Zerf0.base.eth
@zerf
681 Following
395 Followers
1 reply
4 recasts
15 reactions
0 reply
0 recast
1 reaction
0 reply
0 recast
0 reaction
31 replies
18 recasts
90 reactions
17 replies
93 recasts
415 reactions
0 reply
0 recast
0 reaction
30 replies
18 recasts
101 reactions
0 reply
0 recast
0 reaction
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
164 recasts
495 reactions
0 reply
0 recast
0 reaction
0 reply
0 recast
0 reaction
2 replies
5 recasts
30 reactions
0 reply
0 recast
0 reaction
1 reply
18 recasts
45 reactions
0 reply
0 recast
0 reaction
8 replies
101 recasts
213 reactions
0 reply
3 recasts
11 reactions
2 replies
4 recasts
13 reactions
0 reply
0 recast
0 reaction
34 replies
159 recasts
623 reactions
