[rieTohgh6]

In theory fees should rise whenever there is congestion but it also leads to people complaining about their low-fee transaction being stuck in limbo (mempool).

As long as there is free space in block it makes sense for miners to include any non-zero free transaction, so it is a race to bottom with only occasional surges, kinda like the ones that happen in Uber.

[danuker]

Right now, there is a wasteful amount of security, because the rate of adoption (and price growth) could not be predicted.

Almost $800k is burnt hourly. Very few people need to transfer that much, and those who do, can wait for extra confirmations.

https://www.crypto51.app/

I would like to see the block reward reduced even SOONER. Halvenings every 4 years is too slow. But I don't think it's going to happen sadly.

As for fees, they could be driven higher by limiting block size, should the community decide they need more security once the block reward becomes too small.

Point is: the algorithm is not infallible, and would have to adapt. Otherwise Bitcoin becomes brittle.