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0 sats \ 10 replies \ @SqNr65 3 May \ parent \ on: JPEGS or no JPEGS... Bitcoin dies without Fee Pressure. THAT is the Truth bitcoin
The transaction fee is too low right now. For some. So they don't mine. It's high enough for others. So they do. This will always be the case because of the difficulty adjustment.
Those for whom it's worth it to mine will mine. Those for whom it's not, won't.
If enough people find it's not, difficulty goes down, making it worth it for more. If too many find it worth it, difficulty goes up, making it worth it for less.
Both scenarios are fine, I don't understand why people think this needs to be 'managed' somehow, it's fine.
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that's not what i meant.
I can go to 6 no... 8 maybe 10 large cities and there's hardly anywhere to spend Bitcoin. And this is reflected on-chain as the fees are 2-3 sats/vb which they seem to be during a bull run.
for all the hand-wringing, all the drama, and all the 'advocacy' about if and when core software should be changed... all the talk, all the need to 'reduce spam'... there aren't a lot of people "using" bitcoin or spending it
ironically the nft people 'spend' bitcoin and seem more willing to use it than the 'money' people and this intellectual disconnect is ultimately unhealthy for the bitcoin comunity
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I can go to 600 churches and less than half the seats are filled with people praying.
For all the drama about declining religiosity, there aren't a lot of people praying.
Ironically, strip club attendees seem more willing to attend strip clubs and spend money than church goes are to attend church and give to the parish.
Should we put stripper poles and strobelights by the crucifix?
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bitcoin is not a religion.
it is a monetary network.
i don't care how or where people spend their bitcoin, whether they blow it at the strip club or tithe it all to the church.
the important thing is that they use it
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You didn't understand the analogy at all.
within the context of the analogy, you just said you don't care why people go to church, the important thing is that they go.
Well in that case, put a pole by the altar and strobelights in place of the chandelier and fuck it, replace the organs with speakers.
But now you just have a strip club dude.
There are already plenty of those.
Churches are for prayer. If people aren't praying, let the church close.
Bitcoin is for transacting. If people aren't transacting, let it die.
Seriously. Let it die man.
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something dying at 96k per unit is a funny thing indeed
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Well I don't think it will die at all.
I think you think there's a "fee pressure problem" because you don't understand the difficulty adjustment or the dynamic nature of markets or the inherently ever-changing nature of existence given the passage of time.
I think you want to "ensure the long term viability of Bitcoin mining" by turning Bitcoin into Ethereum when there's actually no issue with the long term viability of miners in the first place.