Justin Drake argued that if miners relied solely on fees, Bitcoin's hash power would drop by 100x, increasing vulnerability to 51% attacks

Quotes that support claims

If fees were the only source of miner revenue today, revenue and hashing infrastructure would also decrease 100 times, putting the network at risk of experiencing 51% attacks. Drake stresses that if bitcoin rises to $1 million with the same level of fees collected today, it would only represent 10% of what miners are receiving today, also opening the network to attacks. “Bitcoin would be a $20T asset secured by 1/10th of today’s hashing infrastructure,” he detailed.

“Imagine fees were the only source of miner revenue today: → revenue drops 100x → hashing infra decreases 100x → 1% of today’s infra (1 large farm) can 51% attack Bitcoin That’s the trajectory we’re on. The 21 million cap breaks security, it’s self-destructive. It should be clear now Satoshi made an ooopsie.” – Justin Drake said.