So, I was listening to a podcast in the economics of lightning network on Peter McCormack's WBD, just to try to give LN an unbiased thought considering I don't agree with LN and Peter and his guests were known supporters.
One of the guests mentioned that if you look at tx fees in satoshis over USD, it's been relatively flat compared to its price. That got me thinking fees might be just a behavioural anomaly.
For example, you see a bunch of people flood the market with high fee transactions, this ends up making people submit higher and higher fee bids to get their transaction put on the next block. It isn't the miners who are pushing people to do so (unless they're fraudulently pushing up the fee through phoney tx's). So this situation could occur on BCH or any other fee based chain, right? Consider 400,000 transactions at $1 fee flood the chain. The miners would pick those up and the rest would sit in the mempool for a prolonged period. This would also get people who need their transactions confirmed soon to match the $1 fee and increase that arbitrary 400k to even more.
Is this actually a possibility or does BCH have a mechanism to make sure fees don't get out of hand? I checked now and BCH fees are about 3.15% of a BTC fee (in USD).
If the price of BCH skyrockets, will we see a high fee market?
I'm sorry if all of this sounds stupid I'm just getting into the rapid research phase of BCH. I haven't finished the whitepaper yet, but I will over this week.