Quote from: mikeywith on Today at 10:06:41 PM

Quote from: HmmMAA on Today at 08:58:59 PM

As soon as more protocols start to create defi's etc on btc , fees will increase in thousands of dollars for a single tx .
The unfortunate ones will be those that will have to exit from LN for whatever reason and those stacking sats . A new era is coming .

I remember watching a debate with Saifedean Ammous, where the other person said that BTC was too slow and too expensive compared to the legacy payment methods, he did touch on a very important point that BTC transactions are final settlements, they should not be compared with your average credit card or Paypal payments because those are not final, and he makes a lot of sense because if you were to make a wire transfer from the U.S to Tanzania, the final settlement between your bank and the other person's bank and the dozen parties involved could take days if not weeks, and it's no where near cheap.

The same thing actually applies when you pay using your credit card, the shop gets its balance increased right away but for the value to be settled between the banks, the payment provider, and all parties involved it's going to take a lot and cost a lot, especially for cross-border transactions.

So on-chain transactions should be compared with central bank-level settlements since they are the textbook definition of final settlements, so it makes sense that they are expensive and somewhat slow, despite beating the legacy system in that regard, now, I for one would like to see fees increase because more people, companies or even banks are using BTC to settle transactions and not because of some worthless ' it's what I think about Ordinals' data stored on the blockchain.

However, it's only common sense for fees to go up with time, I mean if BTC was used by 1% of the population, nobody would get away with those 2 sat/Vbyte transactions even without Ordinals, I strongly believe the Brc-20 hype will fade and will be just history -- but it will still be a tough war for those "let's do whatever it takes to keep my fee at 2 sats/ Vbyte" because sometime in the future they would be contesting against each other when Ordis are gone, many people will find something to blame for the high fees, I can't wait for things like "All these stupid folks spamming the blockchain to buy Starbucks coffee that tastes like shit", and ya, I would have to agree with them because Starbucks coffee really does taste like shit. Cheesy

I prefer dunkin donuts.