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

[minerva]

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

[1714825755]

1714825755

[1714825755]

1714825755

[justusranvier]

https://bitcoinfoundation.org/blog/?p=290

[theymos]

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 Hardcoded fees fall out of date (and aren't free-market), but I think that it'll always be possible for miners to trick automatic fee calculators into paying more than necessary.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.

[Sukrim]

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.

[minerva]

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 Hardcoded fees fall out of date (and aren't free-market), but I think that it'll always be possible for miners to trick automatic fee calculators into paying more than necessary.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.

[t3a]

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 Hardcoded fees fall out of date (and aren't free-market), but I think that it'll always be possible for miners to trick automatic fee calculators into paying more than necessary.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.

[minerva]

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.