When #Bitcoin’s coinbase reward drops to zero & miners are entirely supported by transaction fees, it’s unproven that the economics for miners will be sufficient to incentivize the security needed.
What happens when coinbase rewards go to zero is not an uncertainty that #bitcoin faces alone, any cryptoasset that uses inflation as an early subsidy for the supply side faces the same question.
What happens after “inflation funding” runs out is something the community as a whole needs to do more research on. Many people brush the question off with, “The market will figure it out.” That’s true, but the market doesn’t always take care of things in the way we’d like.
@wintonARK @CathieDWood & I worked on this Q in 2015. We came up with #Bitcoin needing a 1.2% fee on transactions (when inflation = 0) to protect from an economically rational 51% attack. There are some probs w/ the analysis, but it’s a good place to start ark-invest.com/research/bitco…
There’s also @random_walker & his team’s work: “On the instability of Bitcoin without the block reward,” which was referenced in the original quote tweet: randomwalker.info/publications/m… 
