s
More security budget FUD, so buy LUNA instead lol:
https://x.com/justin_bons/status/1616648552372965376
https://x.com/justin_bons/status/1426928429677617152
Shipcoiners making irrational arguments:
https://x.com/gladstein/status/2047152451766321605
https://x.com/Bankless/status/2047027841318154729
Marcellus has the answer:
https://x.com/oomahq/status/2023480461868298371
I am not being paid or otherwise compensated by any company or cryptocurrency project that I mention in my videos. My opinion is not for sale. Please do not contact me with any affiliate or advertising deals.
#Bitcoin
#BitcoinMining
#SecurityBudget
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