0,5% fee seems too much IMHO
It will make this coin unusable in the long run
Even Bitcoin removed forced fees and you're gonna make them so high.
I understand your intentions but if it's not pump&dump then it's way too much
I agree. Please drop the pre-mine amount. Otherwise unusable in the future.
i think he was referring to the transaction costs and not the premine and i agree with the sentiment. this will make movement of coins too expensive with ppl opting for other coins offering cheaper fixed transaction costs rather than a percentage based one. you might be better off with a higher fixed transaction cost or significantly lower that percentage.
eg transaction costs
sending 10,000 costs 50
sending 1,000 costs 5
sending 100 costs 0.5
ppl are used to transaction costs like 0.0001
edit: just had a read of the white paper and it seems like the fee is a variable one from 0.1 to 0.5% depending on who you send the funds to. trying to get my head around the example where it mentions:
"Imagine that the current block's difficulty is 210 and the current block reward is 1 coin. Alice
wants to send Bob 100 coins, so she creates a transaction. This transaction might have fees
of 0.5%, so lets say the fee is 1.05 coins. The minimum a transaction spending so many coins
could be would be 0.21 coin though, which is what Slingshield works on."
Some questions:
1. Doesn't 0.5% of 100 amount to 0.5 coins and not 1.05?
2. Where does the 0.21 coins figure come from?
This bit is due to change addresses. When sending money back to yourself, you pay fees of 0.1% rather than 0.5%.
Fees are an unavoidable cost of ensuring that you have a secure network on which to spend money, without the economic side effects of long-term hyper-inflation. This is designed primarily as a currency after all, for buying things from businesses. If you look at a non-bitcoin competitor, such as credit cards, you'll see they usually have fees around 2.5% or more. If transaction volume proves that fees can be reduced later down the line, they can be reduced without requiring a hard fork.
