Author: Michael Folkson 2023-05-08 20:36:11
Published on: 2023-05-08T20:36:11+00:00
The discussion revolves around the purpose of paying an on-chain transaction fee greater than the amount received and whether it serves any benefit. It is suggested that if fees continue to rise and be sustained at high levels for a long period, one might consider closing their Lightning channel(s) and moving whatever value they can on-chain, even if it means paying a higher fee than the amount received. However, this is not recommended and depends on personal and external factors. Rejecting any transaction where the fee is higher than the sum of outputs may prevent reasonable transfers of value and attempted Lightning channel closes during fee spikes. The community discusses possible solutions to the problem of congestion caused by side projects like BRC-20, including enforcing censorship at the node level and introducing a runtime option to prune non-standard Taproot transactions or BIPs and commits into the Bitcoin Core codebase to curtail the loophole in BIP 342. Critics argue that such actions impinge on maximum freedom, but the community has a responsibility to find a solution that fits everyone's common ground.
Updated on: 2023-06-16T18:16:23.243466+00:00