Bitcoin Is Not Decentralized, but It Generates Fees

Thayer Hill: I do not think that an SOV can just keep paying for its security by emitting tokens to miners and having them just sell those back into the market. The problem is Bitcoin doesn't generate any fees, and the fees have been down only for a long time. There's only one chain that does generate fees that are sort of large enough to actually cover the security budget, and that's ETH. He says he envisioned a world in 10 years where Vitalik is no longer really involved with ETH. And at that point, it will be equally decentralized, equally censorship resistant,.

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