Ethereum developer Justin Drake heavily criticized Bitcoin: "BTC is a ticking time bomb"

Justin Drake, one of the leading developers of Ethereum, drew attention in the crypto community with a lengthy and notable statement regarding the security model of Bitcoin.

In a post he made on social media, Drake described Bitcoin's proof-of-work (PoW) system as unsustainable and dangerous.

Drake pointed out that Bitcoin transaction fees are at their lowest level in the last 13 years, noting that daily transaction fees have fallen below 10 BTC. He stated that although block rewards have decreased after halving (yarılanma) periods, the revenue generated from transaction fees has still remained at around 1%.

Drake, who said "Low fees = low security budget = low security," argued that the security model of Bitcoin has been compromised and that this poses a systemic risk to the entire crypto ecosystem.

Drake criticized Bitcoin's supply cap of 21 million, stating that this structure sabotages itself in the long run. He noted that if miners are only supported by transaction fees, revenues would decrease by 100 times and that even 1% of the current mining infrastructure could take over Bitcoin with a 51% attack.

Drake stated that Bitcoin could only survive with two potential solutions if transaction fees do not miraculously increase by 100 times:

• The removal of the 21 million supply cap and the introduction of an additional issuance mechanism called "tail issuance."
• Transition to the proof-of-stake (PoS) system.

However, he pointed out that it is quite difficult for both of these proposals to gain cultural acceptance within the Bitcoin community. Moreover, he stated that the "tail issuance" model would only work proactively and that this method would not be beneficial once Bitcoin has been attacked.

Drake also stated that projects such as Lightning Network, Ordinals, Stacks, and Liquid only provide short-term increases in transaction fees but do not ensure long-term sustainability. Evaluating recent projects like BitVM, Drake expressed that such technologies could be vulnerable to 51% attacks, thus being far from being a solution.

The message Drake conveyed at the end of his statement was quite clear:

"The PoW model of Bitcoin is not sustainable. The math is against this system. If a correction is not made, at some point this system will break."

*This is not investment advice.

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