Some of this is related to the continuing FUD around "the security budget"... specifically how ordinal inscriptions & BRC-20s have somehow "solved" the mining death spiral issue.

That is a load of crap. Purchasing power (high fees in real terms) is the only thing that matters long term. For instance, if 1 BTC has the purchasing power of $500k, than an aggregate block fee of 25M sats supports the same security budget as the entire block subsidy of 6.25BTC at a purchasing power of $20k.

There is no fundamental need for fees to rise in BTC terms, so long as the purchasing power of BTC itself rises. Therefore, no "tail emission", no PoS, no fee-generating and blockspace congesting apps are needed to support the network (as some seem insistent upon suggesting: https://x.com/twobitidiot/status/1742230409574813765)