Quote from: serveria.com on Today at 06:11:52 AM

Quote from: be.open on Today at 04:41:34 AM

Quote from: dragonvslinux on Today at 04:10:10 AM

As for the current topic, have read a bit more into the whole "ordeal". I still see nothing wrong and only high demand. I get that it can be frustrating for average users wanting to make transactions to either have to wait or pay high gas fees, but if you're going to use Bitcoin, you should be aware that this can be the case. As I said before, otherwise use Lightning network. Ideally this will help drive further adoption.

Also on a selfish note the last month or so has been pretty boring for Bitcoin imo. This actually makes it more interesting in my opinion. Miners must be having a blast with transaction fees per block that have higher than the 6.25 block reward. I did used to think that it was possible that block rewards going so low could reduce hash rate growth over-time, so looks like this situation has removed that theory.

Although the current frenzy around funny green frog pictures seems a little artificially stimulated, this is another great stress test to test the Bitcoin network for anti-fragility and a clear demonstration in real time that the network can remain stable even in the distant future, when the reward for the block will tend to zero and the commission will be the only incentive for miners to continue working without relying only on sheer enthusiasm.

As to the miners, they do receive block rewards as well as transaction fees. It's a business, if it wouldn't be profitable it would not exist. I wouldn't call it sheer enthusiasm. Grin

Also how about sheer financial incentive? Right now there are blocks being mined with fee rewards per block that are higher than the 6.25 fixed block reward. While I doubt it's sustainable long-term as transactions move over to L2s, the point is already with only a few halvings Bitcoin can be very sustainable with a 0 fixed block reward, if from fees it's possible to get the same amount right now. Sooner than later there will be an equilibrium between fee rewards and block rewards it seems.