Author: jk_14 at op.pl 2023-05-12 09:36:57
Published on: 2023-05-12T09:36:57+00:00
In a post to the bitcoin-dev mailing list, user Keagan McClelland highlighted concerns over the current fee environment for Bitcoin and its survival in the post-subsidy era. The writer believed that fees would need to increase significantly if Bitcoin is going to survive, with layered protocols needing to be fixed to ensure its success. They argued that the current $30 fee situation is likely temporary but that the future $40 fee situation in a post-subsidy era will be hopeless without reducing network difficulty and compromising security. The writer stressed the importance of maintaining the Store-of-Value feature of Bitcoin, which would collapse if the current network hashrate dropped significantly. They also argued against interfering with the free market and suggested that low-value transactions should migrate to Layer 2 protocols such as LN, RGB, or Taro. However, they did suggest intervening where there is no free market, such as between active and passive users in a post-subsidy era. One conservative option proposed was delaying the halving in case of four years of network difficulty regression, while demurrage was suggested as another possibility. The writer concluded by emphasizing the importance of avoiding network security regression and doing everything possible to maintain constant or slightly increasing network difficulty.
Updated on: 2023-06-16T18:18:28.475336+00:00