Bored Satoshi on Nostr: Bitcoin has very limited blockspace. It is not meant for people transferring 100s of ...
Bitcoin has very limited blockspace. It is not meant for people transferring 100s of $. It's meant for much larger transactions. The only way you'll transact on Bitcoin is if the value you get out of this transaction is worth more than the fees you're paying.
So when the Bitcoin network is used to buy 100 BTC worth of Oil from the UAE, they do not care/about the $100 transaction fees.
1. We need transactions to generate enough revenue for the miners. (Pls tell me if you disagree on this). Else, miners cannot be profitable and will move on to doing other things. Then Bitcoin mining will become a lot cheaper and the price will spiral down with many 51% attacks.
2. There isn't enough demand for the blockspace by pure transactors alone right now. But there is demand for other speculative assets that are put on Bitcoin. Thus, there are more transactions happening right now to create and buy these useless things. a good thing.
3. Anything can be bought and sold using bitcoin. It is similar to buying and selling drugs using Bitcoin, are we against it? Are we against Russians using Bitcoin? No. Why are you against people gambling on Bitcoin? It is a free network.
4. Gambling is not Bitcoin's problem to solve. Trading these useless things is a zero-sum game. People will most likely lose their bitcoins. It needs to be solved by us as a community. We should be against gambling on any chain.
5. With these things in mind, we should things that are valuable enough to justify $1000 transactions. Whether it is an L2 block that amortizes transaction fees among a lot of people and settles on Bitcoin or someone that wants to put an image on Bitcoin for history to remember. It should be allowed.
To your point, we shouldnt keep the fees low because we want people from third world countries to transact on Bitcoin. We should scale Bitcoin to accommodate all of their transactions. Scaling is done by building L2s that are more valuable than trading runes or ordinals. So the value you generate by enabling thousands of people to use Bitcoin will be greater than the mere $500 transaction fees.
So when the Bitcoin network is used to buy 100 BTC worth of Oil from the UAE, they do not care/about the $100 transaction fees.
1. We need transactions to generate enough revenue for the miners. (Pls tell me if you disagree on this). Else, miners cannot be profitable and will move on to doing other things. Then Bitcoin mining will become a lot cheaper and the price will spiral down with many 51% attacks.
2. There isn't enough demand for the blockspace by pure transactors alone right now. But there is demand for other speculative assets that are put on Bitcoin. Thus, there are more transactions happening right now to create and buy these useless things. a good thing.
3. Anything can be bought and sold using bitcoin. It is similar to buying and selling drugs using Bitcoin, are we against it? Are we against Russians using Bitcoin? No. Why are you against people gambling on Bitcoin? It is a free network.
4. Gambling is not Bitcoin's problem to solve. Trading these useless things is a zero-sum game. People will most likely lose their bitcoins. It needs to be solved by us as a community. We should be against gambling on any chain.
5. With these things in mind, we should things that are valuable enough to justify $1000 transactions. Whether it is an L2 block that amortizes transaction fees among a lot of people and settles on Bitcoin or someone that wants to put an image on Bitcoin for history to remember. It should be allowed.
To your point, we shouldnt keep the fees low because we want people from third world countries to transact on Bitcoin. We should scale Bitcoin to accommodate all of their transactions. Scaling is done by building L2s that are more valuable than trading runes or ordinals. So the value you generate by enabling thousands of people to use Bitcoin will be greater than the mere $500 transaction fees.