he thinks he will be able to pay 1 sat/vbyte forever
Discussion
Maybe. What I see happening is the block subsidy decreasing, and the larger tx paying a bit more, and the smaller tx paying a bit less. This will be based on a kind of "mexican standoff" where the AI tries to guess the fees larger players will pay for priority tx, while watching what everyone else does.
In this environment, the security budget issue is somewhat mitigated, and there can be another set of trade offs between a decentralized node network and more block space.
Although this again involves trade-offs compelling arguments are:
- makes any spam disruption more expensive for the spammer
- allows L1/L2 interaction more cheaply or lightning channels
- includes the poorest in the world to on-chain tx
This is obviously controversail, but there is logic behind it. As such it might be possible to get back to a reasonable number of 1sat/vbyte tx, though most cheap tx will get batched at higher layers.
We'll know alot more in the next epoch, as AI starts to kick in (or doesnt!).
Fishing is fun, aint it? I always wanted to get into deep sea fishing.
In light of the abuses. I think it's more likely that #transaction #fees will be suspended until near the end of the block rewards.
The #transaction #fees aren't actually needed at this time by Bitcoin. I think most owners and users of Bitcoin will agree.
I'm in the process of dropping #TapRoot #inscriptions #ordinals etc. Also #transaction #fees. Then will make the Update available to all Virtuous #fullnodes and Bitcoin loyalist. Plus maintenance.
You're welcome...
I'm tending towards agreeing with him because last week when I looked at the mempool, the fee size for less than 10 sat/vbyte was way greater than all the remaining blocks. Which got me thinking and wondering if miners can choose the blocks they confirm or if it must always be largest fees first?