Let's assume that whales will put complex settlement transactions on the blockchain with many inputs and outputs so perhaps only 100 transactions per block. Presuming that whales are willing to pay 0.1% fee for security (i.e. $600,000 per block), that means a minimum transaction fee of $6000. If whales are willing to pay more for security, say 1%, then minimum transaction fee of $60,000.

My comment: Hmmm... that scenario above sounds like my Scenario A whereby fee (not fixed, no minimum) is based on certain % of transaction value. This is fine.

However, I think whales will end up demanding a kickback from miners for their transaction fees, so that miners can jack up fees on non-whales. Whales can make this demand because they can refuse to send their transactions to miners which won't deal. Yet non-whales can't make a credible threat, because miners who generally offered lower fees would end up losing hashrate relative to those miners who didn't defect from the fee market. Thus I think you will probably see miners colluding to extract the maximum fees that gouge non-whales.

My comment: This is plausible but not guaranteed. And gives rise to risk of such corruption being publicly disclosed. By right if my Scenario A plays out, the whales should have no complain even if fee reaches $600,000 as long as price of BTC is $600,000,000/unit to commensurate. And by that time, the miners may very likely be centralized by super farms/nodes, or something like that, thus no risk of collusion between whales and miners (that may eventually be owned by the same whales).

So perhaps 10% fees so $600,000 per transaction. You'll pay it because you have no choice, whereas the whales will have exempted themselves from the fee. So in other words, we will be paying the fees for the whales, eventually the millionaires paying exorbitant fees in order to transact unregulated.

You'll of course be able to avoid that exorbitant fees by going through a regulated option as I explained previously.

My comment: So there is a way out after all from exorbitant fee after all. That's a relief.

So the bottom line is the whales will be free from regulation and we will not. We remain slaves.

My comment: We are all slaves, with or without bitcoin, and with or without regulation. Bitcoin being a digital tracker to enforce obedience and compliance is not here to free us.