On the Costs of Bitcoin Connectivity
Highly connected information technology systems typically have substantial economic value. This makes them attractive to resource-rich adversaries, such as nation-states that may seek to exert an influence on particular participants or even the entire system. Bitcoin is an example of such a system. The effect of high connectivity manifests in a number of orthogonal dimensions, each of which creates a different kind of security concern. We discuss each of them and possible mitigations.