Mempool Observer Topic

Quote from: bitmover on November 06, 2024, 12:00:48 PM

Quote from: joker_josue on November 06, 2024, 08:07:29 AM

@bitmover
It looks like something wrong is happening with your bot images.

I may need to create an exception for your site's IP for it to work. Check and say something.

Yes, please add an exception for bitcoindata.science.

Talkimg is blocking FeeBuddy.

Quote from: Wind_FURY on November 06, 2024, 05:38:01 AM

Quote from: bitmover on November 05, 2024, 12:20:21 PM

or fees may just skyrocket.

That would be the most perfect of all possibilities, that fees from transactions will be enough to secure the network. But what sort of transactions will it be?

I will quote Hal Finney's prediction in 2010./

Quote from: Hal on December 30, 2010, 01:38:40 AM

Actually there is a very good reason for Bitcoin-backed banks to exist, issuing their own digital cash currency, redeemable for bitcoins. Bitcoin itself cannot scale to have every single financial transaction in the world be broadcast to everyone and included in the block chain. There needs to be a secondary level of payment systems which is lighter weight and more efficient. Likewise, the time needed for Bitcoin transactions to finalize will be impractical for medium to large value purchases.

Bitcoin backed banks will solve these problems. They can work like banks did before nationalization of currency. Different banks can have different policies, some more aggressive, some more conservative. Some would be fractional reserve while others may be 100% Bitcoin backed. Interest rates may vary. Cash from some banks may trade at a discount to that from others.

George Selgin has worked out the theory of competitive free banking in detail, and he argues that such a system would be stable, inflation resistant and self-regulating.

I believe this will be the ultimate fate of Bitcoin, to be the "high-powered money" that serves as a reserve currency for banks that issue their own digital cash. Most Bitcoin transactions will occur between banks, to settle net transfers. Bitcoin transactions by private individuals will be as rare as... well, as Bitcoin based purchases are today.

That may, or may not happen. But what will have a higher probability of actually happening is the development of on-chain markets built directly built on top of Bitcoin through Ordinals and Runes, WHICH have been condemned by those financial transactions users who the majority uses Bitcoin infrequently.

Perhaps the network will need those Ordinals/Runes users, that the majority hates, to pay for the security/subsidize the miners to secure the blockchain for us HODLers, no?