Bitcoin's Security Budget Is Adequate... For Now

Towards a theory of adequate mining rewards. While some analysts have tried to derive the appropriate security budget / mining rewards from the future Bitcoin marketcap, I offer a bottom-up approach of looking at the onchain transacted values. We find there is an interesting correlation between how much gets transacted on-chain and how much the miners earn.

#hcpp19 #optout #paralelnipolis #instituteofcryptoanarchy