
Conundrum23
@undervaluewogq
212 Following
25 Followers
0 reply
0 recast
0 reaction
0 reply
0 recast
0 reaction
5 replies
2 recasts
25 reactions
6 replies
0 recast
41 reactions
6 replies
8 recasts
48 reactions
6 replies
4 recasts
26 reactions
2 replies
1 recast
13 reactions
10 replies
3 recasts
43 reactions
5 replies
3 recasts
52 reactions
0 reply
0 recast
0 reaction
5 replies
0 recast
27 reactions
37 replies
92 recasts
492 reactions
0 reply
0 recast
2 reactions
2 replies
5 recasts
52 reactions
5 replies
4 recasts
42 reactions
12 replies
10 recasts
55 reactions
5 replies
6 recasts
39 reactions
38 replies
22 recasts
100 reactions
10 replies
22 recasts
118 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. 19 replies
53 recasts
285 reactions