Fees will collapse, gas will become abundant, tokens will largely fail to capture any economic rent outside aside from their use as a censorship resistant store of value. twitter.com/QwQiao/status/…

The single biggest “risk” for Bitcoin IMO is the aggressive way the block reward subsidy drops. It’s a dangerous game of Russian roulette in which the Bitcoin network pulls the trigger and prays the price shoots up. So far it’s worked out fine though. Thoughts?