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> they pushed up fees for everyone else (there is limited block space, so miners take the highest bids) Imagine if your Visa card became hundreds of times more expensive to use during the Christmas shopping period.
Imagine if Visa and Mastercard formed a duopoly and used their market power to extract fees from merchants to the point of warranting government action to cap the fees.
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> they pushed up fees for everyone else (there is limited block space, so miners take the highest bids) Imagine if your Visa card became hundreds of times more expensive to use during the Christmas shopping period.
Imagine if Visa and Mastercard formed a duopoly and used their market power to extract fees from merchants to the point of warranting government action to cap the fees.
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I think your last statement is completely wrong. NFT's and memecoins are a grift by scammers, no more. People being duped is certainly no evidence of any actual threat to state powers. Most of the memecoins seem to just be money raising vehicles to bolster exchange profits
Actually, you’re the one who got duped, if you genuinely believe that every single NFT is a scam and that you understand them better than every single NFT owner.
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My Visa card doesn't cost me anything to use, because I don't carry a balance. It costs the merchant money to process the transaction, which would get passed on to consumers in general as higher prices. So, if this happened, what you'd see is people complaining about "inflation."
Disregarding the irrelevance of this comment, in your example, aren't you the consumer who is paying the fee via the increased price?
Visa keeps a very narrow margin, for providing... A pretty damn good service.
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Imagine if Visa and Mastercard formed a duopoly and used their market power to extract fees from merchants to the point of warranting government action to cap the fees.
Imagine if government couldn't cap those fees.
"Americans are survivors and Americans will survive this because America is the greatest country in the world!"
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> they pushed up fees for everyone else (there is limited block space, so miners take the highest bids) Imagine if your Visa card became hundreds of times more expensive to use during the Christmas shopping period.
That's why there's layer 2 solutions like Lightning to scale bitcoin's usability. And application-level solutions like Cash App.
Background: https://www.coindesk.com/learn/brc-20-explained-how-tokens-o... > The total transaction fees spent by this entity to dominate the Inscriptions are estimated to be 1056 BTC as of May 25, 2023... We leave the conclusions to the reader. I don't really understand what conclusion we are supposed to draw. > However, we notice that by spending only 0.005% of the total Bitcoin supply on transaction fees, a single…
They could impede its usability, at a high cost per hour. Worth it?
An ordinal minter trying to sell their ordinals to make money: no.
A government or an influential entity who wants to "prove" Bitcoin is unreliable (for whatever reason): yes.