It completely destroys the mechanism of an auction. Especially an online auction
During an auction you always know the price and hence the bids are somewhat incremental. You can bid in 1$ increments or even lesser increments.
When the network is congested people put a fee on their transaction without knowing anything except that more = better.
It is a market failure. The time preference BS is something made up by "true believers" who think that "bad news is good news" because it supposedly supports the winner take all mindset that crypto enthusiast love.
Except when the winner is Ken Griffin, in that case we should stop playing , throw a tantrum and ask the refs for a redo lmao
During an auction you always know the price and hence the bids are somewhat incremental. You can bid in 1$ increments or even lesser increments.
When the network is congested people put a fee on their transaction without knowing anything except that more = better.
It is a market failure. The time preference BS is something made up by "true believers" who think that "bad news is good news" because it supposedly supports the winner take all mindset that crypto enthusiast love.
Except when the winner is Ken Griffin, in that case we should stop playing , throw a tantrum and ask the refs for a redo lmao