this might be only thing that gets btc out of the death spiral
maybe the neckbeards had the right idea afterall
Today there is 130 btc in fees...
Post by twetch#764
Once the fees get to a certain point, the majority of UTXOs on the network become unspendable.
WHY WOULD YOU SPEND BTC YOU MORON? YOU'RE MEANT TO HODL IT TO THE MOON.
What the chain says
- Block
- 634 930
- Time
- 2020-05-14T23:58:36Z
- Signer
- 1BmBuBf5jH6LUc2BzRTrEePKVctf4dMTpg
- App
- twetch
- Type
- post
- Content type
- text/plain
- Name in tx
- twetch#764
Fields the transaction did not carry are omitted. Open the payload to see the bytes as stored.
Signed by
1BmBuBf5jH6LUc2BzRTrEePKVctf4dMTpg VerifiedReplies (6)
the 130 btc daily fees keep rekt miners mining the chain
its retarded economics but here we are
At 130BTC daily fees, that is still less than 15% of the 936BTC/day in subsidies they just lost. To recover the full 6.5BTC per block, transactions need to pay a fee of 650 Satoshis/byte on average, which for a 250 byte transaction is just over $16.00.
This assumes $10,000BTC which is the price at which everyone must slap themselves for several reasons at once.
But to give you an idea, any UTXOs worth less than around $7 become unusable at that rate, no matter how much batching or segwit you use...
The obvious difference between the two camps is that BTC is RELYING on people paying those fees to remain viable. If they don't, hashrate MUST fall by half OR the price must double. Either scenario means the network will face dramatic congestion.
This is the most important point about BTC that the "stacking sats" advocates overlook.
All those UTXOs you "stacked" at $10 a pop may well end up costing more than their face value to include in a transaction. Great work.
BTC is not for those stacking $10 a pop
- Blockstream