user116255: I think the assumption of a 51% attack is not worth the effort is wrong. Eventually the price of Bitcoin will stabilize. Let’s say at 1 million USD then a diminishing block reward and the transaction fee need to compete with a 51% pool that can make arbitrary amount of profits. The transaction fees will have to pay for 51% of the network to keep everything secure.

user-1: Fee Ratio Multiple = Miner Revenue [Block Reward + Transaction Fees] / Transaction Fees
A low FRM suggests that miner revenue can be maintained without having to rely on an inflationary subsidy. In the below charts you will see lower highs for FRM in every cycle.



116255: <p>I think the assumption of a 51% attack is not worth the effort is wrong. Eventually the price of Bitcoin will stabilize. Let’s say at 1 million USD then a diminishing block reward and the transaction fee need to compete with a 51% pool that can make arbitrary amount of profits. The transaction fees will have to pay for 51% of the network to keep everything secure.</p>
 -1: <p><strong>Fee Ratio Multiple = Miner Revenue</strong> [Block Reward + Transaction Fees] <strong>/ Transaction Fees</strong></p>
<p>A low FRM suggests that miner revenue can be maintained without having to rely on an inflationary subsidy. In the below charts you will see lower highs for FRM in every cycle.</p>
<p><a href="https://i.stack.imgur.com/HGczC.png" rel="nofollow noreferrer"><img src="https://i.stack.imgur.com/HGczC.png" alt="FRM-1" /></a></p>
<p><a href="https://i.stack.imgur.com/Y4R65.png" rel="nofollow noreferrer"><img src="https://i.stack.imgur.com/Y4R65.png" alt="FRM-2" /></a></p>
