pull down to refresh
0 sats \ 1 reply \ @standardcrypto OP 12h \ on: nic carter's talk on bitcoin's security budget, still relevant today bitcoin
The dilemma as I see it revolves around "relative miner revenue" when fees replace block subsidy. This is estaimated at 0.004% by the btcsecurity tool.
BTW I think drivechains are dumb, and this estimator is by the drivechain guy, but it's still a very useful tool for the current task.
Anyway an interesting question is, what is a reasonable security budget? IE, why is 0.004% too low for our 2140 future?
Another key factor: how many chanops/year will a typical self sovereign lightning user need. I'm thinking one a month is probably generous upper bound, to be reasonable and to not get screwed in unafoffordable justice transactions.
Another question, assuming hyperbitcoinization of 10mm btcusd current purchasing power, what percent of planetary energy use is monopolized by bitcoin? CBECI estimates current percent at 20GW (10 hoover dams, sounds about right), working on getting total energy consumption. (Note, total energy not total electrical energy)
And there are probably some other factors I haven't thought of yet.
Gini coefficient is probabbly one, but I think we can take current world gini coefficient for sanity.
reply