pull down to refresh
114 sats \ 4 replies \ @tomlaies 7 Nov 2023 \ on: Question on Bitcoin transaction fees bitcoin
Yes, it's just demand and supply.
But a more interesting question could be what causes the spikes in demand. It seems to often coincide with rises in the exchange rate with the Dollar.
I'm also curious about likely macro triggers for the recent uptick in blockspace demand
reply
Sounds like you want me or someone to say something to the effect of "The fed is soon to drop rates and people are already moving into Bitcoin to anticipate a risk of a second wave of Dollar devaluation".
Is that true, do you want me or someone to say that?
Sounds like it could be true but we have zero tangible evidence for that. The simple observations like it often coinciding/trailing with Bitcoin going up in relation to the Dollar however is pretty tangible.
Or do you want to hear about Ordinals/jpegs being another thing on the demand side creating upward pressure?
reply
demand for bitcoin doesn't necessarily translate to demand for blockspace
most purchases are custodial
I guess I'm looking for evidence / some kind of well-reasoned report, rather than the opinion of some guy from the internet 😀
Not that it matters much, rising fees is a healthy thing, but it is curious. Why now?
Users moving en-masse to/from cold storage following recent price increases?
large scale lightning force closes?
increase in mixing activity?
is probably a mix of things.. presumably some of this can be objectively analysed
the american fed / us dollar doesn't seem relevant tbh
deleted by author
reply