Demand should be higher for Bitcoin, demand should be higher for blockspace. Doesn't mean the free market doesn't work, it just means the people are currently retarded. I'm a market participant too you know 😈
Discussion
We do everything on Lightning, now. People even stack on Lightning. That means more transactions are bundled. And they're trading Bitcoin on paper, by shifting legal ownership from one entity to another, without moving the money. A ledger on top of The Ledger.
I sometimes pull it on-chain, but it's increasingly like...
I only have about 50k sats on the LN.
Old school. OG Bitcoiners.
I mean, most Bitcoiners now only have like 50k sats in total, but all of them are probably on Strike or whatever. Or in an ETF.
Ln is a tool in the toolbelt
Not every job requires LN.
Stack sats on chain.
Send small sats on LN via nostr etc.
Most people will only ever have small sats. No reason to ever move out of Lightning.
On-chain is just for OGs, ETFs, and Lightning node operators. And their transactions aren't that many. Nobody noticed because of ordinals and other junk.