Topic: [UNO] Unobtanium Info & Discussion - Hardfork block 1042000 - Merge Mine w/BTC! - page 186. (Read 1047017 times)

 Do you remember this Bomb?

Regarding transactions fee I think is making no difference for miners. Why -because they mine some dust worth noting now. Miners mine btc for money but uno they mine for different reasons: 1. Because is free uno dust that is not worth even to  spend time to sell it. 2.They see some magic in uno fundaments. They have some believe in uno future. Better send it to frieze than sell it for nothing. they just collecting this uno dust I believe. Nobody mining UN and dump it anymore! UNO MINERS ARE MORE IDEALISTS THAN PRACTICAL OR NOT AS PRACTICAL AS IDEALISTS.  IN THIS POINT THEY ARE SURREALISTS. 

The only thing I don't like about Uno transactions is that RESTRICTION on the transaction size 1ton. It is make no sense now. It must be some restriction like this in the future eventually if some big dramatic price of uno is already reached. So I vote this restriction to be removed.
And if U all want fee for transactions then take it from people that made transactions over 1000uno. I'm shore big boys ore "whales" don't have problem to pay some fee. If somebody can send 20tons at one trans he can pay fee like 15 or 30 uno or whatever.

Quick news update...

John Kerry was nice enough to send me this pic.  He said that he and His Majesty were working tirelessly on the world's petro-dollar problem and they finally agreed with the solution I had put forth a year ago.

This chart needed an update. We have to keep telling the UNO facts, because the cryptosphere is very noisy and very scammy.

The past few months, Cryptsy investors had been using UNO to escape that failed exchange as a result of Bitcoin withdrawals being halted. This understandably caused a lot of downward pressure on the price of UNO. Since the Cryptsy dumping halted, the price of UNO has begun to recover.  This is partly due to UNO's fundamentals as a very low inflation cryptocurrency with a maximum of only 250,000 coins.

Hi Nat thanks for the feedback.

" First, merged mining makes the importance of transaction fees much less significant. "
I don't completley agree with that. Mining, even merge mining, doesn't just happen for free.  Miners have to make a decision to do it, then take time to setup an maintain the software, so there are costs to miners. If they believe the costs are worth relative to the effort, they will continue it. If its too much bother for not enough revenue, they'll move on.

I'm glad you think the fees I tossed out are fair.  If others agree, I think we could have a moderate consensus that we could message to our wallet builders about where the community thinks the default wallet fees should be.   Of course one could always change it, but we all know that most people will just happily pay the "default," whether it's .001 or .00001.

This is a long term idea. I think if we set this expectation as a community it will remain part of the Uno culture into the future.

edgar: It's two different beers, I think one is from eastern Canada and the other from Alabama.

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Zelig: I enjoyed your update, thanks for bringing me back to childhood with that pee-wee quote.

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FallingKnife: You raise some interesting points. Assuming 0.1 gram fee per transaction (0.0001 UNO) the last 10 days we've averaged $0.024 per day in transaction fees, or $0.00005 per block, $0.72 per month. That is nothing, but it's acceptable in context. First, merged mining makes the importance of transaction fees much less significant. Second, we're generally more oriented toward a foundation of strength & longevity than market uses (meaning that low transaction volume is acceptable, you expect gold bricks to move less than dollar bills). However, the second point is also why higher transaction fees could be acceptable, people don't move their UNO often, so they don't pay the fees often.

A fee schedule could work. Say 0.01%, minimum of 0.00001, maximum of 0.1. I'm fairly sure that the average transaction size has been above 0.1 UNO, so that would increase fees going to miners. Reducing the minimum would make it more reasonable to send small amounts (which aren't a problem right now since blocks aren't anywhere near capacity like they are for bitcoin.), it would also keep $-value of transaction fees low in case of a price increase (If UNO=$100, and somebody wants to send $0.50, they would pay $0.001 instead of $0.01). On the flip side, if someone sends 1,000 UNO ($2,300) they'd be charged 0.1 UNO ($0.23), whereas now it would cost them $0.00023.

I just don't know how exchanges would handle that. They wouldn't change their code to adapt for us, so they'd have to just charge customers 0.01 or so to prevent losing on transaction fees. If the exchange issue makes my idea a non-starter for UNO-core, perhaps we could implement it for Electrum & android, or simply up the default-fee so that users have to manually choose to decrease it back to 0.0001.

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Asking individuals to increase their transaction fees to 0.001 will get a few community members on board, but it's not a long-term solution, and it will only collect another few cents a month. New users wouldn't know to change it, & we would just need to ask exchanges/pools to lower it again if/when the price increases significantly.

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I really like your idea of tracking the data. The more stats the better in my opinion.

(1) A graph of transaction fees per month in UNO & in USD.

(2) A graph of transaction fees as a % of mining rewards.

(3) A graph of transaction fees as a % of transaction volume.

(4) A graph of fees (in UNO) paid per transaction.

#3 would depend on average transaction size and #4, so a graph of average transaction size in place of #3 would do just fine.

All of that data should be obtainable from our block explorers with the right code.

When Blazr2 built UNO, he planned it as an experiment in scarcity and low inflation. UNO's block reward began at 1 UN and began halving from there every 100,000 blocks.  How this experiment has played out has been interesting to watch and anticipate. After a long debate last year UNO lead developer Bryce Weiner implemented merge mining with Bitcoin, which has lead to our current hash rate in the 500 ths range.

UNO has aggregated an unusual long term community of people who love crypto tech and what it can do. I think more than other communities, we understand the value of the ecosystem and the part that each piece plays, from miners, to merchants, users and traders.

Blazr2 understood how important it is to compensate miners, so he built in a block reward for 300 years. When Uno reaches its minimum block reward of .001 Un, it wont' be much (unless the price skyrockets past BTC), but at least its a base to build on.

If we agree that miners are important, I would like to suggest we agree as a community to set our wallet transaction fees for at least .01 Uno for larger transactions, and .001 UNO for smaller transactions.   .01 Un is only about 2 to 3 USD cents most days.  .001 Un is a fraction of a cent, and would be good when playing Cryptapus' games.

I think if we can come to agreement as a community on what fair fees look like to us and make it part of our culture, we can then start asking Cryptapus and BW and our exchange parters & pools to begin hard coding this as a default in their wallets and services.

What do you think?  Is this too high? Too low?

Also wondering if someone has the technical smarts to build a tool for us that we could put on Unobtanium.uno that would give us a snapshot of fee compensation for miners?  For example:   fees paid for past 100 and/or 1000 UNO blocks, average fees per block, etc. That would at least give us a benchmark for discussion, and as fees grow with transactions we can use it as a tool for retaining/recruiting miners. It would be interesting to know that fees are xx% of overall UNO mining rewards.

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Happy Friday, UNOverse ~ !

What did we win?  (Working sux.  I miss out on so much around here...)

Price is looking good, though ~ !  Mined a whole 0.45390403 UN with my Genesis account over the past 7 days.  

Not sure what happened w/my credit card on Coinbase, but I wasn't able to make an instant purchase and had to register a new credit card... which will take some days to verify.  So, made my weekly BTC purchase via Circle...

Bought some Dash (1st time purchase) and a $25 Applebee's Gift Card via Gyft this evening.  

That's all I have to report.  

Hope all is well in your UNOverse!

Z

P.S.  Had my annual medical checkup this past week.  The nurse that weighed me in and took my blood pressure offered me a (mild sedative ... no) pneumonia shot that she said I should get once every five years and I'm due.  I said no thanks.  She talked it up, offered me some literature, and told me to read up and think about it.  As I was departing the checkout counter the nurse suddenly reappeared from around the corner and asked me if I wanted my shot?  I said no thanks.  She looked like she was going to cry.  Little troll nurse.  






Remember: it's all measured in BTC

is that 2 different uno beers now or just a label change?

The merchants listed here have it: http://boxingrock.ca/blog/unobtainium

I LOVE this  Right down to the Blazr2 LOGO. I have got to get my hands on some of this.

Maybe if we drink enough of this blazr2 Unobtanium beer, we can summon The Great Old One back to this thread.  

Just got back from a short trip.  C-CEX is now added to the OP!  I'll ping Learminer about perhaps adding the CCEX market to Unobtanium.uno

I know that coming off Cryptsy, we're all a little exchange shy right now, but lets try to make sure that C-CEX has the liquidity they need.
I see there's 250 Un out there now. Thanks to whoever set that up, but we're going to need more.

Great to see a USD market for UNO again. Lets make the most of that, too!