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31 sats \ 2 replies \ @jk_14 1 Jun 2023 \ on: A discussion on block size bitcoin
Free market introduced between on-chain active users and passive users (stakeholders) - would keep equilibrium between them and effectively as low tx fee as possible in the post-subsidy era.
But it's not easy task when some Bitcoiners argue in fact, that lack of free market is good due to "Dogma of Satoshi full infallibility"...
In the bitcoin fee market, the supply is fixed at 1MB and demand is based on current user demand for block space. As demand increases, price for block space will go up. This is a good thing because the security model will heavily rely on high fees in the future.
Changing the supply of block space if mass consensus is reached among the bitcoin community does not break the free market of bitcoin fees, it just changes the supply side of the market.
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I'm not talking about free market of bitcoin fees, i.e. between the active (on-chain) users alone
I'm talking about missing free market between them - and the passive stakeholders aka free riders, in post-subsidy era.
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