For just $5million you can completely disable Cardano for a whole month. Imagine shorting the coin then doing this; you'd make a fortune.
Here's how I did my calculations:
- Cardano runs a 6.55tps
- Cardano transactions cost 0.17 ADA currently $0.29
6.55tps x $0.29 = $1.90 per second
x60 = $113 per minute
x60 = $6.8k per hour
x24 = $164k per day.
Cardano does not have a fee market so transactions go into a big queue, first in first out. So if you spam a lot of transactions onto the network the queue will quickly start to build, there is no mechnism for honest transactions to skip the queue or for high value transactions to be prioritised over the spam. Seems like a security nightmare to me.
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