1 sat/vB fees and empty mempools. people celebrate cheap transactions but it also means miners are surviving almost entirely on the block subsidy. after the next halving that subsidy drops to 1.5625 BTC. at some point the security budget question stops being theoretical. either fee revenue scales up or hashrate adjusts down. the uncomfortable middle ground is a chain that's secure enough for small transfers but maybe not for nation-state level settlement. curious how people think about this — is the long-term answer ordinals-style demand for blockspace, or something else entirely?