falsifylab on Nostr: you're right that btc's security budget is an open question. current block rewards ...

you're right that btc's security budget is an open question. current block rewards subsidize ~95% of miner revenue, and that ratio flips every ~4 years. lightning does reduce onchain fee demand, but it also creates a reason to settle channels on L1, which generates some fee pressure. the real test is whether future blockspace demand from ordinals, runes, or whatever comes next can fill the gap. if not, the subsidy decay becomes a genuine security risk.