'BTC Cannot Succeed': Security Budget Discussion Gains Traction Again
The CIO of the oldest European cryptocurrency investing fund and seasoned crypto influencer agreed on a grim prediction for Bitcoin security in the long term. Meanwhile, given the surprisingly poor performance of , Crypto X is still trying to figure out which crypto is the best store of value (SoV).Bitcoin security budget is on borrowed time? Experts say soIn its current design, Bitcoin , the largest cryptocurrency, simply cannot succeed. While high fees eliminate all potential use cases, low fees make its security model economically irrational. Such a statement was made by Justin Bons, crypto veteran and the CIO of CyberCapital VC fund.BTC cannot succeed; it is either useless or never used:High fees price out all use cases, rendering it useless!Low fees threaten the security budget & are a consequence of no usage...BTC is between a pet rock & a hard place with no hope for change; no capacity = no future!This situation cannot be changed as low Bitcoin fees can only be accomplished as a result of lowered transactional activity on-chain:BTC is between a pet rock & a hard place with no hope for change; no capacity = no future!His statement is echoed by pseudonymous cryptocurrency expert @WazzCrypto. In a tweet shared with his 51,400 followers, he indicated that Bitcoin's security incentives model will fail in the next couple of years:FUN FACT: Bitcoin security model is 4 years away from going bustCan't sustain a PoW system backed by billions of dollars in miner security with simply "hopes and dreams" https://t.co/3eNYFudCPjHe opines that after the next halving event, which is set to occur in early April 2028, Bitcoin PoW miners won't be motivated economically to contribute to the network's security.ETH versus BTC: What is better store of value?As such, both experts agreed that the existing mining-based model of Bitcoin security heavily depends on ever-decreasing mining rewards, and, therefore, has all chances to be obsolete in 2028 or 2032.Bitcoin's "store of value" narrative has also been heavily challenged in the past weeks. Ethereans opine that Ether is a much better SoV than BTC thanks to its eco-friendliness, lower emissions and multi-purpose role in the dApp ecosystem.ETH is a superior SOV to BTC. Lower emissions. Environmentally friendly. Plus Ethereum is a global computing platform on top of which the world will build decentralized applications to power multiple verticals, including DeFi. It loses to BTC on price performance… https://t.co/4nwSpTl9KTAs covered by U.Today previously, FRAX founder Sam Kazemian admitted that Ethereum killed its SoV narrative once it migrated to the proof-of-stake (PoS) consensus and introduced EIP 1559 with the dynamic fee model.