Those massive transaction fees will make the contents of a lot of Bitcoin addresses worthless dust for all practical purposes, at least during the peak. I wonder how that should be factored into the valuation of Bitcoin as a whole.
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Honestly I think the issue is over rated. Most BTC transaction fees are based on btc% and not dollars. If the fee remains at 0.0005 btc but the usd value is 1000$ Ill be so amazingly rich if I manage a single transaction I won't care.
I use Hive way more much, but BTC has made me so much more money for literally doing nothing other than buy low sell high.
How do you figure? If Bitcoin goes x30 and fees go x30... all the ratios are the same.
There also has to be some different mindsets to it that might make it not linear.
We saw how people acted when Bitcoin had $50 fees.
I have to imagine that the way people act around $500 would be even more intense.
Just the thought of "wasting" $500 will make a lot of users not want to transfer their Bitcoin (even if it's $50,000 to the exchanges and that's only a 1% fee). It would be fully possible to imagine Bitcoin spiking from low liquidity just because the fees are so high and the exchanges run out of supply. This of course would send the price and fees of Bitcoin even higher, ironically. Then everyone who held feels like they got rewarded for holding and even more people want to hold... it could get crazy.