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🟠BITCOIN'S SECURITY MODEL UNDER SCRUTINY

🟠BITCOIN'S SECURITY MODEL UNDER SCRUTINY

Day: 09 | Time: 11:20:29 Justin Bons, Founder and Chief Investment Officer of Cyber Capital, has criticized Bitcoin's long-term security model. He claims that Bitcoin's security model is fundamentally flawed and faces significant challenges in maintaining its security in the long run. Bons argues that the model requires Bitcoin's price to double every four years or transaction fees to become extremely high in order to maintain the current level of security, but this would be unsustainable. He argues that Bitcoin will become vulnerable to attacks in the near future. Bons also criticizes the idea that non-mining nodes can guarantee the security of the network, arguing that security comes from the incentives for block production, which non-mining nodes do not share. He concludes by stating that Bitcoin must confront the dilemma of increasing the supply beyond the 21 million limit or risk becoming insecure due to insufficient funds for security.

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