| submitted by /u/finalhedge
In this opinion piece, Song discusses mining patterns on the bitcoin cash blockchain, theorizing on what they might indicate about the incentives …
Google Alert – bitcoin
Yesterday we had fee estimation algorithms showing 430 sat/byte (!!!!)
That's a huge price for block space. I remember being impressed when it got to 50 sat/b. This is something else entirely. And there's no sign of stopping, fee rates could easily reach 500 sat/b, then 1000 sat/b then 2000 sat/b and who knows where else.
Bitcoin is a swiss bank account in your pocket, allowing you to store value away from the prying eyes and hands of any possible enemy. That is well worth paying for, so make no mistake that fee rates won't climb higher.
You have to realize that businesses are hurt most by this. Because they receive many small coin payments and must create large-sized transaction to combine them all up into one large coin.
These businesses are rapidly being presented with a choice, they can:
Go out of business
Enforce a user-activated-soft-fork for segwit block size increase
We can talk about the details: whether we want to UASF segwit or kill asicboost or both at the same time. Whether we want to do it by BIP148 or BIP149 or some other method. These can be figured out but by far the most important thing is agreeing to actually do it. UASF works when a large part of the economic majority says they will reject blocks that don't follow the rules they want. As long as enough of the economy agrees to do it together, and doesn't back down, the miners have to fall in line.
Some of the businesses most affected by high fees have already nailed their colours to the mast of UASF.
Bitrefill is a site that sells mobile phone credit for bitcoin worldwide, they claim to do 15000 transactions per months and they are willing, able and eager for UASF.
Abra is a global money transfer site that uses bitcoin, and they too support UASF.
BitKong is a bitcoin casino who supports UASF.
Bitrated is a bitcoin consumer protection site that allows bitcoin commerce with escrow, and it fully supports UASF.
My fellow bitcoiners, ask not what bitcoin can do for you, ask how many pro-UASF dank memes you can post every 24 hours.
edit: yes the title is screwed up, should be "higher". got it wrong in my excitement and you know what i mean