'We Really Have $5 Million a Day': The Real Cost of ETH Security

Summary

Guest Oisín Kyne argues that Ethereum's widely cited $100 billion security figure is misleading and that the real cost to attack the network is around $5 million per day, possibly dropping to $1 million or less under a new equilibrium. He highlights censorship risks from validator collusion, concentration measured by the Nakamoto coefficient, and concern over staking ratio trade-offs. The core implication is that Ethereum may lack enough economic security for its trillion-dollar ecosystem.

• Ethereum's $100B security claim is called a myth.
• Actual attack cost is estimated at about $5M/day currently.
• A new equilibrium could reduce attack cost to $1M/day or less.
• Validators could censor blocks without penalty if 51% collude.
• Nakamoto coefficient shows concentration among few orgs.
• Speaker questions whether this security is enough for a trillion-dollar network.