The Bitcoin Security Budget and Its Implications A Look at the Security, Scaling and Spam Resistance of Proof of Work Cryptocurrencies
Francisco "ArticMine" Cabañas
The Bitcoin security budget has profound implications for the long term security of Bitcoin and similar proof of work cryptocurrencies. In this talk we discuss the various types of transaction fee markets for different cryptocurrencies and the possibility of transaction fees replacing falling block rewards to provide security in the future. The results from our analysis of the Monero fee market in particular do pose some very serious questions regarding the long term security and viability of cryptocurrencies that do not have a minimum fixed block reward or tail emission. We will discuss these questions and their implications for the possibility of a worldwide peer-to-peer electronic cash system.