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Ethereum and Bitcoin on Brink of Collapse as Miners Demand More Money to Keep Network Safe (Spoiler: They’re Getting It)

BlockchainCrypto NewsDeFi Doug Martinez October 7, 2024

A comic illustration showing a struggling dinosaur (representing Bitcoin or Ethereum) with its network infrastructure crumbling, while smaller creatures (L2 solutions like Arbitrum and Optimism) are seen running away from it, leaving behind only scraps of money ($10,000 per day). In the background, two giant monsters (miners' dwindling fees and block rewards) loom over the scene.

With great speed comes greater insecurity: why Ethereum’s L2 scaling may undermine its own security, because if it doesn’t get more fees from layer two solutions like Arbitrum and Optimism, miners will just stop caring about securing the network.

Source: bitcoin.com

L2 Scaling Challenges May Undermine Ethereum and Bitcoin’s Long-Term Security
https://news.bitcoin.com/l2-scaling-challenges-may-undermine-ethereum-and-bitcoins-long-term-security
Ethereum and Bitcoin, two of the world’s largest blockchains, are facing significant challenges in scaling their networks. As more users and transactions move to layer two (L2) solutions, these systems could undermine the security and sustainability of the base layer (L1), with fees and rewards for miners and validators dwindling. Both Ethereum and Bitcoin are grappling with a fundamental issue: how to scale their networks to accommodate the growing number […]

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About the author

Doug Martinez

Doug’s foray into NFTs was a monumental disaster, losing his entire life savings on digital junk that turned out to be worthless. Fueled by a mix of rage and disbelief, Doug crafts scathing, darkly comedic articles about the NFT madness. His writing cuts through the hype with bitter clarity, exposing the folly of the NFT craze. When he's not raging about his losses, he’s probably still trying to comprehend why he fell for this ludicrous scam.

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Disclaimer

The content presented on this site is intended solely for entertainment purposes and should not be taken as factual or reliable information. This site employs satire and humor to discuss global news, current events, finance, and cryptocurrency. The views expressed here are not meant to be taken seriously and do not represent the opinions of any individuals, organizations, or entities discussed.

Please be aware that the content may be exaggerated, fictionalized, or otherwise altered to create a comedic effect. It is not intended to provide financial advice, make accurate predictions, or offer any serious commentary on current events or financial markets.

Readers are encouraged to verify any claims or statements with credible sources and should not make any decisions based on the information provided here. This blog is not responsible for any actions taken based on its content. Always consult a qualified professional before making any financial or investment decisions.

Please do not hesitate to contact us if you have any questions or concerns.

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