On Bitcoin’s Fee-Based Security Model — Part 3: Bitcoin vs. The State

Is proof-of-work mining a good security strategy vs. adversarial nation-state actors?

Joe Kelly
13 min readNov 21, 2021

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← Part 2: Security vs. What?

Double-spending is the “easy” problem of Bitcoin security. State/military attacks are the hard problem. I’ll try to keep this relatively brief because I’ve written about it before but proof-of-work mining is not a good security strategy vs. the state.

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Joe Kelly