Can Bitcoin Be Secured Only by Transaction Fees? Two Researchers Sound Off - Ep.272
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
Take the annual Unchained survey!
Hey all, the Unchained survey is out now, and we'd so appreciate it if you could give us your thoughts on how Unchained is doing and what we could do better. Plus, we've got some questions for you about Laura's upcoming book launch and the articles that she's already starting to write! Two lucky survey respondents will receive a BTC candle, which is scented with "satoshiwood, musk musk, tulip bulbs and finite minerals."
Head to surveymonkey.com/r/unchained2021 to fill out the survey today!
Subscribe to my Facebook Bulletin Newsletter!
Hey all, I'm excited to announce that I'll be writing a Facebook Bulletin newsletter , joining the likes of Malcolm Gladwell, Malala Yousafzai and Adam Grant, among others. My first post is already up.
Thank you to our sponsors!
Digital Asset Research: https://www.digitalassetresearch.com/
Ledger: https://www.ledger.com/
Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021
Episode Links
Justin Drake
- Twitter: https://twitter.com/drakefjustin
- LinkedIn: https://www.linkedin.com/in/drakefjustin/
- Recent Unchained appearance:
Vijay Boyapati
- Twitter: https://twitter.com/real_vijay
- LinkedIn: https://www.linkedin.com/in/vijayboyapati
- The Bullish Case for Bitcoin:
Bitcoin’s Security Model
- Hasu
- Dan Held
- Nic Carter
- Paul Sztorc
- Donal McIntyre
- Phil Geiger
- Jordan McKinney
- Lyn Alden
- Princeton
- Doomsday economics of PoW
Basic Info
- How BTC fees work
- What will happen when all BTCs are mined?
Bitcoin Fees
Learn more about your ad choices. Visit megaphone.fm/adchoices
Available Results
Generated results are saved to your library for reuse and search.
Choose Template
Pick the result you want. You can review provider and model before generating.
A concise first-pass summary for understanding the episode quickly.
A comprehensive, source-grounded extraction of the reusable knowledge in an episode.
Scientific findings, mechanisms, studies, hypotheses, and the limits of the evidence discussed.
A dedicated analysis of warnings, limitations, trade-offs, weak evidence, and uncertainty.
Memorable statements and important claims with attribution and source context.
Technologies, AI models, technical methods, capabilities, limitations, and adoption implications.
A concise first-pass summary for understanding the episode quickly.
A detailed readable summary organized by chapter or topic.
A navigable map of subjects, topic flow, and suggested chapters.
A comprehensive, source-grounded extraction of the reusable knowledge in an episode.
Reusable atomic knowledge units extracted from the episode.
A comprehensive extraction focused on health practices, protocols, claims, and safety caveats.
A comprehensive extraction focused on opportunities, strategy, markets, and company building.
Explicit actions, next steps, habits, recommendations, and things to avoid.
A dedicated inventory of concrete resources named in the episode.
A dedicated analysis of warnings, limitations, trade-offs, weak evidence, and uncertainty.
A concise first-pass summary for understanding the episode quickly.
A detailed readable summary organized by chapter or topic.
A navigable map of subjects, topic flow, and suggested chapters.
A comprehensive, source-grounded extraction of the reusable knowledge in an episode.
Reusable atomic knowledge units extracted from the episode.
A comprehensive extraction focused on health practices, protocols, claims, and safety caveats.
A comprehensive extraction focused on opportunities, strategy, markets, and company building.
Scientific findings, mechanisms, studies, hypotheses, and the limits of the evidence discussed.
Technologies, AI models, technical methods, capabilities, limitations, and adoption implications.
Investment theses, assets, catalysts, valuation reasoning, time horizons, and risks.
Chronologies, actors, causes, consequences, turning points, and competing historical interpretations.
Policies, proposals, stakeholders, arguments, implementation constraints, and predicted effects.
Career paths, skills, hiring signals, workplace decisions, transitions, and limitations of the advice.
Behavioral mechanisms, biases, motivation, habits, emotions, interventions, and evidence limitations.
Economic mechanisms, incentives, indicators, market structure, forecasts, and uncertainty.
Leadership principles, team systems, organizational design, culture, feedback, and failure modes.
Audience, positioning, messaging, acquisition, retention, experiments, metrics, and failed approaches.
Teaching methods, learning strategies, practice, feedback, assessment, and effectiveness evidence.
Theses, premises, arguments, objections, values, thought experiments, and unresolved questions.
Communication patterns, conflict, boundaries, expectations, repair methods, and contextual limitations.
Books, papers, authors, courses, and other learning resources mentioned in the episode.
Repeatable methods, frameworks, mental models, processes, and systems.
Explicit actions, next steps, habits, recommendations, and things to avoid.
Memorable statements and important claims with attribution and source context.
A dedicated inventory of concrete resources named in the episode.
A dedicated analysis of warnings, limitations, trade-offs, weak evidence, and uncertainty.