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Author Topic: when will the fee reduction go through?  (Read 719 times)
kellrobinson
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March 02, 2014, 09:23:02 PM
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Supposedly the transaction fee will be cut by a factor of ten.  But when?
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March 02, 2014, 09:43:52 PM
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Supposedly the transaction fee will be cut by a factor of ten.  But when?
Why would the big mining pools want to reduce their fees?
kellrobinson
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March 02, 2014, 09:51:27 PM
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well, if by that you mean miners will never willingly go below .0001 btc per kilobyte, then  we will end up having some extremely expensive transactions... presuming btc continues to appreciate exponentially at anything like its historical rate.
Anyway, here's a link to a github discussion
https://github.com/bitcoin/bitcoin/pull/3305
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March 02, 2014, 09:53:21 PM
 #4

Each node works independently.  Any node running v0.9 will relay tx with only a fee of 0.01 mBTC per KB (vs 0.1mBTC per KB for v0.8.6).  The network will have nodes on different versions but once a significant majority is running v0.9 or later will become reliable to relay tx with a fee that low.

Of course miners are free to set whatever fee requirements they see fit (even larger than 0.1 mBTC if they want) so being relayed is no guarantee the tx will be included in the next block.
dissident
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March 02, 2014, 09:54:18 PM
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The price is not going to increase exponentially so you have nothing to worry about for quite awhile. I used to be interested in altcoins and crypto currencies when there was maybe 40-60 of them but now that there's 140 of them and climbing on coinmarketcap it makes them all seem worthless to me to be honest. Nothing 'really' makes one worth more than another except a person's perceptions and they are all getting pretty much mined and dumped making them a poor 'store of value' in the long run.

I'll wait until one is created that's backed completely by bullion by a major firm for now.. I don't trust any of them.. what gives them value seems to be a lot of hot air.  I honestly trust major banks, firms, and the government more to hold my wealth than cryptos. Blame the fact that anyone can create another altcoin at anytime.

I have a stake in NEM and am glad to have one but by the time the coin goes public there will be hundreds of alt coins and alt coins will be DEAD as a doornail. Only the few will survive. Of course speculating on which few could still make people lots of money.  Dogecoin has now had it's day and I believe that one will die like the rest... once all the profit has been milked from the cow the market cap will plummet as once former loyal investors pump their next coin.

Maybe bitcoin can survive all this, and I'd like to see it become useful in actually serving as a currency, but I don't really care what price it's trading at for that to occur.. I'll buy in if I can get bitcoins for under $200, no sooner... or when amazon.com starts taking it... if I had bitcoins and was a bitcoin millionaire boy would I be selling and converting to fiat.. you'd be dumb not too if you have 1,000 or more of them to not convert half.

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kellrobinson
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March 03, 2014, 01:12:06 AM
 #6

Each node works independently.  Any node running v0.9 will relay tx with only a fee of 0.01 mBTC per KB (vs 0.1mBTC per KB for v0.8.6).  The network will have nodes on different versions but once a significant majority is running v0.9 or later will become reliable to relay tx with a fee that low.

Of course miners are free to set whatever fee requirements they see fit (even larger than 0.1 mBTC if they want) so being relayed is no guarantee the tx will be included in the next block.

Thanks for the relevant and helpful reply.
Apparently for the near future one has to continue including a 0.1 mBTC fee per kb in transactions.  How long until at least half the nodes run v0.9, do you think?
DeathAndTaxes
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Gerald Davis


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March 03, 2014, 01:31:40 AM
 #7

No idea although there is no guarantee that some or any miners will accept tx with a fee as low as 0.01 mBTC.  The more relevant question would be to ask the mining pools what their fee policies are and if it will change once v0.90 is released.
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