Are these non-shitcoin projects with us in the room right now?
Discussion
Rootstock is a merge mined layer 2 that supplies miners with more txn fees than LN, increasing the BTC security budget. It has about 2/3rds the amount of BTC on it as are in LN channels. It's been around for almost 6 years and allows people in countries where it is hard to access the USD to save in Bitcoin backed stablecoins. So yeah, it's in the room
I don't happen to believe in the "security budget" nor in stablecoins.
I've encountered a bunch of people that think there is no "security budger" issue, but none of them have given any explanation on why. Do you have one? A link, maybe? You don't think Bitcoin mining has to be paid for?
I believe that the network works at any compensation level, there is no need to throw extra fees at the miners for their own sake. If some miners cannot survive they'll sell their equipment on the cheap to others that will keep mining profitably.
What about the problem that a network with very small hashpower becomes an easy target for government attacks?
Why should hashrate ever decrease, though? ASIC can be liquidated cheaper and cheaper until it's profitable to plug them again.
On the short term (2 weeks). The difficulty adjustment will increase and the attacker should employ more capital and more power until it reach its objective or the attack becomes prohibiting costly.
No concern about that scenario.
The 51 % attack is also related how colluded the mining entities are; here again, is the decentralization of mining entities which brings solution to the situation.
By the way, these numbers give me evidence, there is participation in mining operation which could survive the coming halving. So no rush on this fee and mining topic addressed by @fiatfaj
web.public-pool.io/#/
If the total miner reward per block is $10 how much hashpower do you think you will get?
Define first, what do you understand or mean by “security”.
Mining is exactly designed to be a drudgery. The value miners derive from mining is supposed to be a lot less than the value of bitcoin being useful in the market.
See this video of Saifedean Ammous: