“When you account for the speed of deployment of new hardware, there's a natural logistics lag that prevents an attacker from amassing new hardware and actually deploying it. Not only are there supply chain limitations in the manufacturing line, but also in the logistics of shipping and installing the rigs at facilities. All of this takes place in the face of an already robust and extremely large network of miners online. Additionally, it's not as if the industry can simply flip a switch and produce a miner that's 10,000 times more effective relative to existing hardware. Erica's example of a single ASIC costing $5/hour to produce the same hash rate as the entire network today is an oversimplification that doesn't accurately capture the real-world dynamics of mining technology improvements and deployment speeds. As a result, the game theory remains intact and incentivizes good actors to continue accumulating the improving hardware. While I think Erica is correct to question the statement "more secure" with more hash rate (as a one variable deduction), it’s also important to understand that the network isn’t becoming less secure with more hashes.”