0 sats \ 1 reply \ @0207a984de OP 23 Dec 2023 \ parent \ on: What if scaling Bitcoin isn't a goal? bitcoin
I think there will always be a price to pay. My argument is that "high fees" is relative to your stack size. The more BTC you own, the less the fees can be considered to be "high". If you price fees in fiat, yes it's "high" but that's an inflated number that Bitcoiners should be relatively ignoring at this point. We all KNOW that fiat is inflated to infinity, so it's not a useful or reasonable way of looking at the price of fees (or the price of anything, even Bitcoin itself).
So as long as you stack early and often, fees will always be low. You're not just investing in BTC's price when you buy BTC, you're investing in the ability to pay low fees for transactions in the future. And it will be low, comparatively to those who came into BTC later. I imagine people with 500,000 BTC stacks don't care about 700 sats/vbyte. Extreme example, but the point is, the earlier you stack, the cheaper you transact.
Not quite. It's better to think of the real resource value of the fees. If the fees are more expensive than a cup of coffee, then bitcoin will never be used to buy a cup of coffee. If fees are higher than a day's wages (which they already are for some countries), then bitcoin will never be used to pay for a day laborer's services. It doesn't matter if you have a large stack, you still won't conduct these transactions in bitcoin if the fees are more expensive than the value of the service. And don't we want as many transactions to be conducted in bitcoin as possible? That's why we need scaling solutions.
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