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Title: Increasing transaction fees for future mining Post by: dominicus on August 06, 2013, 09:44:35 PM Are there any good estimation models of increase in transaction fee payouts to miners?
What is the view for future transaction volumes and per-block payout? I find countless charting focused exclusively on new-block payout and ROI, yet none I've reviewed attempts to account for transaction fees partially counter-balancing the drop in payout rate. Title: Re: Increasing transaction fees for future mining Post by: jhansen858 on August 07, 2013, 05:18:31 AM No one knows. They have not decided how to decide what the fees will be. I suspect it will end up being about 1% at the end of the day.
Title: Re: Increasing transaction fees for future mining Post by: dominicus on August 07, 2013, 03:15:06 PM No one knows. They have not decided how to decide what the fees will be. I suspect it will end up being about 1% at the end of the day. Woa.... a 1% bounty on network transactions could turn out to be quite a bit of dough even with a modest 10% turnover of BTC circulation per week. That comes out to 40+ BTC/block. Title: Re: Increasing transaction fees for future mining Post by: DigitalHermit on August 07, 2013, 03:48:15 PM No one knows. They have not decided how to decide what the fees will be. I suspect it will end up being about 1% at the end of the day. Woa.... a 1% bounty on network transactions could turn out to be quite a bit of dough even with a modest 10% turnover of BTC circulation per week. That comes out to 40+ BTC/block. That's quite a stretch from where we currently are (about 30 BTC per day): https://blockchain.info/charts/transaction-fees There does seem to be at least some correlation between fee amounts and the exchange rate of BTC into government fiat. So if the exchange rate begins climbing again, perhaps we will see a comparable boost in transaction fees again. Title: Re: Increasing transaction fees for future mining Post by: BombaUcigasa on August 08, 2013, 10:21:46 PM No one knows. They have not decided how to decide what the fees will be. I suspect it will end up being about 1% at the end of the day. Woa.... a 1% bounty on network transactions could turn out to be quite a bit of dough even with a modest 10% turnover of BTC circulation per week. That comes out to 40+ BTC/block. Title: Re: Increasing transaction fees for future mining Post by: dominicus on August 09, 2013, 01:51:10 AM No one knows. They have not decided how to decide what the fees will be. I suspect it will end up being about 1% at the end of the day. Woa.... a 1% bounty on network transactions could turn out to be quite a bit of dough even with a modest 10% turnover of BTC circulation per week. That comes out to 40+ BTC/block. Well, I sure hope there's some deliberate thought process around transaction fees. There's this delicate balance between mining -net- profitability, transaction fees BTC/fiat, and network health in the face of volume growth. Seems to me a sensible mining regime wrt transaction fees will become critical. Should ensure enough incentive is in the system to keep the distributed nature of Bitcoin. Title: Re: Increasing transaction fees for future mining Post by: BombaUcigasa on August 10, 2013, 10:08:33 AM Should ensure enough incentive is in the system to keep the distributed nature of Bitcoin. Right now that's called the block reward of 25 BTC and is shared by miners.Title: Re: Increasing transaction fees for future mining Post by: dominicus on August 11, 2013, 07:13:51 AM Should ensure enough incentive is in the system to keep the distributed nature of Bitcoin. Right now that's called the block reward of 25 BTC and is shared by miners.Bomba, I was concerned about the future upon new coin reward phases out, and transaction fees replace this as an incentive to continue spending computational effort to create new transaction blocks. Last 24hrs, 5,400 BTC were created and 23 BTC were passed to miners in txn fees. Question was about future expectation of txn fees per block, and dynamics of how this increase would occur Title: Re: Increasing transaction fees for future mining Post by: t3xasdolly on August 11, 2013, 07:30:49 AM As a minner, you can include only transaction with high fees, but i think it is short sighted.
Title: Re: Increasing transaction fees for future mining Post by: BombaUcigasa on August 11, 2013, 12:45:16 PM Bomba, I was concerned about the future upon new coin reward phases out, and transaction fees replace this as an incentive to continue spending computational effort to create new transaction blocks. http://blockchain.info/charts/transaction-fees http://blockchain.info/charts/transaction-fees-usd While the miners' cut in token form is rather stable across various Bitcoin valuations, the extra popularity and value of Bitcoin could provide a proportional relationship so the efforts are rewarded correctly. As seen above, for values of 20 USD/BTC, fees were around 500 USD, for values of 250 USD, fees were around 8000 USD and for values of 60 USD, fees were about 2500 USD. Would this satisfy your concern? Title: Re: Increasing transaction fees for future mining Post by: byronbb on August 11, 2013, 07:46:58 PM Miner's as a whole will need to develop products that utilize the blockchain in the satoshidice manner.
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