pull down to refresh

2 replies \ @OgFOMK 30 Jan \ on: In the future will we be able to auction small UTXOs for someone to consolidate bitcoin
It's an interesting idea. One thing to keep in mind is that there will be a certain point that mining fees should decrease in Bitcoin costs as Bitcoin increases is purchasing power.
Just imagine a switch was flipped and everything a dollar buys today will be bought by a Satoshi tomorrow. A 1 to 1 peg flippening.
So a 100 dollar power bill might be 100 SATs tomorrow. That's 2.1 quadrillion to convert an existing M2 money supply and others that might be 1 quadrillion now. Layer 2 gives us 2.1 quintillion of mSats.
Hang tight. Keep your keys. Use a UTXO to pay a fee. Consolidate. Bite the bullet.
Make sure you earn and learn before you turn and burn.
write
preview
10 sats \ 1 reply \ @nymkey 30 Jan
This is exactly the angle people fail to see nowadays.  When we hit
the 1 Sat = 1 USD of today, fees will be much lower.

I remember several years ago paying either 0 fees or 1M sats fee because the
purchasing power was irrelevant and there was no competition to
enter the next block.

I agree with your point of view and I have been always wondering
why it is so hard to understand by many... I guess they are still
stuck on the equivalence 'Bitcoin - Fiat' and fail to understand that
everything will be measured in terms of Sats.

Finally I saw someone explaining this angle.
reply
0 sats \ 0 replies \ @OgFOMK 30 Jan
I've been using a tape measure for years. 1 foot is a real measurement. Fiat Price is not.
As example is 1 hectare of land measures 1 hectare in 1980. However they issue a new metric ruler for 1 dollar. The same rule was 1 dollar then. Today's ruler is better because I measure that hectare and now it's 100 hectares! It grew in value!
It's the same nonsense with valuing but FIAT CURRENCY.
Once the measure is by a fixed 21 million at the top and 2.1 quadrillion at the, on chain, bottom then wealth can be valued according to the ledger on chain and off chain Layer 2 it will be 2.1 quintillion at the bottom. Layer 3 will be even finer and granular in fungible and proven value. We also may not even spend anything at all with the exception of new relationships or streaming wages.
reply