This is basically a post describing micro-economics (if I have capacity I’ll continue to produce as long as my marginal revenue exceeds my marginal cost). That’

This is basically a post describing micro-economics (if I have capacity I’ll continue to produce as long as my marginal revenue exceeds my marginal cost). That’s fine and I agree those are the costs of Bitcoin. I think the author is missing more pieces when it comes to fundamental value. Namely, “I’ll pay x dollars to clear my transaction with the next block and “My holding costs are y” in the context of switching costs (i.e. using USD instead).