Ah, Bitcoin (BTC), the grand maestro of cryptocurrencies, often finds itself in the spotlight, not for its dazzling performances, but for the cacophony of criticisms surrounding its security model. Enter stage left, Justin Drake of the Ethereum Foundation, who, in a twist of irony worthy of a Dostoevsky novel, has donned the title of “Bitcoin security researcher” on his X bio. He boldly claims that even if Bitcoin were to skyrocket to a staggering $10 million per coin, the situation would remain as grim as a rainy day in Moscow. And what does he propose? Solutions so eccentric they could make a cat laugh! 🐱
Bitcoin (BTC): Too Cheap to Attack? 🤷♂️
It seems Bitcoin’s security model, that fragile proof of work, is teetering on the edge of a precipice, and the view is not pretty. Fees have plummeted to a 13-year low, a mere whisper of their former glory (30-day average, BTC-denominated), nudging network security closer to the brink of economic absurdity.
The security of Bitcoin PoW is a ticking time bomb.
Bitcoin fees are at a 13-year low—less than 10 BTC/day. Despite the halvings of 2016, 2020, and 2024, miner revenue from fees is at a 9-year low—just 1%.
low fees → low security budget → low security
Bitcoin’s security model is…
— Justin Drake (@drakefjustin) May 29, 2025
These delightful calculations were shared by none other than Justin Drake, who, with a flair for the dramatic, emphasizes that a paltry 1% of fees contribute to the security budget of BTC. How charming! 💸
As if that weren’t enough, the Coinbase miner rewards are on a rollercoaster ride, losing 50% every four years. This makes Bitcoin (BTC) as vulnerable to 51% attacks as a cat in a room full of rocking chairs. 🐾
In fact, even if Bitcoin (BTC) were to reach the dizzying heights of $10 million per coin, a mere $20 billion would suffice to orchestrate a permanent 51% attack on the network. Quite the bargain, isn’t it?
And don’t even get me started on L2 solutions and BitVM options! They’re as useful as a chocolate teapot in this scenario, also susceptible to 51% attacks and only capable of triggering fleeting fee spikes.
Two Solutions to Bitcoin’s Security Dilemma 🧐
Drake, in his infinite wisdom, proposes a duo of solutions to safeguard the Bitcoin (BTC) network. First, he suggests implementing tail issuance, thereby tossing the 21-million-coin limit out the window. This would, in theory, boost economic motivation for network participants to keep the fortress secure.
Secondly, Bitcoin (BTC) could take a leap of faith into the world of proof of stake (PoS), completely rewriting its security design by allowing BTC staking for network operators. A bold move, indeed!
As previously noted by U.Today, Cyber Capital’s CIO, Justin Bons, is another staunch critic of Bitcoin (BTC) security. He foresees a future where Bitcoin (BTC) becomes a sitting duck for attacks, as described by our dear friend Justin Drake, possibly as soon as the next four-year cycle. Buckle up, folks! 🎢
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2025-05-29 18:17