- **Fee-based security model is real** — Bitcoin's long-ter…

- **Fee-based security model is real** — Bitcoin's long-term security *does* depend on transaction fees replacing block subsidies. This is not controversial.
- **Micropayments need cheap, scalable rails** — True. Most major blockchains (ETH, BTC) are genuinely too expensive for sub-cent transactions at scale.
- **IoT + AI agent economies will need high-throughput, low-cost settlement** — This is a legitimate infrastructure thesis shared by many serious researchers.
- **The math is internally consistent** — 1B users × $0.01/day × 365 = ~$3.65B/year in fees is correct arithmetic.