Show Posts
kind of funny that devs removed code rules.. yes version 0.14 has totally removed the priority mechanism.
yes the priority mechanism wasnt any good as it just favoured the rich more then the poor in its formulae. but they never bothered to actually be real devs and envision a new formulae that actually does help solve the issues that causes the problems and also havnt been code devs to treat people more fairly rather then act like banker economists that punishing the innocent aswell as the malicious with the stupid 'just pay more' empty minded mindset..
so to save me re-writing what i have already wrote
we should think about changing something real simple.
the tx priority formulae to actually solve things like bloat/respend spam. where by the more bloated (tx bytes) and the more frequent (tx age) a spend is made. the more it costs.
imagine that we decided its acceptable that people should have a way to get priority if they have a lean tx and signal that they only want to spend funds once a day. where if they want to spend more often costs rise, if they want bloated tx, costs rise.. which then allows those that just pay their rent once a month or buys groceries every couple days to be ok using onchain bitcoin.. and where the costs of trying to spam the network (every block) becomes expensive where by they would be better off using LN. (for things like faucet raiding every 5-10 minutes)
so lets think about a priority fee thats not about rich vs poor but about respend spam and bloat.
lets imagine we actually use the tx age combined with CLTV to signal the network that a user is willing to add some maturity time if their tx age is under a day, to signal they want it confirmed but allowing themselves to be locked out of spending for an average of 24 hours.
and where the bloat of the tx vs the blocksize has some impact too... rather than the old formulae which was more about the value of the tx
here is one example
as you can see its not about tx value. its about bloat and age.
this way
those not wanting to spend more than once a day and dont bloat the blocks get preferential treatment onchain.
if you are willing to wait a day but your taking up 1% of the blockspace. you pay more
if you want to be a spammer spending every block. you pay the price
and if you want to be a total ass-hat and be both bloated and respending often you pay the ultimate price
yes its not perfect. but atleast lets think about using CODE to choose whats acceptable. rather than playing bankers economic value games of rich guys always win, or the bankers ecomonic games of 'just pay more.. that way we are no longer pushing the third world countries out of using bitcoins mainnet.
the tx priority formulae to actually solve things like bloat/respend spam. where by the more bloated (tx bytes) and the more frequent (tx age) a spend is made. the more it costs.
imagine that we decided its acceptable that people should have a way to get priority if they have a lean tx and signal that they only want to spend funds once a day. where if they want to spend more often costs rise, if they want bloated tx, costs rise.. which then allows those that just pay their rent once a month or buys groceries every couple days to be ok using onchain bitcoin.. and where the costs of trying to spam the network (every block) becomes expensive where by they would be better off using LN. (for things like faucet raiding every 5-10 minutes)
so lets think about a priority fee thats not about rich vs poor but about respend spam and bloat.
lets imagine we actually use the tx age combined with CLTV to signal the network that a user is willing to add some maturity time if their tx age is under a day, to signal they want it confirmed but allowing themselves to be locked out of spending for an average of 24 hours.
and where the bloat of the tx vs the blocksize has some impact too... rather than the old formulae which was more about the value of the tx
here is one example
as you can see its not about tx value. its about bloat and age.
this way
those not wanting to spend more than once a day and dont bloat the blocks get preferential treatment onchain.
if you are willing to wait a day but your taking up 1% of the blockspace. you pay more
if you want to be a spammer spending every block. you pay the price
and if you want to be a total ass-hat and be both bloated and respending often you pay the ultimate price
yes its not perfect. but atleast lets think about using CODE to choose whats acceptable. rather than playing bankers economic value games of rich guys always win, or the bankers ecomonic games of 'just pay more.. that way we are no longer pushing the third world countries out of using bitcoins mainnet.
the other problem recently is that core changed the fee calculations by miners from being reactive to demand.. to be done using an average estimator, which is proved by math to be biased to increase even during low demand. this needs to go back to reactive
