Bitcoin's Declining Security: The Security Budget Problem
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.
https://www.jordanmmck.com/crypto/bit...
https://www.jordanmmck.com/crypto/bit...
https://www.jordanmmck.com/crypto/bit...
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.
