I will say it again. This is a coordinated, malicious attack. Why won't anyone open their eyes and see it as even a possibilty? Nobody is paying this much for fucking jpegs, but those who are threated by btc have unlimited fiat to draw this out as long as they choose.
Discussion
there's no attack in wasting money, is it? The actual amount of BTC doesn't matter - only the absolute scarcity is important.
If that wasn't the case, dusting and losing keys would both be attacks on Bitcoin...
The money masters have unlimited funding. They have means and motive to waste all the money they want. They know they cant stop it, but after previous jpeg BS they saw how it clogged block space and artificially increased tx fees. So, they finance it this time and make it much worse. Look at it as a DDoS-type attack on block space. So until someone comes up with a better explanation why so many idiots are paying these prices for jpegs, and now insane prices for dust, Im sticking with my theory. You can disagree all you want, does not change the fact that this is clearly an attack. There is literally no other rational or logic reason for it.
What if they have calculated that ETF fees can pay for transaction fees to make self custody prohibitively expensive.
That's my assumption as to exactly what the plan is. Problem-reaction-solution. Tried and tested method that works every single time. Yes, those who know better will figure another way, but perfect trap for newbs and others who dont want the headaches of self-custody.
In fact, it will be promoted that way.