'Bitcoin maximalist doctrine stipulates [Bitcoin] ought only be used for monetary transactions – but not those pertaining to non-Bitcoin asset types,' says nic__carter. Maxis are 'more concerned with ideological purity than intellectual coherence.'
, the characterization of the price of blockspace as “too high” is incoherent. Fees are set by the market, and believing them to be too high is to endorse interventionism and central planning. To believe that the price of blockspace is “high” is to impose a normative view regarding which types of transactions Bitcoin should be reserved for, which is incompatible with a permissionless system.The market price of a commodity can never be “wrong.
If Bitcoiners stymied by fees have any quarrel, it ought to be with the pace of development of L2s in the Bitcoin space. There’s no real excuse for this misconception either: a cursory look at the data shows that fees reached over $50 per transaction at certain points in both 2021 and 2017. This should have surprised nobody.
To the hardcore fundamentalist crowd that absolutely disdains the ownership of anything other than Bitcoin, this is profane. Current Bitcoin maximalist doctrine stipulates that Bitcoin ought only be used for monetary transactions – but not those pertaining to non-Bitcoin asset types. Their perverse framework is one in which it’s morally acceptable for North Korea to use Bitcoin for sanctions evasion, but unacceptable for an artist to issue their NFT on the Bitcoin blockspace.
For the few small blockers that have remained intellectually consistent from 2017 to today, the new fee pressure ought to be welcomed. It’s a catalyst for the further adoption of established L2 networks like Lightning, and where Lightning falls short, alternative L2 systems. As with all commodities, high prices are the cure for high prices.
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