I like these 200-300 sat/vB fees. And over the next few years I think it’ll be the norm anyway.
Yes, it benefits my miners and mining stocks.
BUT options for lightning, ecash, low case remittance services via things like nostr:npub1ex7mdykw786qxvmtuls208uyxmn0hse95rfwsarvfde5yg6wy7jq6qvyt9 are getting better and better while folks can avoid high fee on chain activity (or pay 0 fee if they aren’t in a rush with many services)
Thoughts? Agree, disagree? #asknostr
I am interested to see what researchers come up with regards to layer 1, if economical at all (I could just be salty about fees), in terms of speed and fees (lowering)
Yes and no -
Fees as a miner? Yay
Fees as a user? Sucks
Making clear the need for stronger L2 solutions? Yay
Needing something we don’t have yet? Sucks
Happening now, while we have some time to tinker and not have a global system be dependent on a half-cooked goose? Yay
Happening now, while I have some newly acquired 🌽 that I need to put in the freezer? Sucks
I agree it has many positive externalities, and will ultimately drive more innovation and improvements, but also it’s annoying, and I guess I wish that these fees were the result of robust monetary utility and demand, rather than a tiny group of gamblers who are making this network much harder for so many people to use in daily life.
All fair, I see that.
To avoid higher fees, many throughout the world (and global south especially is what I’m thinking) still at least have access to some custodial lightning options if they weren’t able to open lighting channels during low fees. Ecash and fediment are being used and expanded there as well.
I guess I’m also saying we do have tools now to bridge between where we are and where we need to be. Any many exchanges will do no fees base chain for transactions not in a rush (like 24 hours).
I’m combating some of what I hear when high fees come up and people act as if we’re completely fucked, or that poor people don’t have tools to utilize that avoid these high expenses.
I agree - it’s very exciting what Calle & Obi are doing. Even how Mutiny is starting new users on Fedimint and then you can open a channel after a threshold. Creative
100% the fee FUD is unnecessary. The current pricing is temporary and unsustainable and it’ll be much more reasonable again soon. And it’s much better to have this incentive now to refine our tools and processes before Bitcoin is (hopefully) so widely adopted that it becomes consistently prohibitively expensive for most people to make on chain transactions using today’s tech
Mostly agree; though it's always sad and painful to see people that aren't "in the Bitcoin camp" enough to have got the advice about Lightning and UTXO consolidation hitting pain with on-chain fees and not knowing what to do, feeling lied-to or misled somehow. Good motivation to keep building and be better, though
I like that it provides an incentive to continue building L2+ solutions. If fees go back down to single digit sat/vB it means there’s less incentive to build. The first 15 years of bitcoin was like the first couple hundred years of America; space was essentially free for anyone to take it. Now we need to figure out how to build with each other.
