What is the argument in support of Liquid, given that it’s model is highly replicable, and is dilutive to Bitcoin base chain miner fees?

Yes, it can be very helpful to users, in times of high fees, but high fees serve as an incentive to attract more security to the base layer.

What happens when a second or third Liquid copy-cat enters the market?

Where do we draw the line between scaling Bitcoin, and harming the security incentive structure?

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