I wonder if this effectively leaves them holding tether IOUs if something goes wrong at whatever teeny island nation is "banking" that USD? The people pulling their corns off the exchanges are indeed starting to get it!
But between this, and the other metric of holding length at an ATH it's starting to look like a powder keg.
Fee fud 2.0 is the part I am not looking forward to, but it's a bossfight we can't skip.
Yep... Fee fud is likely to be exaggerated that is for sure, and it is a great thing that fees will be going up and showing how much people are wiling to pay to use bitcoin and to get into bitcoin, and some of the nocoiners (or low coiners) may have to pay way more fees because they had not stashed up enough bitcoin prior to the various rushes that are likely to come (hopefully they will come)... so yes, people will be complaining the fuck about BTC transaction fees while they are paying the fuck out of those fees because they would rather be "in" bitcoin rather than not being in bitcoin, and let the whiners suffer and complain while many of us HODLers sit back eating popcorn.
Sure some of us HODLers might have to pay some high fees too, and some HODlers are going to whine about paying high fees.. but likely those are either peeps with insufficiently low time preferences or just not able to figure out ways to manage their time preferences and prepare themselves for having to pay some high fees.
Let's say, for example, that as a BTC HODLer, I have accumulated 10 BTC, and I am feeling quite smug about my accumulation levels, and I feel quite good that I have strategically placed my about 80% to 90% of my BTC mostly in cold storage status, but I have also put about 10% to 20% or so of my BTC on exchanges so that I can incrementally sell and just to have options to shave off a bit here or there in the event that the BTC price goes shooting up in price.
Let's say that in the next year, BTC prices go shooting up to $100k and they go beyond $100k, and the BTC price goes up so damned much that I feel that either my placement of 10-20% of my BTC on exchanges is not sufficiently serving my needs and/or I feel that I want to shave off another 10% to 20% (that would be 1-2 BTC in this hypothetical) because I am feeling that there is a kind of blow off top, and I want to just diversify a bit more into dollars, so therefore, when I send the 1-2 BTC to an exchange or sell them or whatever I am going to do, they are worth $100k to $200k or maybe even more, and if I am feeling a bit anxious and like I have not prepared because of my anxiousness level, I may have to pay $100 or $200 in fees to get those BTC to transfer quickly.
Some HODLers are going to be complaining about having to pay $100 to $200 in fees, and part of the problem might either be that they created the situation by not adequately preparing, but another angle could be considering that $100 to $200 is a small price to pay in order to have the power that bitcoin allows, which is either to attempt to make a slower transaction with lower fees or to pay more fees and to get your shit to go through quickly and you had been able to largely keep those BTC in your possession until the last minute rathe than keeping those BTC on exchanges.
What I am trying to say that whining sometimes can be a matter of perspective, and so even if whiners are going to be whining, the whining largely will add up to FUD because like my above hypothetical attempts to illustrate is that bitcoin gives options and power for anyone who is able to attempt to recognize those options and try NOT to either put themselves into a position that they are going to be rushed without realizing that they might have to pay more for that waiting until the last minute.. furthermore, even in the above example, it may well be worth it to pay $500 or more to transition $100k to $200k in bitcoin at a time that is of your own choosing and with the other power of control of keys aspects that bitcoin provides.... What is control over your wealth and having personally controlled options worth to you?
