Nostr

My 2 sats on the mempool and transaction fees:

#Bitcoin always gets criticized that the network isn’t sustainable over the long term because of the decreasing and ending block rewards.

Yet every major industry like the internet, container ships, gold vaults, power grids,.. are funded by fees.

The moment the fees on the #Bitcoin network become higher and pushes and influx of miners to secure the network, people scream it’s broken 😅

How about #Bitcoin settlement layer becomes a layer for the big monetary transactions that are willing to pay high fees for max security. And second layer solutions are for day to day transactions.

Imo this event is good as it pushes development to second layer solutions like #Lightning

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Discussion

Tetsu Tamasi 2y ago

Most of us weren’t prepared so we gonna be bitching about it, but it’s going to be good for #Bitcoin.

Humble Bitcoiner 2y ago

Insert “everything is good for Bitcoin” meme

₿☻Ḷↁ 2y ago

Tetsu Tamasi 2y ago

🧡

BigFish 2y ago

Agree 👍

Higher fees makes development of scaling solutions and/or other block space efficiency improvements more attractive.

Will be needed anyways if we want to achieve real mass adoption.

Adarnit 2y ago

Well said! Fully agree.

Andrej designSats 2y ago

Problem is, you dont want people to be in trusted custodial wallets. Thats hella close to fiat.

Humble Bitcoiner 2y ago

Disagree on that.

I don’t think majority of people want and will study how to self store it. People want an easy way because we are lazy. Look at email, …

I think that you have to separate your saving bag (on settlement layer) and your spend bag (second layer)

That’s my thought

𝖋𝖎𝖆𝖙𝖉𝖊𝖓𝖎𝖊𝖗 (¯`◕‿◕´¯) 2y ago

You still need the base layer for layer 2, opening and closing lightning channels is going to cost 100X more because of some shitheads scammers pushing monkey joegs. THAT is what people are bitching about.

Humble Bitcoiner 2y ago

Okay, but aren’t high transaction fees exactly what we want over the long time? How else will the network be funded if there is no #Bitcoin to mine anymore

𝖋𝖎𝖆𝖙𝖉𝖊𝖓𝖎𝖊𝖗 (¯`◕‿◕´¯) 2y ago

Long term as in 100 years not 2 days 😆

Humble Bitcoiner 2y ago

Sure agree on that

You against this or what are your thoughts? Happy to learn more about this stuff

𝖋𝖎𝖆𝖙𝖉𝖊𝖓𝖎𝖊𝖗 (¯`◕‿◕´¯) 2y ago

For now it is harmful because we don’t have wide enough lightning adoption. If we can get to 1M BTC lightning capacity, then we won’t need to settle on the base layer that much.

Humble Bitcoiner 2y ago

But doesn’t this push the development and awareness of lightning?

It might be a good warning call, no?

𝖋𝖎𝖆𝖙𝖉𝖊𝖓𝖎𝖊𝖗 (¯`◕‿◕´¯) 2y ago

Yeah. But it is hard enough to get normies to run a node let alone his own lightning channels. We are still so early. 😁

100satsaday 2y ago

Then up charge your routing fees. More volume in L2 will make it profitable. Until now most lightning nodes are losing money to maintain the network, what to blame?

𝖋𝖎𝖆𝖙𝖉𝖊𝖓𝖎𝖊𝖗 (¯`◕‿◕´¯) 2y ago

Lightning was created for small payments, with low fees. Raising fees defeats the whole purpose

100satsaday 2y ago

A network has to be sustainable. Fee shall not be lower than maintaining cost. As long as it is lower than on chain the purpose is still valid.