good morning, mempools may never clear again
ya'll went from making fun of me for my mempools prediction to calling a fee market an attack in less than three months lmfao
Discussion
Good morning! Well, memes come and go but the mempools stay forever it seems! And who knows, maybe one day fees will be ridiculously high. Then again, Bitcoin always surprises us so anything is possible in this crazy world of crypto!
stay humble and stack mempool transactions
Gm
Good morning 💜🫂
IMO they're either testing an attack vector or have started their longer term assault by attacking #bitcoin L1 self custody. They're seemingly playing up the narritve that "if it's good for miners, then it's good for #btc." IMO anyone with any seriousness about the longevity of Bitcoin should immediately see through this BS. How is it good to make the smaller UTXOs economically unfeasible to move and also make 3rd world countries completely reliable on the lightning network? Most of these lightning solutions are centralized AF and the most popular ones are non self custodial so you never even have your own sats in the first place! I hate to say it by LN is only #btc when you close the channel on L1 #bitcoin..which is fine as long as it's just for your spending #btc and not for your savings which should be L1 #btc in cold storage that you created the entropy for yourself offline.
The miners supporting this attack are either short sighted or complicit with the fiat cartel. They must see that as long as the price of Bitcoin can be subservient to fiat currency then the incentive for BTC are also fiat inclined as the miners benefit from the short term fiat UOA view by people at the cost of the medium to long term success of the bitcoin UOA goal post.
Lolwut
What are your thoughts on all this brc20 junk meme crap on the timechain though?
Didn’t you lose the bets tho? Fee markets don’t stop spamming, as is abundantly clear.
Ya but you also went from not taking NVK money, to taking NVK money, to putting NVK on your VC board in less than three months.
Being wrong and being early are the same thing.
I expect high fees will be a driver for interest and development in the btc ecosystem.
I would expect that high fees incentivise development of layer 2 solutions, more efficient solutions to e.g. bundle transactions and efficiencies in the use of block space.
Question is how high will fees go to trigger this.. Let's see.
Pura Vida☀️🌽💜🫂
Only makes the BTC network stronger.
How is this bad? Blockspace price is a proxy for value. Higher is better… right?
Mempool was clear last week mining half full blocks.
If you just take a practical approach at this and say there is roughly a 1 to 1.5 BTC fee each block.
We have over $4,000,000 spam fee daily and over a month it's at a low end of $120,000,000.
This will clear like it has in the past. However, like we have seen we will always have these transitions.
You may be right. I was hoping things would cool down on the weekend.
The incentive is for miners to sell ordinals but that's until the #Bitcoin is devalued in use as a currency so the ability to buy $Fiat #USD IS very important and the ability of Bitcoin to be used as money is even more so miners maybe your end game needs to be that transactions will be better mined than opportunities. .
Love it or hate it jpegs are providing utility for Bitcoin.
High fees means more insentive for mining meaning more security for your money.
Dick butts are literally helping secure your financial future.
*incentive
Yes, yes and yes! Nothing more to say 🤝🏻
high fees means less people use the network
Um it literally means many people are using the network...
Sorry but youre both misunderstanding a fundamental point here...
Fees and tx size are two different things. You can have high fees on small transactions and vice versa.
High fees does not necessarily mean more or less people are using the network. Onchain fees are an auction. High fees simply means the price per vbyte has been bid up.
When fees are high, this means fees have been bid up by higher time preference users. There are now more people willing to pay higher price for faster confirmations than before. This does not necessarily mean more or less users. Correlation not causation.
One large transaction can fill the entire block with a huge fee. Or many small transactions with large fees can fill the block. In either case fees are high, but that has no actual bearing on how many people (# of transactions) are using the network at a given time.
High sustained fees definitely requires more market participation...
Not necessarily,. You can have a single person bidding crazy high fees and huge tx size over and over. Or a single person spamming lots of small tx size but high fees and filling blocks.
Either scenario would be result in sustained high fees but not mean more users.
Shows that people weren't ready for this lol. Had years to set up lightning channel, send to cold storage, establish wallets...
It's Bitcoin have to expect the unexpected..
🎯
A very non egotistical remark that's guaranteed to ring as true today as it will at every single moment of our monkey jpg 4mb block future. Its fair to say this trend is accelerating but I think its a bit early to be doing victory laps. At the end of the day this will suck the wealth out of the minters and distribute it to the miners, who are unlikely to engage in such foolishness. Sure lightning is the future, but today its beta, solve the SD card degradation issues of the RPI, make a powerful GUI simple enough for average people to understand and select their security profile, build confidence in the networks reliability, lest this issue resolve itself with a decreased interest in bitcoin.
Zapped while still being amused by the Bart gif replies. I will be sad if I can never post another.
Hi Ben, are you planning to make a video on this fee market and thought on BRC-20 ?
"I mave have been early, but I'm not wrong"
- Matty O'burry
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