
Fer
@ferdj
164 Following
124 Followers
0 reply
0 recast
0 reaction
0 reply
0 recast
0 reaction
40 replies
129 recasts
549 reactions
5 replies
2 recasts
34 reactions
20 replies
57 recasts
121 reactions
0 reply
0 recast
0 reaction
15 replies
11 recasts
44 reactions
0 reply
0 recast
0 reaction
0 reply
0 recast
0 reaction
0 reply
0 recast
0 reaction
0 reply
0 recast
0 reaction
0 reply
0 recast
0 reaction
23 replies
112 recasts
473 reactions
3 replies
7 recasts
51 reactions
68 replies
110 recasts
702 reactions
0 reply
0 recast
0 reaction
0 reply
0 recast
0 reaction
0 reply
0 recast
0 reaction
11 replies
39 recasts
244 reactions
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. 20 replies
127 recasts
449 reactions