Re: mempools cleared
it's my understanding this is positive as this means that even at this network size, the smaller block size is working in that all transactions are making their way into blocks.
Do I have that right? #asknostr #askbitcoin nostr:npub1qny3tkh0acurzla8x3zy4nhrjz5zd8l9sy9jys09umwng00manysew95gx nostr:npub1guh5grefa7vkay4ps6udxg8lrqxg2kgr3qh9n4gduxut64nfxq0q9y6hjy
It means that Lightning and other solutions to the small block size have been effective at keeping on-chain demand reasonable, sure. Zapping would never be a thing if we had to do it on-chain, for instance.
yay for effectiveness!
Yes. The downside is that the amount of hashpower the Bitcoin network can purchase is the block subsidy + fees. This is the "security budget". Bitcoin is only secure because getting 51% of the hashpower of the network is either infeasible or economically not worth it. Subsidy cuts in half every so often until it hits basically zero. So long-term, fees need to provide this budget. Cleared mempool = very low fees = low security budget.
