Bitcoin's Declining Security: The Security Budget Problem

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Bitcoin's security model is flawed. I explain the concept of the "security budget" and why Bitcoin's security budget is declining and why that's a problem.

Below are the blog posts I wrote on this topic in 2018.





Corrections:

Converting hex to binary doesn't make the string 16 times longer. A single hex digit can store 16 values. 2^4=16 so you would need 4 bits per hex value. So 4 times longer.