Here’s one reason why I still don’t really care.
For there to be 2 Bitcoin in fees in a block, someone would have to have 2 Bitcoin to spend, meaning that they would have needed to buy 2 Bitcoin. So whether it’s ordinal degens, the government, or just regular high usage, demand for blockspace necessitates demand for Bitcoin.
If the government wants to print money and try to outbid mempools, they cannot outbid every marginal transaction, and while they’re doing so they are
1. Being required to buy Bitcoin
2. Debasing their own money
3. Providing miners with massive revenue increases, which further secures the network
So at the end of the day, this problem is self correcting in the long term. 100M legitimate Bitcoin users would case fees to be 100x of what they are now anyway. It’s time to start the real scaling wars.
zforce / Zach⚡️
npub1hy…3ntt0
2023-11-09 04:55:19
in reply to nevent1q…yut8
Author Public Key
npub1hymqekqgkf8vhlgr2a0n6cmmre3v48l2g9dvv7mvtvg7790j35rqh3ntt0Published at
2023-11-09 04:55:19Event JSON
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"content": "Here’s one reason why I still don’t really care.\n\nFor there to be 2 Bitcoin in fees in a block, someone would have to have 2 Bitcoin to spend, meaning that they would have needed to buy 2 Bitcoin. So whether it’s ordinal degens, the government, or just regular high usage, demand for blockspace necessitates demand for Bitcoin.\n\nIf the government wants to print money and try to outbid mempools, they cannot outbid every marginal transaction, and while they’re doing so they are\n1. Being required to buy Bitcoin\n2. Debasing their own money\n3. Providing miners with massive revenue increases, which further secures the network\n\nSo at the end of the day, this problem is self correcting in the long term. 100M legitimate Bitcoin users would case fees to be 100x of what they are now anyway. It’s time to start the real scaling wars.",
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