Increasing mining income on litecoin!

[gmaxwell]

Greetings.

Forwarding and processing transactions in litecoin competes with CPU power that could be better used for mining.

Rather than disallowing free transactions entirely, this patch simply corrects the metric to better match the currently relatively stationary behavior of litecoin: To be free 100 LTC of input must sit around 576 blocks (4x the 144 value from bitcoin).   Otherwise, a fee of 1 LTC applies, pretty reasonable considering the exchange rates.

If people want binaries, let me know for what platforms you want them. Cheers!

diff --git a/src/main.h b/src/main.h
index 5783d67..468f11e 100644
--- a/src/main.h
+++ b/src/main.h
@@ -33,8 +33,8 @@ static const unsigned int MAX_BLOCK_SIZE_GEN = MAX_BLOCK_SIZE/2;
 static const int MAX_BLOCK_SIGOPS = MAX_BLOCK_SIZE/50;
 static const int64 COIN = 100000000;
 static const int64 CENT = 1000000;
-static const int64 MIN_TX_FEE = 50000;
-static const int64 MIN_RELAY_TX_FEE = 10000;
+static const int64 MIN_TX_FEE = 100000000;
+static const int64 MIN_RELAY_TX_FEE = 100000000;
 static const int64 MAX_MONEY = 84000000 * COIN; // Litecoin: maximum of 840k coins
 inline bool MoneyRange(int64 nValue) { return (nValue >= 0 && nValue <= MAX_MONEY); }
 static const int COINBASE_MATURITY = 100;
@@ -527,7 +527,7 @@ public:
     {
         // Large (in bytes) low-priority (new, small-coin) transactions
         // need a fee.
-        return dPriority > COIN * 144 / 250;
+        return dPriority > 100 * COIN * 576 / 250;
     }
 
     int64 GetMinFee(unsigned int nBlockSize=1, bool fAllowFree=true, bool fForRelay=false) const

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[sd]

Forwarding and processing transactions in litecoin competes with CPU power that could be better used for mining.

By how much does forwarding and processing transactions slow down mining? Surely it's not more than a few hashes out of the 3K/sec per core that a modern CPU will manage.

If you slow down the processing of transactions you break the whole point of generating blocks faster than BitCoin does.

[CAMOPEJB]

Uhmmmm... I think that is not right thing to do: http://explorer.liteco.in/block/66800d1766c38ad738da79da37ecea1b491464a4382b4b0b5019b41c8153a8f9

So just don't please 

[rdponticelli]

Forwarding and processing transactions in litecoin competes with CPU power that could be better used for mining.

If you slow down the processing of transactions you break the whole point of generating blocks faster than BitCoin does.

The patch doesn't slow down transactions. It adjusts the fee system.

[mrx]

Hmmm I'm receiving lots of micro transactions today. Mostly to my public address in my signature.

Was wondering where are they come from...

[terrytibbs]

Hmmm I'm receiving lots of micro transactions today. Mostly to my public address in my signature.

Was wondering where are they come from...

http://liteco.in/threads/thousands-of-tiny-donations-being-sent.39/

[kano]

Just ignore the first post.

[BeeCee1]

1 LTC seems a pretty steep fee.  I took out a zero in a couple of places to make the fee 0.1 when I recompiled, but I think 0.01 would be sufficient.

The good thing about this is that all these spam transactions now put a message in the log:
ERROR: AcceptToMemoryPool() : not enough fees

If everyone made these modifications the spam 0.00000001 transactions wouldn't propagate.

[kano]

Two things:

1) Yes that's right ... if EVERYONE made a change to their Litecoin, but ...
Seriously, making a change to your litecoind because some random person posted a comment in a thread here is a REALLY bad idea.
Yes it is easy to see what it does, but have you considered the possible problems?
As an example: are there any problems with a fork caused by these transactions getting into the block-chain and you rejecting those blocks?
Or worse? Are you suddenly going to be outcast from the block-chain by your litecoind?
These may or may not be issues, but certainly ignore the first post - and ask in the Litecoin thread to see if it's going to be discussed and possibly put in the standard litecoind.

2) As for the actual micro transactions:
Well who cares?
Do you seriously think that litecoin is unable to handle a lot more transactions that it currently handles?
If that's the case - since there really are NOT a lot of litecoin transactions happening - then your betting that litecoin will die in the not too distant future.
I'd say this is a reasonable test to see if litecoin can handle even a small number of transactions successfully
It really doesn't have to deal with many transactions at the moment without these micro txn.

[tomba]

Hmmm I'm receiving lots of micro transactions today. Mostly to my public address in my signature.

Was wondering where are they come from...

http://liteco.in/threads/thousands-of-tiny-donations-being-sent.39/

Site doesn't work ? Shows my a PHP Config page or something

[terrytibbs]

Hmmm I'm receiving lots of micro transactions today. Mostly to my public address in my signature.

Was wondering where are they come from...

http://liteco.in/threads/thousands-of-tiny-donations-being-sent.39/

Site doesn't work ? Shows my a PHP Config page or something

It's back up. Sorry - the crazy amount of transactions being sent lately overloaded my database system, and I had to make some improvements.

[CAMOPEJB]

LOL - microtransactions killed LTC forum 

[coblee]

New Litecoin released with increased fees to deal with transaction spam:
https://bitcointalk.org/index.php?topic=47417.msg621650#msg621650

[BeeCee1]

Two things:

1) Yes that's right ... if EVERYONE made a change to their Litecoin, but ...
Seriously, making a change to your litecoind because some random person posted a comment in a thread here is a REALLY bad idea.

I don't expect people to make changes blindly.  The more people who look at the change and post what they think about it the better.

Yes it is easy to see what it does, but have you considered the possible problems?
As an example: are there any problems with a fork caused by these transactions getting into the block-chain and you rejecting those blocks?
Or worse? Are you suddenly going to be outcast from the block-chain by your litecoind?

Wow, you're really pouring on the FUD.   Yes, it is easy to see what it does.  Litecoin behaves the same way as bitcoin when faced with transactions with too small a fee, it doesn't broadcast the transactions to peers, it doesn't insert them into a block if it is mining.  It does keep them and if a block shows up with them in it it will accept the block.

So no, there aren't any forking issues, I'm not rejecting those blocks, and I'm not going to be an outcast from the block chain.

2) As for the actual micro transactions:
Well who cares?
Do you seriously think that litecoin is unable to handle a lot more transactions that it currently handles?

Several sites seem to have had problems with this torrent of transactions, maybe it was insufficient hardware, maybe it was something else.  Everyone should think about the value they get out of a block chain and its cost to them.  Since litecoin is very new, the value it provides is still low so if they have to have more powerful machines and dedicate more disk space to it some people will decide it isn't worth it.  Years from now, if litecoin proves to be durable this volume of transactions won't be an issue since the value people get from litecoin will be higher.  Today, it is an issue.

I know these points are moot since coblee has released an updated client, but I wanted to address your issues.