A model for Bitcoin’s security and the declining block subsidy

We are grateful to Anthony Towns, Arjun Balaji, Brian Venturo, David Vorick, Joe Kendzicky, Lucas Nuzzi, Matthew Hammond, Nic Carter, Philip Daian, Steve Lee, Su Zhu, Tarun Chitra, and Yassine Elmandjra for editing and many valuable ideas. The paper was further inspired by the excellent papers, blog posts, and tweets of Andrew Miller, Arvind Narayanan, Ed Felten, Elaine Ou, Emin Gun Sirer, Eric Budish, Eric Lombrozo, Eric Voskuil, Fernando Nieto, Ittay Eyal, Joseph Bonneau, LaurentMT, Nick Szabo, Paul Sztorc, and Raphael Auer.