Part 9/14:
Bob notes that fees are a function of scarcity: rising demand leads to higher fees. This scarcity-driven price increase is nonlinear — a little more demand causes fees to skyrocket unexpectedly, a challenge for ordinary users and companies alike.
He emphasizes that as block rewards decrease, transaction fees must compensate for security costs, which should sustain the network in the long term but induce new dynamics in user behavior and custody solutions.
The Future of Bitcoin's Monetary and Community Infrastructure
Bob’s ultimate vision is a Bitcoin system capable of lasting a thousand years. He believes current design decisions — such as the fixed supply capped at 21 million — are optimal, though some tweaks (like block size) might be necessary for mass adoption.