Nostr Web Client

For example, consolidations that aren’t worth doing when fees are high… It’s a matter of supply and demand. And if fees are, say, at least 100 sat/vB, a lot of transactions simply won’t happen. Some people won’t even consider using on-chain in that kind of situation. On the other hand, if transactions were theoretically still possible at, say, 0.01 sat/vB, it would be accessible to many more people. Fees would only converge toward zero in a scenario of low demand combined with very low time preference.

Joe 5mo ago 💬 1

Yes you are right, but 100 sat/vB only means, that there are more transactions waiting than normaly but the blockspace is fixed, and only every 10 minutes there will be a block, so, if they can not wait that long, they have to go to layer2s. And than longtherm, there will be less transactions in the mempool, and the "Magnet" of 1 sat/vB will come back. So 1 sat is the lower baseline for the security of the network in the future. If we let that break, the baseline of the security goes under 1 sat/vB.

High fees does only mean, that the use of the Bitcoinnetwork is overheated. Do you know what i mean ?

Reply to this note

Please Login to reply.

Discussion

Hynek 5mo ago 💬 1

I think I understand you.. but..

1 sat/vB is arbitrary and not sustainable from game theory view.

If there isn't strong interest in on-chain transactions, then this weak convention definitely won't save us in the long run.

Joe 5mo ago 💬 1

If it would be part of the network rules it could. So we will not be saved i guess ;-).

I hope Bitcoin will suprise me in the future.

Hynek 5mo ago

Bitcoin will surprise all of us 😊