Analyst calls Bitcoin’s ‘security budget’ argument a category error

The Bitcoin "security budget" crisis is a myth. The halving doesn't threaten the network because block subsidies were never responsible for security; they only bootstrap the system. Critics claim transaction fees being under 1% of miner revenue is a failure, but it actually proves the network is healthy and free from censorship pressure. Security isn't a fixed budget—it's a market price for finality that rises only when demand does. Is the security budget argument just a category error?
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