Exactly and the incentives allow them to max their revenue if they behave rationally, meaning choosing transactions with higher fees. But now there's a parallel market outside of the protocol that directly competes with financial transactions in which 1 sat is not worth 1 sat anymore: pay a miner in FIAT and they'll mine a full block of JPEGs for you, without any financial transaction because the JPEGer knows they can "resell" each JPEG from that block at a much higher value.
It doesn't break the software, but it changes the incentives for sure, especially if it lasts.
pupa / Pyupa
npub1vd…a3vjy
2023-02-15 20:22:08
in reply to nevent1q…azty
Author Public Key
npub1vdr5hvg0shadu3ggzjur7dkqvwdwtvdpzk4ppuzlaanpgrwudvcqua3vjyPublished at
2023-02-15 20:22:08Event JSON
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"created_at": 1676488928,
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"content": "Exactly and the incentives allow them to max their revenue if they behave rationally, meaning choosing transactions with higher fees. But now there's a parallel market outside of the protocol that directly competes with financial transactions in which 1 sat is not worth 1 sat anymore: pay a miner in FIAT and they'll mine a full block of JPEGs for you, without any financial transaction because the JPEGer knows they can \"resell\" each JPEG from that block at a much higher value.\n\nIt doesn't break the software, but it changes the incentives for sure, especially if it lasts.\n",
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