I was listening to the first part of this Nic Carter podcast where Nic talked for a bit about the btc security budget in the coming years. This topic has been around and around, but Nic made a prediction about how it will ultimately shake out, which I hadn't heard before.
TLDR: the security budget will be inadequate to secure the chain. As a result, the biggest bitcoin-holding institutions will basically decide on chain state by a combination of coordination and un-economic mining. This will technically still be mining, but not in the way that people currently think about it. It will take place under different economic incentives than the ones currently presenting.
Nic gets endless shit among maxis, so maybe I'll emphasize that this isn't the outcome that he wants or that he thinks is the most desirable, but is rather what he thinks will happen given the economic forces in play, the trajectory of the fee market as observed over the last 14 years, and the game theory that ensues.
If this sounds alarming, you may consider tail emission as perhaps the lesser of these evils. Also worth noting that the mining economics around the falling block subsidy is a topic Udi frequently raises. The fact that he does so in the face of so much abuse is one reason among many why he's an asset to the community.