Replying to Avatar cryptowolf

this is how bitcoin self regulates

but the question is flawed

high fees are not permanent.

Most wallets let you set your fees and you dont have to spend more on fees if you are ok with waiting a little longer in the mean time.

for the important transactions, pay a little extra in fees to avoid the wait time.

before you know it, fees will be back down to what they were.
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mattybs 2y ago

I'm talking about when there is a higher premium for block space, such as during a bull market, paired with the heightened appetite for building on top of Bitcoin.

Ultimately we want there to be higher transaction fees in order for miners to continue to be incentived to secure the network when the block rewards aren't enough. But we did have a scenario with BRC-20s and ordinals made the network near unusable. Are we really just crossing our fingers that it doesn't happen again? Or are we preparing?

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cryptowolf 2y ago

the temporary higher fees dissuade that appetite

this is how bitcoin self regulates, so the spike is always temporary by design.

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cryptowolf 2y ago

it looks like since you made this note, the fees came back down to previous levels again.

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mattybs 2y ago

Thanks - I'm not referring to present fee rates