I know what you mean - and it’s certainly not linear. But it’s a free market and crucially it never ends. So whilst panic might set in for a while, the free market decides throughout.
I’m not an expert and not been here long enough, but there is also a lack of history here where block space has seemed properly scarce? For the early years it wasn’t so much of an issue at all, then segwit gave some leeway, taproot, lightning have presumably offered similar relief as the network of users has grown? Even regardless of an “attack”, block space is wholly scarce so this will happen over time even with honest actors, as activity in Bitcoin increases.
this territory is moderated
agreed. It doesn't matter what the block fees are, things like Cash App and River are going to need to send UTXOs to users who are extracting to self custody and the more users use those tools to do so, the more they will have to use block space. They are batching so they can eat high on chain fees as part of servicing hundreds/thousands of customers in bulk. For most people, owning UTXOs does not have a future--they will just leave bitcoin in custody and let Cash App and the like worry about on chain shenanigans.
reply