Very kind of Bitcoin to allow scammers to monetise Bitcoins hard won reputation.
When ETH has high fees, everyone: ROFLMAO look at all the losers trapped in ETH.
When it happens to BTC, oh errr designed to do this.
Some intellectual honesty please.
High transaction fees are a major inefficiency for any financial system.
They are friction. Friction is bad.
Network needs much more agile resourcing to arbitrage the fees to converge near zero. Obviously doesn’t have that yet. Why pretend otherwise?
There are tons of resources available on this - you should read up. In short, you can’t have thousands of main chain transactions per second and be decentralized. And if bitcoin isn’t decentralized its pointless. So the only way bitcoin will succeed in being usable for billions of people daily is to scale on other layers. This has been known for a long time now. So while it is unfortunate that high fees will prevent some people from using the network here in the short term it is an inevitable pain point to hit on the path to incentivizing more development on non main chain layers.
Except it hasn’t scaled on other layers yet.
Thats not what is driving this demand for mempool space. It isn’t the much desired monetary adoption driving this.
This is a use case fork.
Bitcoins utility as a currency is weakened by its new dual use case. L1 is now dominated by ordinals.
If miners can make legal windfalls from selling shovels in ponzi’s, guess where they will steer the protocol.
This is a false equivalency.
You can scale on layer two without having this shit congesting layer one.
They are not mutually exclusive.
Its bad for an inflationary financial system. Not a hyper deflationary one
Higher fees and decentralization > centralized system with low fees and 100% dependence of middlemen.
I just zapped you 1 sat to demonstrate how lightning works.
Who is scammer you and me? Only censorship can define bad users. It is very dangerous.
That’s not how I see things.
Bad users shouldn’t be censored, they should have enough free speech to humiliate themselves.
You are ignorant. Miners are being paid for providing blockspace. The miners will take this and further increase the security of the bitcoin network, adding to its value proposition. If you feel friction, take your sats to the lightning network, otherwise, GFY.
Sounds emotional. Tough day?
You are right though, sat transactions will flee the blockchain to L2 and L1 will be dominated by tokens and… crypto.
L1 will be dominated by settlements between large institutions and nation-states. Thanks for learning
So when this ponzi rolls over and fees tumble back towards 10 sats/vB… you will be sad, and see that as a bad thing, a reversal of progress?
Or just reinvent a diametric reason for it to be bullish?
Some intellectual honesty is required for credibility.
You’re here for counterspeech but you out yourself as foolish. I would encourage you to GYF 🤙
