b9c5e - 2y
60 sats/byte to get into the next block. 60x from only a few weeks ago. Few understand mempool dynamics. In the right circumstances a small increase in demand for block space can lead to radically higher fees. We have a 140 block backlog, likely headed for 1000+ and truthfully the chain is hardly being used. Anyone who is worried about a fee market developing is clueless. Fees being larger than subsidy will likely start to happen on occasion next epoch. Will become the norm in the one after that. Difficulty will just go absolutely apeshit once more people have confidence that rewards will start trending up not just in dollar terms, but in bitcoin terms as well.
70146 - 2y
Can you expand on "truthfully the chain is hardly being used"? Do you mean as a percentage of tx vs lightning?
Quick search says there are roughly 800,000 wires sent per day. Max on chain transactions per day is roughly half that. So in the most bearish case I can imagine where all onchain transactions do is replace fedwire we have twice the demand as we have space. What happens to fees then?!
1993. Wow. #[1]
Getting sub penny zaps on a post about base chain fees. Poetic.
