[RFC] New TX fee: 0.0005 BTC

[Maged]

I'm thinking more of the network has already upgraded than you think. I did a few transactions that required fees today using the 0.0005 fee and they went through right away.

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[xf2_org]

I'm thinking more of the network has already upgraded than you think. I did a few transactions that required fees today using the 0.0005 fee and they went through right away.

Most likely they were simply considered free transactions.

[Maged]

I'm thinking more of the network has already upgraded than you think. I did a few transactions that required fees today using the 0.0005 fee and they went through right away.

Most likely they were simply considered free transactions.

Ah, I suppose with the amount of blocks found today there was more than enough room.

I'll try a transaction under .01 BTC and see how long that takes. (if it even does take...)

[koin]

I'll try a transaction under .01 BTC and see how long that takes. (if it even does take...)

just to clarify, i believe the minimum transaction size is still 0.01 btc

are you referring to this instead?
 - doing a transaction that will likely be considered "low priority" (e.g., 0.01 btc)
 - have -paytxfee specifically set to an amount below the 0.01 btc threshold but at or above the new lower bound (0.0005 btc or higher)?

[Maged]

My first test last night was successful. Broadcast through 38 nodes, a .0005 transaction was successfully blocked after 42 blocks.
http://blockexplorer.com/address/1ELvLsDRCaN8zSpZ8ZktAeM56tpfZ3E4kG

Honestly, if this is the worst case for a well-connected node when there are only, what, 100ish nodes on the RC, I think it could be pushed right out.

[ShadowOfHarbringer]

This "consensus" talk gives a bad feeling. Prices should be set by markets.

Agreed; that is the longer-term goal.  This is a short-term fix.

Isn't it possible to introduce some automatic downloading & adjustment of current fees depending on BTC prices comparing to other currencies from bitcoinwatch, bitcoincharts or something ?
Of course, if none of the servers respond quickly, then the default fee will be taken.

I know this is not the best solution, but surely it has to be better than fixed fee.

[Thor]

Couldn't you almost instantly have a "non-trivial" amount of the network converted by just getting [Tycho] and Slush (and maybe a couple other 500GH/s + pools) to have committed to being updated? And perhaps check with Vladimir or a couple of the other big solo players?

With how centralized people have chosen to have mining be, I think it should make this sort of update quite simple.

Also, on a side note, I would personally like to see the ability to include smaller transactions in general included in a release very soon (at least 3 decimal places, preferably 4 especially if that is the transaction fee limit.  I think one should be able to see and work with those fractions of coins in other ways as well if they can be used for fees.)

That's my .0005 BTC.

[Gavin Andresen]

Couldn't you almost instantly have a "non-trivial" amount of the network converted by just getting [Tycho] and Slush (and maybe a couple other 500GH/s + pools) to have committed to being updated? And perhaps check with Vladimir or a couple of the other big solo players?

No, because you're probably not directly connected to those pools, and the nodes you are connected to will drop transactions if they don't include the 'right' fee.

Also, on a side note, I would personally like to see the ability to include smaller transactions in general included in a release very soon (at least 3 decimal places, preferably 4 especially if that is the transaction fee limit.  I think one should be able to see and work with those fractions of coins in other ways as well if they can be used for fees.)

That's my .0005 BTC.

Bitcoin already supports showing and sending less-than-0.01 BTC amounts.  It is just smart and only shows 2 decimal places instead of always showing lots of extra zeroes.

[Ian Maxwell]

By the time the next-next version is officially released, we're probably going to want a minimum transaction fee of 0.00001. A rolling fee update like this would be okay if we were getting a new release every two weeks, but at this rate it's just way too slow.

[xf2_org]

Minimum relay TX fee changed from 0.0005 to 0.0001, in git.

[Ian Maxwell]

That's still about three cents. Why not 0.00001? 0.01 was fine when we were at 0.3, why is 0.00001 too low when we're at 30?

[da2ce7]

That's still about three cents. Why not 0.00001? 0.01 was fine when we were at 0.3, why is 0.00001 too low when we're at 30?

We should make the min fee 0.00001 

[Dobrodav]

We just should not stop any transaction fee, if it comes in places ahead of last zero. That will start transaction market.

[Maged]

That's still about three cents. Why not 0.00001? 0.01 was fine when we were at 0.3, why is 0.00001 too low when we're at 30?

It's about a third of a cent...

[Ian Maxwell]

That's still about three cents. Why not 0.00001? 0.01 was fine when we were at 0.3, why is 0.00001 too low when we're at 30?

It's about a third of a cent...

D'oh you're right. Sorry.

[Dobrodav]

Maybe i am missing something important. Did anybody was looking in problem of mass zero fee tx on modified client ?
I am understand that, this kind of tx will be refused by nodes, but how that will affect them ?

[marhjan]

As transaction fees are reduced and minimum transaction sizes also decrease, the client should be adapted to display varying decimal places.  To early adopters with several thousand Bitcoins, a few bitmills may seem trivial, but those who come along down the road may be very interested in them at least starting out.  It seems as though there could be options in the client to display anywhere from full Bitcoins down to the singular Satoshi unless I am missing something obvious.