[WanderPanda]

> The time of PoW is visibly over.

Thanks for pointing this out! I never thought about this. To me the biggest long term threat to btc is the shift in block rewards from mined coins to transaction fees. I am assuming a possibly much smaller security budget available for “wasting energy”. But at that point it still might be enough as there is no network effect supporting new pow chains anymore, that could threaten btc security by having more sha hashpower.