On Bitcoin’s Fee-Based Security Model — Part 1: Beware The Turkey Fallacy

10,000 and 1 days in the life of a proof-of-work cryptocurrency

Is Bitcoin the most secure and durable money ever? They say it is.

They say it has operated securely for 12 years now — an immutable and uncheatable ledger¹ has been chunking forwards without a hitch for more than a decade — and from this we know it will continue to operate securely in future. The longer it goes without collapsing, the lower the risk. The system has clearly…