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Author Topic: I say it again: REDUCE THE FEES!  (Read 5972 times)
evilpete
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April 04, 2013, 12:42:06 AM
 #41

The official bitcoin-qt binaries say:

Fee 0.01 recommended.

http://i.imgur.com/gCL8BPF.png

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Ghostofkobra
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April 04, 2013, 01:07:37 AM
 #42


I DO NOT UNDERSTAND HOW BITCOINS OR FREE MARKETS WORK AND WRITE IN BIG LETTERS

ftfy.

I quote myself :


Feel free to use a client where you can set your fee as low as you want.

And after you did that ... go outside and harass some bees.



Using another client and setting a low fee does not solve the problem of large fees since they introduce other problems. Longer transaction times, transactions that wont be relayed by the ordinary bitcoin clients (make sure you connect to Eligius since they accept low-fee transactions), and i bet i am missing some problems.

Now why are the transactions fees a problem? My 0.001BTC:
- I be leave in an world (internet) full of microtransactions, where we pay small amounts, maybe one dollar for an app, maybe 10 cent to hear a song.
  I thought Bitcoin was the solution to this problem, with the set transaction fee's, it is not.

- as the value of bitcoins increase so does the transaction fee's. One BTC is worth 40 times more now than a it was about half a year to a year ago. Which means that the transaction fee's have increased by 40 times but the prices of the "goods" have decresed.

- The miners need the transaction fee argument is crap! a handful of computers could handle all transactions in the world if the difficulty were low enough. And if that was the case they would probably make good money too. Mining is a free market, and saying that we should keep transaction fees so some ppl can spend thousands of BTC on hardware is in my opinion a bad thing.

* My transaction fees are going into the pockets of BFL and Avalon when in all honesty the mining could have been done with a couple of cpu's.

  The argument that "We the bitcoiners" should pay money to miners so they can spend it on hardware when much cheaper equipment would suffice is just ignorant.

//GoK

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Ghostofkobra
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April 04, 2013, 01:11:24 AM
 #43

Look here

One way to lower the fees is to become a miner yourself.
Then you can set to accept no-fee transactions and create blocks that are several megabytes big if you like.


No you cant since the official clients dont relay all transactions, depending on fee and size settings.

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sloper
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April 04, 2013, 05:41:15 AM
 #44

So at $1000/btc is it worth reducing the fees?

How about $10,000/btc?

At some point, this needs to become a discussion. When is it?
Come-from-Beyond
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April 04, 2013, 06:44:00 AM
 #45


well what folks pay now is not a fee, it is a f***** rip-off

Let me know if you find an internet currency with less fees than bitcoin.

http://qubic.boards.net/index.cgi?board=theconcept&action=display&thread=1
Scroll to "What features Qubic has"

It's in a prototype now.
mai77
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April 04, 2013, 02:26:28 PM
 #46


that discussion is also underway in the github source repo

but there is strong resistance in just changing 1 lil digit in the source code.


THIS IS POLITICAL!
Shermo
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April 04, 2013, 02:46:34 PM
 #47

I like this chart on blockchain.info:

https://blockchain.info/charts/transaction-fees-usd
mai77
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April 04, 2013, 04:01:42 PM
 #48

USD = US Dollar

http://www.picturehost.eu/uploads/a8520e221bc0aafe86cf46d404803e42_fees.jpg
justusranvier
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April 04, 2013, 04:14:10 PM
 #49

That graph doesn't mean anything unless you compare it to the number of transactions.

Why don't you produce a graph of average cost per transaction?
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April 04, 2013, 04:18:37 PM
 #50

What is this USD you speak of?
phatsphere
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April 04, 2013, 04:20:43 PM
 #51

higher fees are necessary, sooner or later. bitcoin will not be the best tool for online micro transactions, hence don't use it for it.
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April 04, 2013, 04:23:02 PM
 #52

What is this USD you speak of?

Valid point. This nonsense thread should be deleted.
mai77
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April 04, 2013, 04:24:31 PM
 #53

What is this USD you speak of?

US Dollars from U$A
dg2010
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April 04, 2013, 04:42:55 PM
 #54

higher fees are necessary, sooner or later. bitcoin will not be the best tool for online micro transactions, hence don't use it for it.

This is a pathetic argument because depending on the value of a BTC, these "micro transactions" you talk off might be quite valuable. At which point you won't be able to spend your BTC because the fees are so high.

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April 04, 2013, 04:44:12 PM
 #55

Oh c'mon, things to do
1)reduce the DEFAULT fee in the client. It was set when price was 10$, not 100. Today the default fee is too high, but most people don't know that and don't change that.
2)increase blocksize, so we aren't stuck at 7 transactions per second or less. Moar transactions per block means moar profit for the miners even with lower transactions

Said that, transactions are required to pay the miners for their work! Eventually miner will be paid only with transactions, no more by generating new bitcoins. So, stop whining and start paying fees for your transaction! Of course not exagerated fees!  

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April 04, 2013, 04:53:55 PM
 #56

Indeed, lowering the default fee at these prices must be done. Increasing the max blocksize in some fashion must be done also. The default fee is a smaller change though and can be done faster.

I feel like pushing the ignore button for some of these people who have these delusions of actually opposing these quite critical and obvious changes.

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porcupine87
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hm


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April 04, 2013, 05:48:56 PM
 #57

I agree. Micropayments get less fun, if you want to send $0,05  = 0,0004BTC and you have to pay more fees than 5Cent...

"Morality, it could be argued, represents the way that people would like the world to work - whereas economics represents how it actually does work." Freakonomics
mai77
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April 04, 2013, 05:58:57 PM
 #58


fees should be constant invarible to exchange rate of BTC



roughly constant in say € or $ of course
Come-from-Beyond
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April 04, 2013, 06:02:13 PM
 #59


fees should be constant invarible to exchange rate of BTC



constant in say € or $ of course

How are u going to set fees when USD and EUR disappear?
mai77
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April 04, 2013, 06:06:05 PM
 #60


that's a technicality.

I'll be glad to answer you in time, though!   Grin Grin Grin
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