Love it or hate it jpegs are providing utility for Bitcoin.
High fees means more insentive for mining meaning more security for your money.
Dick butts are literally helping secure your financial future.
Discussion
*incentive
Yes, yes and yes! Nothing more to say 🤝🏻
high fees means less people use the network
Um it literally means many people are using the network...
Sorry but youre both misunderstanding a fundamental point here...
Fees and tx size are two different things. You can have high fees on small transactions and vice versa.
High fees does not necessarily mean more or less people are using the network. Onchain fees are an auction. High fees simply means the price per vbyte has been bid up.
When fees are high, this means fees have been bid up by higher time preference users. There are now more people willing to pay higher price for faster confirmations than before. This does not necessarily mean more or less users. Correlation not causation.
One large transaction can fill the entire block with a huge fee. Or many small transactions with large fees can fill the block. In either case fees are high, but that has no actual bearing on how many people (# of transactions) are using the network at a given time.
High sustained fees definitely requires more market participation...
Not necessarily,. You can have a single person bidding crazy high fees and huge tx size over and over. Or a single person spamming lots of small tx size but high fees and filling blocks.
Either scenario would be result in sustained high fees but not mean more users.