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0 sats \ 1 reply \ @TwoLargePizzas 19h \ on: A Real SPAM solution: People using Bitcoin bitcoin
One thing that often seems to get missed in these discussions is that even 1 sat/vbyte transactions get more expensive in purchasing power terms as the value of BTC goes up.
To put it another way, the same 'going' rate for a basic transaction at 1 sat/vbyte (17 cents) today cost less than a cent the early days. In the future, if the purchasing power of BTC goes where we all think it will, that same 1 sat will be the equivalent purchasing power of multiple dollars.
The point I'm making is that it will always get more expensive in real terms to use on-chain transactions. And that's exactly what we want if Bitcoin is to survive. Why? Because that's how the miners get paid in the future.
But it also means, by extension, that 8 billion people will not be using on-chain transactions to buy coffee. We all know this if we're honest with ourselves. What's much more likely to happen is that on-chain is the settlement layer for higher layers.
The funny thing is the pro-SPAM camp justify the spam by saying that more on-chain transactions are a good thing.
I don't know the answers, I just wanted to throw in my two sats for discussion.
The issue, in my opinion, is that there is so little on-chain economic activity. We need real spenders, real Lightning channels, real merchants, real on-chain or off-chain spends...
Today it's mostly... op_return bots imagining memecoin games. It's kind of discouraging honestly.
I'm not sure that things will always be '1 sat per vbyte'... look at what has happened already... miners are overwhelmingly accepting sub-1-sat/vbyte just to have the blocks full. If '1 sat' is worth considerably more in the future... then the fee rates will also come down to reflect that.
I believe that eventually we'll have an enormous number of people using on-chain, using Lightning channels, spending Bitcoin daily etc... But it could take 20-30 years.
If you are relatively young then in your lifetime you will see that but if it takes 30 years some Bitcoiners today, despite their best efforts, won't see it. Maybe their children or grand-children.
But it also means, by extension, that 8 billion people will not be using on-chain transactions to buy coffee.
We already know this... it's why we have Lightning.
The funny thing is the pro-SPAM camp justify the spam by saying that more on-chain transactions are a good thing.
I am not pro-spam, I don't like the spam. But I don't know any way to stop it because nodes are already so good at relaying things within consensus that they appear to get through anyway.
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