Bitcoin security would not be irreparably degraded if hash power decreased over the long run. The worst consequence of a gradually lower hash power / market cap ratio: it may require recipients of very-high-value transactions to wait more blocks before relying on them.https://twitter.com/mhluongo/status/1092559882056802304 …
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The more serious problem I think is reorg attacks specially on high value transactions. Likely people moving large amounts will have to pay ransom fees to miners to bring up more hash power for a sustained period to secure such transactions, undermining a lot of core principles.
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I see. There is a remaining problem of miner diversity. If at least two hardcore miners with lots of dormant hash power survives, this model of pay to secure may work. If only one such miner survives, it still can work, but more like Christie's auctions now.
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