Topic: Bitcoin client fees at $0.03 (Read 662 times)
^ Right, I see. And thinking about it, we'd need a minimum hardcoded fee in any case, even if we were to calculate an average fee paid from recent blocks, cause that might be zero, and we'd leave the network open to a DoS attack if we didn't enforce a minimum in that case.
Bitcoin still needs an efficient way for miners to communicate their prices (fees they'll accept) to clients. The client shouldn't really hard-code anything, ideally. But yeah, that's on the long to-do list of Bitcoin. Patches are welcome 
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.The hardcoded rules aren't intended for revenue. They are intended to protect the network from denial of service attacks.
Miners are free to include or exclude any transaction for any reason. During peak activity paying the min fee may not be sufficient to get included in the next block. During period of low activity paying no fee (for high priority transaction) may be sufficient for inclusion in the next block. There does need to be a "fee discovery" system however the anti-spam rules are necessary to protect the network.
Client never asked me to pay 0.0001, is was either free (for "old" dormant coins), then it's always 0.0005 or close to 0.01. 
Bitcoin still needs an efficient way for miners to communicate their prices (fees they'll accept) to clients. The client shouldn't really hard-code anything, ideally. But yeah, that's on the long to-do list of Bitcoin. Patches are welcome .
EDIT: bitcoin-qt 0.8 (on my Ubuntu machine) says "Fee 0.01 recommended." on Main options page. Should we maybe change that?
.EDIT: bitcoin-qt 0.8 (on my Ubuntu machine) says "Fee 0.01 recommended." on Main options page. Should we maybe change that?
It never dawn on me that the fees would rise due to the increase of the exchange rate. I'm pretty sure there's a simple solution--change the percentage rate in the code.
There is no percentage rate in code.
Nodes following the reference client rules:
* require no fee on high priority transactions.
* require a min fee of 0.0001 BTC to relay a low priority transaction to other nodes.
* require a min fee of 0.0005 BTC to consider a low priority transaction for inclusion in the current block.
First not all tx are required to pay a fee. The client enforced an "anti-spam" fee on low priority small value transaction which present a denial of service risk to the network. Without it a brain dead chimp could cripple the Bitcoin network by simply sending the same coins back and forth between addresses at no cost.
The mandatory fee on low priority transactions has been reduced in the past and likely will be reduced in the future if the exchange rate continues to rise. You can avoid the mandatory min fee today by ensuring your transaction meet the requirements for high priority.
The mandatory fee on low priority transactions has been reduced in the past and likely will be reduced in the future if the exchange rate continues to rise. You can avoid the mandatory min fee today by ensuring your transaction meet the requirements for high priority.
and they will keep on going up and up as bitcoins deflate
They can be changed.Also, Paypal's fees are $0.30 + 2.99%.
Paypal is paypal, this is bitcoin and the client even if set to zero will force a fee.
I have no issue with paying a fee, but threads are popping up saying that transactions cost a fraction of a penny, well at the current rate that is untrue and people should be aware of this.
meaning that if the client stays as is, then as bitcoins rises fees will rise and end users will bot want to use a system based on fees.
Good luck to anybody who wants to develop a system having cheaper fees.
It never dawn on me that the fees would rise due to the increase of the exchange rate. I'm pretty sure there's a simple solution--change the percentage rate in the code. That's what we're paying the developer(s) for.
The hardest part will be to get LukeJr on board once the change has been made.
and they will keep on going up and up as bitcoins deflate
They can be changed.Also, Paypal's fees are $0.30 + 2.99%.
Paypal is paypal, this is bitcoin and the client even if set to zero will force a fee.
I have no issue with paying a fee, but threads are popping up saying that transactions cost a fraction of a penny, well at the current rate that is untrue and people should be aware of this.
meaning that if the client stays as is, then as bitcoins rises fees will rise and end users will bot want to use a system based on fees.
and they will keep on going up and up as bitcoins deflate
They can be changed.Also, Paypal's fees are $0.30 + 2.99%.
Paypal is paypal, this is bitcoin and the client even if set to zero will force a fee.
I have no issue with paying a fee, but threads are popping up saying that transactions cost a fraction of a penny, well at the current rate that is untrue and people should be aware of this.
meaning that if the client stays as is, then as bitcoins rises fees will rise and end users will bot want to use a system based on fees.
and they will keep on going up and up as bitcoins deflate
They can be changed.Also, Paypal's fees are $0.30 + 2.99%.
and they will keep on going up and up as bitcoins deflate
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