💔 CARTEL CRACKS, BITCOIN FEES CRASH
Bitcoin's minimum transaction fee collapsed 90% overnight after a mining pool broke ranks.
SpiderPool defected from the 1 sat/vByte cartel & processed 2,145 sub-sat transactions in 1 block.
Demand is low and miners fight over scraps... 🧵
This was a textbook prisoner's dilemma.
Miners cooperated for months to maintain artificial 1 sat/vByte minimums despite empty blocks and growing queues of cheaper bids.
The moment one pool grabbed those "pathetic bids," the entire system cascaded to 0.1 sat/vByte.
The numbers don't lie:
$BTC transactions now cost 1-2 cents instead of 17 cents, but only because nobody wants to use the network.
When your biggest achievement is making fees cheaper because demand disappeared, that's not scaling - that's irrelevance.
@mempool immediately updated their guidance: "0.1 sat/vB is the new 1 sat/vB."
The Bitcoin community is celebrating rock-bottom fees while ignoring that they're rock-bottom because the network is practically empty.
Cheap fees aren't a feature when nobody's paying them.
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