{"id":42063,"date":"2025-08-13T21:01:38","date_gmt":"2025-08-13T21:01:38","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=42063"},"modified":"2025-08-13T21:01:38","modified_gmt":"2025-08-13T21:01:38","slug":"solana-is-more-secure-than-bitcoin-claims-crypto-fund-cio","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=42063","title":{"rendered":"Solana Is More Secure Than Bitcoin, Claims Crypto Fund CIO"},"content":{"rendered":"
\n

Justin Bons, founder and CIO of Amsterdam-based Cyber Capital, ignited a new round of the proof-of-work versus proof-of-stake debate on Wednesday, asserting that Solana\u2019s \u201ceconomic security\u201d now exceeds Bitcoin\u2019s and trails only Ethereum\u2019s among the largest networks. In a lengthy X post on August 13, Bons published point-in-time calculations that, by his model, put Ethereum first, Solana second and Bitcoin third on a \u201ccost to attack\u201d basis. \u201cTruth cuts through all the noise & the BS narratives, as economic security can be measured objectively!\u201d he wrote, adding: \u201cPoS is, in fact, way more secure than PoW, by several orders of magnitude.\u201d<\/p>\n

Solana Tops Bitcoin<\/h2>\n

Bons framed his analysis <\/a>around what he calls the annual \u201csecurity budget\u201d required to compromise a network. For proof-of-work chains, he modeled the cost of a 51% attack as a function of miner revenues from issuance and fees; for proof-of-stake chains, he treated the attack cost as a function of market capitalization, fees and inflation, adjusted by the share of tokens staked and a 33% attack threshold.<\/p>\n

In his snapshot, Bitcoin\u2019s annual economic security came out to roughly $9.7 billion\u2014\u201c(0.4%)\u201d of its market cap by his ratio\u2014versus $24.1 billion for Solana \u201c(23%)\u201d and $52.2 billion for Ethereum<\/a> \u201c(10%).\u201d He posted his working in-line: \u201cFor PoW, the math is the yearly security budget, inflation + fees divided by the attack threshold (51%). For PoS, the math is the market capitalization + fees + inflation divided by the staking participation rate & then divided again by the attack threshold (33%).\u201d<\/p>\n

Beyond the relative rankings, Bons argued the ratio of \u201csecurity to market capitalization\u201d is the critical lens because \u201cthe bigger the bounty, the greater an attacker might be willing to spend.\u201d In that framing, he contends, proof-of-stake benefits disproportionately from rising market value because attack costs scale with capitalization, whereas proof-of-work relies on an externalized and fluctuating spend on hardware and electricity reflected in miner revenue.<\/p>\n

\u201cThis also clearly exposes PoW as an inferior technology from a security perspective,\u201d he wrote, claiming that \u201ceven with much lower market capitalization, ETH & SOL beat BTC\u2019s security right now, contrary to \u2018popular belief\u2019.\u201d<\/p>\n

The CIO also assigned zero \u201ceconomic security\u201d to networks he describes as permissioned or \u201cProof of Authority,\u201d explicitly naming XRP, BNB and HBAR. \u201cThey are based on a different type of consensus algorithm, PoA \u2026 which, unlike PoW & PoS, do not rely on economic security!\u201d he wrote. That stance reprises prior critiques he has made of XRP\u2019s governance and validator model.<\/p>\n

Bons\u2019 thread drew immediate pushback and requests for clarification. One commenter asked why, if \u201cPoS offers higher security at lower economic drain,\u201d the market\u2019s dominant narrative still treats Bitcoin as the safest asset. Bons replied: \u201cSpot on! The majority of the market is \u2018wrong,\u2019 at least in relationship to truth \u2026 This will shift as we become more knowledgeable on crypto.\u201d<\/p>\n

In a separate exchange, he predicted Bitcoin\u2019s relative security would keep eroding \u201cuntil the network comes under attack,\u201d unless fee revenue or utility changes the trajectory.<\/p>\n

The Bitcoin Security Budget Debate<\/h2>\n

The broader debate around Bitcoin\u2019s \u201csecurity budget<\/a>\u201d has intensified this year as issuance fell again after the April 2024 halving. In May, Ethereum researcher Justin Drake warned that Bitcoin\u2019s fee market remains too small to replace declining subsidies, calling proof-of-work \u201ca ticking time bomb\u201d and noting fees had slipped to multi-year lows. His argument\u2014disputed by many in the Bitcoin community\u2014centers on the idea that persistently low fees imply a shrinking budget to deter 51% attacks over the very long term.<\/p>\n

Still, Bons\u2019 specific methodology is far from settled science. BitMEX Research<\/a>, in a 2024 examination of \u201ceconomic cost to attack\u201d across consensus models, cautioned that \u201clike for like\u201d comparisons narrow the gap considerably, concluding that when assumptions are standardized \u201cthe values are more similar than many expect, with staking systems only slightly more expensive to attack.\u201d<\/p>\n

Critics also object to treating market capitalization as spendable attack capital, arguing that buying a controlling stake would push prices up and that liquidity, borrowability and governance responses complicate any static model. \u201cEconomic security\u201d formulas that \u201cplug market cap\u201d directly have been called overly simplistic in replies to Bons\u2019 thread.<\/p>\n

Bons is a long-time proof-of-stake advocate whose firm describes itself as \u201cEurope\u2019s oldest cryptocurrency fund,\u201d founded in 2016 and based in Amsterdam, and his posts routinely challenge Bitcoin orthodoxy.<\/p>\n

His latest claims\u2014placing Solana ahead of Bitcoin on security\u2014will likely fuel renewed scrutiny of what, precisely, should count as an \u201cattack cost\u201d in heterogeneous systems and how dynamic countermeasures, from slashing and social recovery to client diversity and fee market design, factor into any defensible ranking. The only consensus, for now, is that the question of security\u2014and how to measure it\u2014remains as contested as ever.<\/p>\n

At press time, the Solana token traded at $201.<\/p>\n

\"Solana<\/div>\n","protected":false},"excerpt":{"rendered":"

Justin Bons, founder and CIO of Amsterdam-based Cyber Capital, ignited a new round of the proof-of-work versus proof-of-stake debate on Wednesday, asserting that Solana\u2019s \u201ceconomic security\u201d now exceeds Bitcoin\u2019s and trails only Ethereum\u2019s among the largest networks. In a lengthy X post on August 13, Bons published point-in-time calculations that, by his model, put Ethereum […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-42063","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/42063","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=42063"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/42063\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=42063"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=42063"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=42063"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}