Quote from: cAPSLOCK on April 09, 2022, 02:29:35 PM

Quote from: tokeweed on April 09, 2022, 01:59:03 PM

Ffs guys just start being real to yourselves. XMR is what most people think BTC really is supposed to be. And it's not just that, there are flaws in BTC that maxis won't ever question... Like dwindling mining incentives after every halving. We really can't expect BTC to run on just the fees for how transactions per block.

I see more nuance here than you, I think.

Bitcoin's transparency is a feature and a bug. And I think that we will see improvements to privacy on the base layer as well as transactional layers.

As to the fees complaint. If the bitcoin base layer begins to act like the settlement layer then I see no problem with it continuing to attract miners for decades.

Currently the Block subsidy is ~265k USD worth. @265000/2500. Fees per transaction would only have to reach around a hundred bucks to replace that. That is totally doable in my opinion.

Because Bitcoin is optimizing for SECURITY and not cheapness of fees, then we WILL see fees rise. Naturally. And since it is aiming to do other functions (like simple transactions) on layers then we will still be able to buy coffee with it, etc.

At a glance, I agree it seems counterintuitive for Bitcoin not to continue to work the way it has since the beginning... even Satoshi said he thought we could keep fees at zero for a long time but something HAS to give. And the way we are headed fees will go up. This is to keep the base layer distributed as well as possible.

Monero on the other hand... the contributors have positioned it to be a low fee transactional chain so fees may not go up. It's a bit of a catch 22 actually. Monero, if transactions continue to grow along side bitcoin, will end up much more centralized than Bitcoin. as running nodes will become more and more difficult as we go forward. Monero has chosen to risk some centralization to keep fees low.

I do not see this as an X or Y scenario. Rather I believe Monero will work along side Bitcoin. And POSSIBLY even be Bitcoins defacto privacy layer. Hard to say.

It's more looking like a bug for the most serious use cases. IMHO. And I don't get what you mean when you say 'base layer' and 'settlement layer'.. Are you talking about L1?

Ang it's not 'we'll see fees rise naturally'. It's more like the fees will need rise, naturally or artificially to keep the the whole thing going. If not, number go up stops. But yeah, it will be an interesting couple of years going to the next halving.