Replying to Avatar Humble Bitcoiner

My 2 sats on the mempool and transaction fees:

#Bitcoin always gets criticized that the network isn’t sustainable over the long term because of the decreasing and ending block rewards.

Yet every major industry like the internet, container ships, gold vaults, power grids,.. are funded by fees.

The moment the fees on the #Bitcoin network become higher and pushes and influx of miners to secure the network, people scream it’s broken πŸ˜…

How about #Bitcoin settlement layer becomes a layer for the big monetary transactions that are willing to pay high fees for max security. And second layer solutions are for day to day transactions.

Imo this event is good as it pushes development to second layer solutions like #Lightning
Avatar
π–‹π–Žπ–†π–™π–‰π–Šπ–“π–Žπ–Šπ–— (Β―`◕‿◕´¯) 2y ago

You still need the base layer for layer 2, opening and closing lightning channels is going to cost 100X more because of some shitheads scammers pushing monkey joegs. THAT is what people are bitching about.

Reply to this note

Please Login to reply.

Discussion

Avatar
Humble Bitcoiner 2y ago

Okay, but aren’t high transaction fees exactly what we want over the long time? How else will the network be funded if there is no #Bitcoin to mine anymore

Avatar
π–‹π–Žπ–†π–™π–‰π–Šπ–“π–Žπ–Šπ–— (Β―`◕‿◕´¯) 2y ago

Long term as in 100 years not 2 days πŸ˜†

Avatar
Humble Bitcoiner 2y ago

Sure agree on that

You against this or what are your thoughts? Happy to learn more about this stuff

Avatar
π–‹π–Žπ–†π–™π–‰π–Šπ–“π–Žπ–Šπ–— (Β―`◕‿◕´¯) 2y ago

For now it is harmful because we don’t have wide enough lightning adoption. If we can get to 1M BTC lightning capacity, then we won’t need to settle on the base layer that much.

Avatar
Humble Bitcoiner 2y ago

But doesn’t this push the development and awareness of lightning?

It might be a good warning call, no?

Avatar
π–‹π–Žπ–†π–™π–‰π–Šπ–“π–Žπ–Šπ–— (Β―`◕‿◕´¯) 2y ago

Yeah. But it is hard enough to get normies to run a node let alone his own lightning channels. We are still so early. 😁

Avatar
100satsaday 2y ago

Then up charge your routing fees. More volume in L2 will make it profitable. Until now most lightning nodes are losing money to maintain the network, what to blame?

Avatar
π–‹π–Žπ–†π–™π–‰π–Šπ–“π–Žπ–Šπ–— (Β―`◕‿◕´¯) 2y ago

Lightning was created for small payments, with low fees. Raising fees defeats the whole purpose

Avatar
100satsaday 2y ago

A network has to be sustainable. Fee shall not be lower than maintaining cost. As long as it is lower than on chain the purpose is still valid.