Oddbean new post about login | logout If fees stay the same, should I implement Liquid support into Nomen? This thing will die if it can’t even get properly started because no one will buy a name because of fees!
How much space does it take to register a name? What's the dollar cost when fees are 100sats/vb?
It’s an extra output on top of any transaction. The size depends on the length of the name, but it’s quite small. If you choose a 4 byte name “owen” then it would be 42 vbytes in total to register. That’s 4200 sats fee, or $1.54 at current prices + the cost for the rest of the transaction (it can be any transaction as I said).
In the long run it seems like there will be some need for scaling, but for now a few bucks is pretty reasonable for registering a name. I can't believe these brc20 bros keep relentlessly throwing all their sats at the miners. I assume they will run out of sats at some point and fees will relent.
Perhaps in the future, imo, as I don't think it's that big of an issue as fees go up and down and advancements in bitcoin would try its best to keep costs to as low as possible. With that said however, even at times when fees are high, I wouldn't say it would deter people that much, where it would just be an understanding of how things are at the time, while also considering that these names are permanent, there are no recuring fees.