Controversial take.
Low fees/transactions on Bitcoin just means that Bitcoin has much more capacity to scale up the economy running on top of it.
Discussion
Yes.
I think the fear is:
- mempool depth has become a demand proxy metric
- it makes mining profitability less predictable
If L2 adoption means less demand for on-chain transactions, but we want full blocks, there are two types of solution:
- developments that reduce L2 activity that pushes things back on chain
- mind blowing L2 growth that makes "rare" L2 on-chain events fill whole blocks
One of these is more appealing to me than the other
You mean spam-free blocks make bitcoin scale better because the multiplicative effects compound?
If the mempool is full; they big mad.
If the mempool is empty; they big mad.
I’m starting to think that it really doesn’t matter