also please do the math to understand what bitcoin is and what will be: a scenario with high tx fees means a scenario with high demand for blockspace. It means probably also high net-value for bitcoin, and so high fiat-denominated price and high pirchasing power for bitcoin.
This means that 50k sats will value at some point 1k $ bucks BUT your 50k sats UTXO will become unspendable; moving bitcoin onchain will cost the fiat equivalent of thousands of dollars.
Add some Pareto effects and the consequent "squeeze", and the situation will be also more extreme.
This is bad? I dont think so.
This is dangerous? Absolutely yes, and we need more tools to scale bitcoin off-chain if we want to prepare ourself for the "worst-best-case scenario".
ponymontana🦄⚡
npub185p…36k8
2024-07-01 14:29:00
in reply to nevent1q…yydw
Author Public Key
npub185pu2dsgg9d36uvvw7rwuy9aknn8hnknygr7x2yqa60ygvq6r8kqc836k8Published at
2024-07-01 14:29:00Event JSON
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"content": "also please do the math to understand what bitcoin is and what will be: a scenario with high tx fees means a scenario with high demand for blockspace. It means probably also high net-value for bitcoin, and so high fiat-denominated price and high pirchasing power for bitcoin.\n\nThis means that 50k sats will value at some point 1k $ bucks BUT your 50k sats UTXO will become unspendable; moving bitcoin onchain will cost the fiat equivalent of thousands of dollars.\n\nAdd some Pareto effects and the consequent \"squeeze\", and the situation will be also more extreme.\n\nThis is bad? I dont think so.\nThis is dangerous? Absolutely yes, and we need more tools to scale bitcoin off-chain if we want to prepare ourself for the \"worst-best-case scenario\".",
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