It's only sustainable if price can raise at a rate slower than average blocksize. I don't see how that's possible because a belief in rising xaction fees has the effect of pushing demand forward or in other words causing people to transact now rather than later which causes the blocks to grow. A self-fulfilling prophecy.
So either you think a fee market will emerge, in which case you contribute to the capacity problem or you think it won't, in which case you hold off and allow the market to think demand for blockspace is lower than it is, which creates less incentive to fix the capacity problem. How are you gonna take advantage of a non-jammed network without contributing to the jam?
The capacity problem will not be fixed if it is not seen as a problem and it won't be seen as a problem if the exchange price is high. Miners will continue to profit selling a shitty inferior product because you assholes keep buying it. I can't blame them. You can't buy as much blockspace as you used to for the same amount of coin. You can't xfer it as fast for the same fee. It can be censored by the PRC. One Bitcoin is a smaller amount of total market cap than it used to be. Even if it's undervalued, it's not nearly as undervalued as it was at $350, so why the hell are you buying now? Got a tax refund burning a hole in your pocket?
So either you think a fee market will emerge, in which case you contribute to the capacity problem or you think it won't, in which case you hold off and allow the market to think demand for blockspace is lower than it is, which creates less incentive to fix the capacity problem. How are you gonna take advantage of a non-jammed network without contributing to the jam?
The capacity problem will not be fixed if it is not seen as a problem and it won't be seen as a problem if the exchange price is high. Miners will continue to profit selling a shitty inferior product because you assholes keep buying it. I can't blame them. You can't buy as much blockspace as you used to for the same amount of coin. You can't xfer it as fast for the same fee. It can be censored by the PRC. One Bitcoin is a smaller amount of total market cap than it used to be. Even if it's undervalued, it's not nearly as undervalued as it was at $350, so why the hell are you buying now? Got a tax refund burning a hole in your pocket?
And anytime BillyJoeAllen posts about a supposed "block size armageddon", all you need to do is post this as reply:
It doesn't matter what % of blocks are full you stupid fucks. All that matters is what the average transaction fee is. Since there is no minimum transaction fee, the blocks are basically designed to be full at all times eventually even if you set it to 100MB blocks. Segwit + hard fork in 2017 = 3.2MB blocks. Then schnorr multisig on top of that should lower transaction sizes and increase TPS further.
If blocks were designed to be full, then how come they weren't full until recently despite effectively zero fees? cripplecoiners never answer that.