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RE: PSA - Kraken Exchange is Raising Withdrawal Fees, Dynamic Fees Coming Soon - UPDATED SCROLL TO BOTTOM
Great point right at the end about the efficiency of SBD. Ironically, the scaling issue with BTC is not all bad for Steem, as it gives it a comparative advantage. At least, for now.
Definitely. In fact I think the previous rise in demand for SBD seemed to coincide with the banking difficulties that USDt was having. People switched to SBD as an alternative and it seems many did not switch back as the demand has continued to keep the price above 1 dollar.
It's honestly only those somewhat-closely following the crypto space who understand the current fee-scaling issue with BTC. I know a number of people with some interest in the space, but no idea of the actual relative inefficiency of BTC at the moment - for small transactions, at least. A fee-less structure is the only way to enable a large volume of sub-$1-$5 type transactions, which I suspect represent a high proportion of the Steemit ecosystem.
You're right. One of the things I find interesting is that in the short term at least miners have no incentive to support a larger blocksize. It is more profitable (at least right now) to have small blocks and high fees. This is in opposition to the longer term interest of everyone as more and more people get priced out of bitcoin transactions. It is a paradox of sorts.