Oddbean new post about login | logout Personally I think fees will continue to rise in dollar terms but will continue to fall in sats term over longer period. But it’s better to be prepared for worse.
The average transaction cost has been pretty much the same since the block chain started. I remember Adam Beck saying its been around 33 or 333bytes? In the end the question is what do miners sell? Blockspace. It's rare and once filled it will be expensive.
Adam Beck https://media.tenor.com/UU4WrYE47UkAAAAC/spongebob-squarepants-patrick-star.gif
"I'm a loser baby..." https://image.nostr.build/5aac974f29b2f25ca99f1448534eae54118ff69a86f47c2a14720f8a6145a5f9.jpg
I had no choice https://image.nostr.build/6fc63b70d7bdd698795057cb1be34b3644ff1bc0e8ccf2372cd0c2a594097280.jpg
Hahaha awesome 🤣 I was getting my kids lunch ready so I didn't have time to make an edit. This is perfect 😂😂
He was on what bitcoin did… Laugher intensify?
Oh you mean there’s another guy actually named adam beck?
I don't know who these yahoos are. I consume immense amounts of podcasts. I think he's started a fedi and a side chain called liquid which seems like extra steps
Yeah that’s adam back 😂
Lol
😁🤭🫂
@Aaron van Wirdum Can we get Dan a copy of your book? https://thegenesisbook.com
? I mean thank you, any reason in particular?
https://image.nostr.build/48faf729aba6da611cfcd0664cd2435c0de14d5a04eded9f6d76e0a96594ae66.jpg
Ah, an early adopter and contributor. I will say he speaks from knowledge when I have listened to him
Transaction cost has certainly not been “the same.” Your reference to bytes suggests you’re referring to Transaction SIZE? Maybe. Cost, no. Cost, denominated in SATS has gone DOWN over time. Cost, denominated in DOLLARS has gone UP over time.
If the size is the same and the fee rate is the same, then the sats cost must also be the same. The only way for the sats cost to decline, is if the fee rates decline (most people are expecting the opposite) or forks that create new efficient methods of using blockspace (SegWit, Taproot)
I view blockspace as community not scarcity. It’s gets produced every 10 min and will be produced for ♾️ time. So whenever there is congestion, it incentivizes newer protocol to develop which in-turn removes the congestion from the block. Also if worlds gets priced in bitcoin, it will eventually price out low economic value transactions on base chain (like $100 transactions at that time) as sats will be more valuable than dollars then.
The only realistic way that fees fall in sats terms is with forks, or new tech that uses blockspace more efficiently
