Topic: The argument for maximal percentage TX fee (Read 966 times)
Ok, nobody cares, I understand, going to post in the buttcoin thread instead...
Bitcoin will evolve further, possibly getting valuated to greater numbers, so will the world's different economies and their local currency to bitcoin parity...
The current transaction design for peer clients seems to be a system of fees based on transaction size with a summary of (old) rules from the wiki:
Current "Default" Rules for the regular Bitcoin client (Bitcoin 0.3.20)
0.01 BTC fee if sending any transaction less than 0.01 BTC. This is to help prevent DoS attacks against the network. Remember: fees are not network-enforced, so it's still possible to send these small transactions without the fee -- you just have to generate the blocks that contain them yourself (after modifying Bitcoin).
0.01 BTC fee per kilobyte of transaction, but:
If the blocksize (size of all transactions currently waiting to be included in a block) is less than 27 kB, transactions are free.
If the blocksize is more than 250 kB, transactions get increasingly more expensive as the blocksize approaches the limit of 500 kB. Sending a transaction when the blocksize is 400 kB will cost 5 times the normal amount; sending when it's 499 kB will cost 500x, etc.
Transactions within each fee tier are prioritized based on several factors. Most importantly, a transaction has more priority if the coins it is using have a lot of confirmations. Someone spamming the network will almost certainly be re-using the same coins, which will lower the priority of their transactions. Priority is also increased for transactions with more BTC, and reduced for transactions with more data.
If the blocksize is over 4kB, free transactions in the above rules are only allowed if the transaction's priority is above a certain level.
The issues I see with this are the following:
- it is not possible to effectively pay with very small values, anyone for any reasons, using the official client, without paying sometimes a larger than payment fee
- you can only send a small sum to someone if you incorporate it in your own mined block (bigshot solo miner or a mining pool that supports it's own splitting fees)
- lower level economies with a high local/bitcoin currency parity will be unable to participate unless somehow they create a pool where they can register their wallets and have their localized pool include these transactions in the blockchain somehow
- the fee is set manually by the official client programmers/publishers
Is this issue going to be resolved in such a way to allow proportional fees scales based on economic parity, and not just parity of the individual to the global economy which will make the rich richer and the poor poorer?
Would having a calculated and automatically scaled transaction fee design that changes without intervention be useful?
Would you consider something like ln(1/sum) used as a fee percentage to prevent network abuse and provide some flexibility where needed?
Do you consider your time wasted after reading my legitimate exposition on the fees issue?
The current transaction design for peer clients seems to be a system of fees based on transaction size with a summary of (old) rules from the wiki:
Current "Default" Rules for the regular Bitcoin client (Bitcoin 0.3.20)
0.01 BTC fee if sending any transaction less than 0.01 BTC. This is to help prevent DoS attacks against the network. Remember: fees are not network-enforced, so it's still possible to send these small transactions without the fee -- you just have to generate the blocks that contain them yourself (after modifying Bitcoin).
0.01 BTC fee per kilobyte of transaction, but:
If the blocksize (size of all transactions currently waiting to be included in a block) is less than 27 kB, transactions are free.
If the blocksize is more than 250 kB, transactions get increasingly more expensive as the blocksize approaches the limit of 500 kB. Sending a transaction when the blocksize is 400 kB will cost 5 times the normal amount; sending when it's 499 kB will cost 500x, etc.
Transactions within each fee tier are prioritized based on several factors. Most importantly, a transaction has more priority if the coins it is using have a lot of confirmations. Someone spamming the network will almost certainly be re-using the same coins, which will lower the priority of their transactions. Priority is also increased for transactions with more BTC, and reduced for transactions with more data.
If the blocksize is over 4kB, free transactions in the above rules are only allowed if the transaction's priority is above a certain level.
The issues I see with this are the following:
- it is not possible to effectively pay with very small values, anyone for any reasons, using the official client, without paying sometimes a larger than payment fee
- you can only send a small sum to someone if you incorporate it in your own mined block (bigshot solo miner or a mining pool that supports it's own splitting fees)
- lower level economies with a high local/bitcoin currency parity will be unable to participate unless somehow they create a pool where they can register their wallets and have their localized pool include these transactions in the blockchain somehow
- the fee is set manually by the official client programmers/publishers
Is this issue going to be resolved in such a way to allow proportional fees scales based on economic parity, and not just parity of the individual to the global economy which will make the rich richer and the poor poorer?
Would having a calculated and automatically scaled transaction fee design that changes without intervention be useful?
Would you consider something like ln(1/sum) used as a fee percentage to prevent network abuse and provide some flexibility where needed?
Do you consider your time wasted after reading my legitimate exposition on the fees issue?
Jump to: