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Once the block reward diminishes greatly, can Bitcoin be secured only by transaction fees? On Unchained, Bitcoin writer Vijay Boyapati and Ethereum Foundation\u2019s Justin Drake debate the merits of Bitcoin\u2019s security model, which Drake says will largely rely on transaction fees as soon as within 20-30 years, not in 100+ years. Highlights:\n Justin\u2019s and Vijay\u2019s professional backgrounds\n why Justin thinks Bitcoin cannot survive solely on fees\n how Bitcoin is currently secured\n what makes Bitcoin\u2019s security subjective rather than binary\n how much it would cost in dollars to 51% attack Bitcoin\n what the Bitcoin network could do in response to a 51% attack\n how to calculate Bitcoin\u2019s security budget\n why Bitcoin's price can\u2019t go exponential forever\n whether a \u201cnuclear option\u201d for Bitcoin miners could protect against a 51% attack\n why nation-states could be either pro or anti-Bitcoin\n why a Bitcoin Standard could be similar to the Gold Standard\n how Bitcoin will change going forward, and why Vijay thinks transaction fees will increase\n why Justin does not think transaction fees will increase enough to secure Bitcoin\u2019s base layer\n how Justin would fix Bitcoin\u2019s security model -- and why he thinks the 21 million hard cap is a meme\n why Vijay does not think Bitcoin\u2019s security model will ever change -- especially the 21 million hard cap\n what Justin thinks Ethereum is doing better than Bitcoin\n why Vijay thinks Ethereum will fail\n Take the annual Unchained survey!\xa0\n Hey all, the Unchained survey is out now, and we'd so appreciate it if you could give us your thoughts on how Unchained is doing and what we could do better. Plus, we've got some questions for you about Laura's upcoming book launch and the articles that she's already starting to write! Two lucky survey respondents will receive a BTC candle, which is scented with "satoshiwood, musk musk, tulip bulbs and finite minerals."\xa0\n \xa0\n Head to surveymonkey.com/r/unchained2021 to fill out the survey today!\xa0\n \xa0\n Subscribe to my Facebook Bulletin Newsletter!\xa0\xa0\n Hey all, I'm excited to announce that I'll be writing a Facebook Bulletin newsletter , joining the likes of Malcolm Gladwell, Malala Yousafzai and Adam Grant, among others. My first post is already up.\n \xa0\n Thank you to our sponsors!\n Digital Asset Research: https://www.digitalassetresearch.com/\xa0\n Ledger: https://www.ledger.com/\xa0\n Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021\xa0\n \xa0\n Episode Links\n \xa0\n Justin Drake\n Twitter: https://twitter.com/drakefjustin\n\n LinkedIn: https://www.linkedin.com/in/drakefjustin/\n\n Recent Unchained appearance:\n \n https://unchainedpodcast.com/is-eth-on-its-way-to-becoming-ultra-sound-money-yes-says-justin-drake/\xa0\n \n \xa0\n Vijay Boyapati\n Twitter: https://twitter.com/real_vijay\n\n LinkedIn: https://www.linkedin.com/in/vijayboyapati\xa0\n The Bullish Case for Bitcoin:\n \n https://vijayboyapati.medium.com/the-bullish-case-for-bitcoin-6ecc8bdecc1\xa0\n \n \xa0\n Bitcoin\u2019s Security Model\n Hasu\n https://ark-invest.com/podcast/bitcoins-security-model-with-hasu/\n \n Dan Held\n \n https://danhedl.medium.com/bitcoins-security-is-fine-93391d9b61a8\xa0\n \n Nic Carter\n https://medium.com/@nic__carter/bitcoin-bites-the-bullet-8005a2a62d29\n https://www.docdroid.net/C7uTY1R/mit-expo-slides-nic-carter-pdf#page=12\n \n Paul Sztorc\n \nhttps://www.truthcoin.info/blog/security-budget/\xa0\n \n Donal McIntyre\n https://etherplan.com/2019/05/17/why-the-bitcoin-fee-model-will-work/7587/\n \n Phil Geiger\n \n https://unchained-capital.com/blog/21-million-is-non-negotiable/\xa0\n \n Jordan McKinney\n https://medium.com/coinmonks/bitcoin-security-a-negative-exponential-95e78b6b575\n \n https://medium.com/coinmonks/bitcoin-security-in-one-chart-694ee3ed8c2d\xa0\n \n Lyn Alden\n \nhttps://www.lynalden.com/bitcoin-security-modeling/\xa0\n \n Princeton\n \n https://www.cs.princeton.edu/~arvindn/publications/mining_CCS.pdf\xa0\n \n Doomsday economics of PoW\n \nhttps://www.bis.org/publ/work765.pdf\xa0\n \n \xa0\n Basic Info\n How BTC fees work\n https://river.com/learn/how-bitcoin-fees-work/\n \nhttps://en.bitcoin.it/wiki/Miner_fees\xa0\n \n What will happen when all BTCs are mined?\n Decrypt: https://decrypt.co/33124/what-will-happen-to-bitcoin-after-all-21-million-are-mined\n\n River: https://river.com/learn/what-will-happen-after-all-bitcoin-mined/\xa0\n \n \xa0\n Bitcoin Fees\n \n https://studio.glassnode.com/metrics?a=BTC&category=&ema=0&m=fees.VolumeSum&mAvg=365&mMedian=0&modal=loginForm\xa0\n \nLearn more about your ad choices. Visit megaphone.fm/adchoices