This is a well thought out thread in my opinion.
Here's the summary:
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BTC's longterm security depends on people paying extremely high TX fees which won't happen in a free market.
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Is there a gaping hole in this argument?
https://x.com/Justin_Bons/status/1810357305390616839A lot of people do no realize that high transaction fees is a problem! Even if someone realizes, they would not recognize! But the high transaction fees is indeed a problem that needs a resolution. However, the way current network is designed and the halving events are organized, I don't see much hope here! Miners who have invested heavily into ASICs to mine Bitcoins, will have to make profit out of it. As the mining reward part is constant and reducing, the only variable here is the transaction fees. So if I am a miner, I would want to transaction fees to go up so that I can make profit. I don't see an immediate resolution to this pain point.
A temporary solution will be to ban all ordinals from the network so that they can't block the network. That might give a temporary relief to us. But a long term solution needs to be worked out. Possibly moving from POW to POS can give a long term relief where people wouldn't have to invest a huge amount of money upfront to be able to mine Bitcoin.