The idea was it would go to a "fee market", where miners made money off transaction fees.
There's a lot of obvious consequences to this, but none of them were considered because everything about bitcoin is ad-hoc, ill-thought-out, frankly delusional or all three.
December 2017 - with average transaction fee of $55 - was a taste of it.
What happened in practice was that all the legitimate merchants disappeared - even the ones who had a payment use case for bitcoin - and the darknets moved to other cryptos that weren't clogged to uselessness.
Everything about bitcoin is a multilayered fractal lasagna of stupidity.
no subject
There's a lot of obvious consequences to this, but none of them were considered because everything about bitcoin is ad-hoc, ill-thought-out, frankly delusional or all three.
December 2017 - with average transaction fee of $55 - was a taste of it.
What happened in practice was that all the legitimate merchants disappeared - even the ones who had a payment use case for bitcoin - and the darknets moved to other cryptos that weren't clogged to uselessness.
Everything about bitcoin is a multilayered fractal lasagna of stupidity.