codearchy

Awkard truth #2: Layer 2's won't solve the problem of high #Bitcoin transaction fees either. *Somebody* has to keep fuelling the miners with economically inefficient fees, to keep the network secure. But there's a name for businesses that dramatically raise their prices for the same offering, in a market full of battle-tested alternatives: bankrupt.

Awkward truth: A high-fee environment for #Bitcoin will be terrible for Bitcoin in the same way as a high-fee environment for anything else. If you (inevitably, in Bitcoin's case) significantly raise your prices (transaction fees) without also offering significantly more value in return, users will flock to #Monero and other low-fee tools that already are way faster, way cheaper, and offer unparalleled privacy and sovereignty. Will that persuade the maxis to change their minds? Trick question. Nobody cares.

I'll add: Decentralisation breaks the "Orient" part of the OODA loop as well. When, instead of a single server operator, you have hundreds, thousands - or even millions - which one do you target? #cypherpunk #decentralised View Article →