nah you are either purposefully or ignorantly unaligned with the success of Bitcoin as a network, you are voicing the same point of view as BSV maximalists https://twitter.com/GhostofMaplHodl/status/1735700193931092190
Have you read Matt's note: "Bitcoin has a brilliant spam mechanism: transaction fees."
That means, fees are a filter for undesirable transactions (spam), which could be payment for goods or services that someone can't send because the fee is too high.
Is it OK to say to that person you can't pay the fee, it's spam? I don't agree with that statement. This has nothing to do with Bitcoin.
If you agree with Matt, that's fine, no need to get contentious.
Why sent from self custody to custodial?
Nop. I own Bitcoin and I see it succeeding.
Saying fees is Bitcoin's spamming mechanism is saying if you can't afford the onchain fee, you are a spammer.
Good Bitcoiners eat beefs, a lot of it. But they believe the government is coming for their beef and will forced them to eat bugs instead. That's why they say no to the bugs.
Of course there is nothing wrong with eating insects, humans have done so throughout history.
It has been a while since the last alien attack. I think we are overdued for another one.
They still get the 6.25 BTC each time. Backlog of transactions increases, fees increases. Helps maintsin high fee environment.
No GMO corn byproduct in my avocados, olive oil or walnuts.
You collect copy of ID, selfy/video, full name, address, proof of address, profession, origin of funds, tax ID, before transacting with someone.
Self-custody is only possible on L1.
The block space is limited and fees a getting high with only thousands of users.
To onboard billions we will need custodial solutions like Liquid, Fedimints, Wallet of Satoshi, Blink, ecash,...
That's just math. Limited block space and billion users means high fees, and most people on custodial solutions.
Self-custody is only possible on L1. You don't have Bitcoin on L1, you don't own Bitcoin. You can't afford on-chain fees, you have to use federated solutions (Liquid, Fedimints) or custodial solutions ( Wallet of Satoshi, Blink, ecash,...).
I hate being the devil´s advocate but I have the feeling that #bitcoin nostriches like to think that everything is hunky-dory with Bitcoin. I rather see lot´s of problems, not yet, but coming clear on the horizon. And too few seem to pay attention to that:
- LN was the bitcoin scaling solution. Custodial LN will be subject to fraud as all custodial solutions. Non-custodial is too burdensome to onboard the average person.
- Without LN the base layer wil be at standstill next year. Block space is now FULL. Backlog in the mempool is about 200.000 transactions - 340 blocks. It has been completely full and never cleared since the beginning of 2023.
- All the available blockspace for 2024 is about 150million transactions which everybody will compete for and will make blockspace by itself an absolute scare commodity.
- Mining fees are going to skyrocket making the base layer good only for very large transactions.
- So WTF we are talking about bitcoinizing the entire world. If today nostr:npub15dqlghlewk84wz3pkqqvzl2w2w36f97g89ljds8x6c094nlu02vqjllm5m decides to give away some sats to onboard the world population (8 billion) it will take 40 years to the base layer to clear the transactions doing nothing else.
- Then we have bitcoin fungibility which is going down the toilet and is clearly the weak spot regulators will attack.
To me it does not look good at all and putting the head into the sand does not help.
Bob Burnett of Barefoot Mining talks about that with nostr:npub14mcddvsjsflnhgw7vxykz0ndfqj0rq04v7cjq5nnc95ftld0pv3shcfrlx
Self-custody is only possible on L1. You don't have Bitcoin on L1, you don't own Bitcoin.
Self-custody is only possible on L1. You don't have Bitcoin on L1, you don't own Bitcoin.
Indeed, I don't know what's your point is.
My point is that saying high fees is a spam mechanism means, if you can pay, it's not spam. If you can't pay, its spam.
So, if you can't afford to self-custody and transact on-chain, you are a spammer.
That's why I have a problem with that.
Nation states with unlimited amounts of money to print don't care about fees on the Bitcoin network.
If they use Bitcoin, they transact in amounts that makes the fees not event a rounding error. And they print the fee anyway.
The higher the fee (5%, 10%, 25% or more), the more people are pushed out of self-custody. They either choose Liquid or LN custodial providers, or use other tokens.
If custodial Bitcoin is not Bitcoin, then Bitcoin is not for everyone.
If you can pay the fee it's not spam.
Nation states with unlimited amounts of money to print don't care about fees on the Bitcoin network. If they buy Bitcoin they buy in amounts that makes the fees not event a rounding error. And they print the fee anyway.
People who have been accumulating small amounts of Bitcoin at 1sat/vb might have to pay 5%, 10%, 25% or more to transact.
The higher the fee the more people are pushed out of self-custody. They either choose Liquid or LN custodial providers, or use other tokens.
Bitcoin core devs changed the code and we have to live with it. Pay high fees or use custodial apps.That's the future of Bitcoin. Get used to it.