By way of example, I'm trying to show that bitcoin's mechanisms makes so there's a direct connection between price and fee-value.
Yes, in a real world scenario there are more variables, but what evidence do we have to support that if prices were to go up that much, the value of fees wouldn't follow suit?
For the record, I wasn't trying to imply that there would be perfect correlation. But rather to show what bitcoin's fundamental's can lead to for fees.
Yes, in a real world scenario there are more variables, but what evidence do we have to support that if prices were to go up that much, the value of fees wouldn't follow suit?
For the record, I wasn't trying to imply that there would be perfect correlation. But rather to show what bitcoin's fundamental's can lead to for fees.
There is none:
https://bitinfocharts.com/comparison/bitcoin-transactionfees.html
https://bitinfocharts.com/comparison/bitcoin-price.html
Average fees from May 2017 till November were constantly over 2.5$, with the price being well below 6k$.
In May 2018 till October, with the price constantly above 6k the average fee was below 1$.
In January this year with prices over 10k we were still below 1$, now with prices below that we're at around 3-5$.
And that brings up another problem. Even if the price does go way up and the correlation between price/fee value isn't great, but it's still there.
Nope, it's not.
