Source: https://cryptofees.info/ from @dmihal
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The demand for Ethereum blockspace being so high is an unequivocated good thing High chain fees have historically been very bullish for the underlying asset
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$BTC can't survive long-term without high transaction fees, even the most ardent orange memecoin maxis admit this When Bitcoin block fees were high, Bitcoin core devs were "pulling out the champagne" Ethereum is taking away from BTC blockspace demand https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2017-December/015455.html …Show this thread -
Of course, even that isn't true. BTC has problems even with high fees because the chain will become unstable if fees are too high relative to block rewards. Miner incentives get corrupted.
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But wait, isn't it a problem that individual transactions fees are so high? Yes and no. The goal of Ethereum is to be a "trust layer" for the world. A decentralized network that you can hook into for trustlnessness
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Being a "global settlement layer" means that most "Ethereum transactions" should be happening at layer2 So high transaction fees incentivize users and apps moving to a rollup MOVE TO A ROLLUP Thank me laterhttps://twitter.com/evan_van_ness/status/1436331375519408131 …
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Meanwhile, these high transaction fees are reducing the total supply of
$ETH Over the last 24 hours, 3123 more ETH have been burned than have been issued to miners to pay for security. Mere memecoins can't do this.pic.twitter.com/NlKFRODvon
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I don't enjoy high l1 transaction fees, but I bear them because it pushes apps to move to rollups. I do enjoy watching the Eth burn when people are willing to pay high feeshttps://twitter.com/evan_van_ness/status/1453429787540824065 …
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Ethereum is really hitting on all cylinders
$ETH fees are 100x the$BTC fees? I might have to go pull out the champagne

https://twitter.com/BanklessHQ/status/1453845057090375680 …
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Memecoiners sliding into my DMs to rage about their declining
$BTC security budgetpic.twitter.com/0IqFCwIsazShow this thread -
This image is for all the reply guys who are too lazy to read https://l2fees.info/ pic.twitter.com/COXSYfIDLd
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End of conversation
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