vitalik.eth (@VitalikButerin): Markets gud, price mechanisms gud. Congestion pricing in NYC continues to be winning, just as it has been winning for years in Stockholm, Singapore an…

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 ( nytimes.com/2019/01/21/ups… ) 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 eips.ethereum.org/EIPS/eip-1559 is a major reason why. Tomorrow, transactions will be included even faster.