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Are high onchain fees good or bad for bitcoin?
10 sats \ 12 comments \ @k00b 7 May 2023 bitcoin
miners are making more corn = good users are paying more corn to move corn = bad fees are coming from shitcoinery = bad shitcoiners aren't using shitcoin networks = good? full nodes have more (junk) data to validate and store = bad
If you move a lot of coins onchain you're probably adversely affected, but on the other hand if you're hodling, degens are subsidizing your corn's security.
good75.0%
bad25.0%
8 votes \ poll ended
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447 sats \ 0 replies \ @Atreus 8 May 2023
Yea the chief issue is inadequate LN adoption like ekzyis said. It's not enough. On the other hand, you need an event like this to incentivize LN development.
For me personally this was a short-term pain in the ass — since I hadn't been following in a week and showed up innocently expecting to make an L1 move today that I've changed my mind about 👀 — but that's not a big deal.
I did go on YouTube to see videos from the dozens of crypto scammers fueling this. Probability of this ending in blood, tears, and fire 🔥 for them ... 99%.
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465 sats \ 1 reply \ @ek 7 May 2023
I think this will drive LN adoption. However, not immediately since opening channels is also expensive now. But when fees are reasonable again, I think more people will have realized why we need LN and open channels. This should make LN more liquid.
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21 sats \ 0 replies \ @03365d6a53 9 May 2023
this. luckily I have several channels and remain unaffected by recent events
if and when fees reduce, I'll definitely be opening another (bigger) one.
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108 sats \ 4 replies \ @03365d6a53 7 May 2023
it's good and it's inevitable
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0 sats \ 3 replies \ @premitive1 8 May 2023
Why inevitable?
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122 sats \ 2 replies \ @03365d6a53 8 May 2023
Because demand for bitcoin blockspace will (and must) increase
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10 sats \ 1 reply \ @premitive1 9 May 2023
But must it increase now?
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298 sats \ 0 replies \ @03365d6a53 9 May 2023
yes
we should be GRATEFUL that degens are paying for this stress test, showcasing BTCs resilience, the power of small blocks, and triggering L2 adoption by major exchanges
not to mention the renewed developer focus on scaling solutions, which is sorely needed
we should also be thankful that we had such a long period of low fees! which was never going to last
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10 sats \ 0 replies \ @kenn_b 8 May 2023
Only time will tell, but it is a bit concerning. Something bad is always good for something and only time will tell whst that is.
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10 sats \ 2 replies \ @premitive1 7 May 2023
None of the above. They are a phenomena. Are thunderstorms good or bad for earth? Good or bad for humanity? Bitcoin doesn't care.
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13 sats \ 1 reply \ @ek 8 May 2023
Bitcoin doesn't care.
But do you care?
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0 sats \ 0 replies \ @premitive1 8 May 2023
Not particularly. Eventually the speculation on digital art assets either wanes, or gets overtaken by another trend. I stopped wanting bitcoin to do anything in particular aside from what it already does, and it allows me more equanimity in situations where the congestion arrests my plans.
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