I would push back on that. The biggest risk for both ASIC and CPU mining is general trust in fiat currencies that enable central bank "handlers" via access to CEX to naked short/fractionally reserve the fiat price and by that control the incentives that are meant to provide enough "security budget". Monero community needed a long term to learn about the depth of this attack so they push forcdelisting wherever possible. Bitcoiners are findkng out about step 1 holding a taxable coin is worthless step 2 ETFs and custodians are meant to price suppress through fractional reserves step 3 they'll understand how that is the most easiest and most effective way to under-mine the security budget.

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Yeah I think that view complements what I've said. I was controlling for market cap, but you're absolutely correct that if we view the security budget as fiat market cap as currently its valued at in both blockchains, any fiat price dump nukes the hashrate for both. Though, this is just a free market force, most will mine for a slight profit, and little to nobody will mine for a loss such that if mining rewards become less than electricity, you just consequently find less miners. Maybe one day we will have true price discovery and equivalent security to match, but for now it's really tied to market cap unfortunately.