Small/big Blockers: is everyone wrong? \ stacker news ~bitcoin

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0 sats \ 4 comments \ @muteness11 16 Dec 2023 bitcoin

The consensus is small blockers won while keeping he ethos of decentralisation but with the current spike in fees (currently averaging $26.11/tx) and will likely go much higher .... we will have the same situation as we've had in the past (I woudnt call it a problem) which is fantastic for builders to think of more L2s rather than increase block size

very low fees or very high fees = endless discussion with always someone not being happy :)

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228 sats \ 1 reply \ @antic 16 Dec 2023

The theory is that eventually the people spending 3x-5x optimal fees will run out of money, but in practice, that's a long way off. If it costs $30 to 2x overpay an inscription transaction, a multi-million dollar fund can pay for those until the cows come home, especially if there's any kind of market that will pay higher than $30 for a poop image, which we have proven in other systems will happen.

At the same time, adoption is growing, and people are still leading with "get your coins off exchanges," which won't scale to 1 Billion users no matter how big the blocks are.

I think we will see this high fee environment until the next FOMO top.

0 sats \ 0 replies \ @antic 16 Dec 2023

and then you have people who apparently are doing CPFP incorrectly and paying the price. That or they are doing an expensive trolling: https://mempool.space/tx/0cef268fff70c605dd91a00586d4edefc00ea47fc3c38500c67692aea8f6e9c9