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Author Topic: How will version .9 do away with hardcoded transaction fees?  (Read 1006 times)
minerva
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January 03, 2014, 12:08:27 AM
 #1

How will version .9 do away with hardcoded transaction fees?

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justusranvier
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January 03, 2014, 12:22:57 AM
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https://bitcoinfoundation.org/blog/?p=290
theymos
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January 03, 2014, 06:29:15 AM
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It likely won't.

I think that the long-term solution will have to be allowing transactions to be cancelled and resent with a higher fee. Hardcoded fees fall out of date (and aren't free-market), but I think that it'll always be possible for miners to trick automatic fee calculators into paying more than necessary. So it should be left mostly up to the users to figure out an appropriate fee with trial and error. Transaction cancellation is extremely difficult to add to Bitcoin-Qt, though, so this probably won't happen in 0.9. I don't think that Gavin's fee calculator will be included, either. Fees will probably remain hardcoded for now.

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Sukrim
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January 03, 2014, 12:41:09 PM
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I'd rather see "no fee" defaults and then allowing to attach fees to transactions to allow for something like an auction where you bid higher and higher until you get included in a block.

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minerva
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January 03, 2014, 11:37:33 PM
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It likely won't.

I think that the long-term solution will have to be allowing transactions to be cancelled and resent with a higher fee. Hardcoded fees fall out of date (and aren't free-market), but I think that it'll always be possible for miners to trick automatic fee calculators into paying more than necessary. So it should be left mostly up to the users to figure out an appropriate fee with trial and error. Transaction cancellation is extremely difficult to add to Bitcoin-Qt, though, so this probably won't happen in 0.9. I don't think that Gavin's fee calculator will be included, either. Fees will probably remain hardcoded for now.
In an ideal free-market, nodes can block propagation of blocks that would push fees too high, bankrupting the unscrupulous miner.

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t3a
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January 04, 2014, 12:21:46 AM
 #6

It likely won't.

I think that the long-term solution will have to be allowing transactions to be cancelled and resent with a higher fee. Hardcoded fees fall out of date (and aren't free-market), but I think that it'll always be possible for miners to trick automatic fee calculators into paying more than necessary. So it should be left mostly up to the users to figure out an appropriate fee with trial and error. Transaction cancellation is extremely difficult to add to Bitcoin-Qt, though, so this probably won't happen in 0.9. I don't think that Gavin's fee calculator will be included, either. Fees will probably remain hardcoded for now.
In an ideal free-market, nodes can block propagation of blocks that would push fees too high, bankrupting the unscrupulous miner.
What? No? If you don't want to pay high fees then don't make a transaction with high fees. It isn't the networks job to put miners out of business for accepting high fees, that is the opposite of a free market solution.

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minerva
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January 04, 2014, 12:23:22 AM
 #7

It likely won't.

I think that the long-term solution will have to be allowing transactions to be cancelled and resent with a higher fee. Hardcoded fees fall out of date (and aren't free-market), but I think that it'll always be possible for miners to trick automatic fee calculators into paying more than necessary. So it should be left mostly up to the users to figure out an appropriate fee with trial and error. Transaction cancellation is extremely difficult to add to Bitcoin-Qt, though, so this probably won't happen in 0.9. I don't think that Gavin's fee calculator will be included, either. Fees will probably remain hardcoded for now.
In an ideal free-market, nodes can block propagation of blocks that would push fees too high, bankrupting the unscrupulous miner.
What? No? If you don't want to pay high fees then don't make a transaction with high fees. It isn't the networks job to put miners out of business for accepting high fees, that is the opposite of a free market solution.
That's precisely how the free market works however.

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