This wouldn't be so bad, the "middlemen" would be on a Bitcoin standard with no inflation, a better standard than even back when banks were on gold. Now hopefully it doesn't turn out this way, but the worst case is a huge improvement over the fiat standard we have now.
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Actually, the security of the bitcoin network in the long term will largely be dependent on transaction fees as the subsidy drops each halving due to bitcoins tokenomics design.
If middle men via custodial wallets, liquidity providers, and federations are the ones taking the fees then the miners lose out. Which could make it easier to 51% attack the network.
Plus, because they regulate the fee market, they could manipulate miner incentives. Like incentivicing them to ignore certain chains over other with more fees. This is really dangerous