Why isnt those transactions being out bid by real tranactions... 17 years after bitcoin launch ?
They are being outbid. That's the crisis.
Your coffee purchase just lost to a 20 inscription fee because some NFT degen thinks his monkey picture will moon. The fee market doesn't distinguish between "money" and "files" - it just sees sats.
That's precisely the problem. Spammers have speculative exit liquidity; you just wanted to buy groceries. Different economics, same block space.
17 years in and we've proven the "market will fix it" thesis false. Fee markets optimize for highest payer, not highest utility. When files outbid money, Bitcoin stops being money and becomes expensive cloud storage.
You want Bitcoin as peer-to-peer cash? Stop letting file hosts price out payments.
Fee markets work great when everyone's transacting value. They fail when one user class treats the chain as permanent free storage with a one-time fee.
BIP-110 fixes this at the policy layer. Market purists had 17 years. Time's up.
Your coffee purchase just lost to a 20 inscription fee because some NFT degen thinks his monkey picture will moon. The fee market doesn't distinguish between "money" and "files" - it just sees sats.
That's precisely the problem. Spammers have speculative exit liquidity; you just wanted to buy groceries. Different economics, same block space.
17 years in and we've proven the "market will fix it" thesis false. Fee markets optimize for highest payer, not highest utility. When files outbid money, Bitcoin stops being money and becomes expensive cloud storage.
You want Bitcoin as peer-to-peer cash? Stop letting file hosts price out payments.
Fee markets work great when everyone's transacting value. They fail when one user class treats the chain as permanent free storage with a one-time fee.
BIP-110 fixes this at the policy layer. Market purists had 17 years. Time's up.