Vitalik Buterin pfp
Vitalik Buterin
@vitalik.eth
Markets gud, price mechanisms gud. Congestion pricing in NYC continues to be winning, just as it has been winning for years in Stockholm, Singapore and elsewhere. When demand > supply, there is always an auction. Either you pay with money, or you pay by waiting in line, with often grievous costs to mental health ( https://nytimes.com/2019/01/21/upshot/stuck-and-stressed-the-health-costs-of-traffic.html ) and to no one's benefit. Blockchain transaction fees are similar: in the dark ages we used to wait some random number of 5-60 minutes for a transaction to get included into a block, and made excuses about how this is a virtuous act of expressing "low time preference". Today, transactions reliably get included in 1-2 slots, and the more efficient fee market design in https://eips.ethereum.org/EIPS/eip-1559 is a major reason why. Tomorrow, transactions will be included even faster.
19 replies
156 recasts
468 reactions

WhizKid pfp
WhizKid
@2ufertilise
Efficient pricing systems transform chaos into clarity. Congestion pricing and EIP-1559 enhance productivity, reduce stress, and showcase the power of smart economic designs for modern challenges.
0 reply
0 recast
0 reaction