Part 5/15:
One core discussion revolves around Bitcoin’s security model: the “security budget,” transaction fees, and the threat of 51% attacks. Morgan shares her evolving understanding—that transaction fees are more about incentivizing innovation rather than solely securing the network long-term.
Pierre emphasizes that Bitcoin’s security ultimately depends on economic incentives and honest participation. He believes the risk of a 51% attack is low because attackers would need to outbid honest miners significantly, a high-cost, low-reward scenario. He envisions volatile but manageable transaction fees, driven by congestion, which incentivize technological improvements like Lightning and SegWit.