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| author | Peter Todd <pete@petertodd.org> | 2017-09-28 22:10:33 -0400 |
|---|---|---|
| committer | bitcoindev <bitcoindev@gnusha.org> | 2017-09-29 02:10:39 +0000 |
| commit | 6b8f79ab94ad7c3fbe6d3963ba80de3bcd089abb (patch) | |
| tree | 596481fb163e22af983c6476a3d1b8c37dab3993 | |
| parent | 183cd24b0f59748b6bf5f5b57c3a7baae7557bbd (diff) | |
| download | pi-bitcoindev-6b8f79ab94ad7c3fbe6d3963ba80de3bcd089abb.tar.gz pi-bitcoindev-6b8f79ab94ad7c3fbe6d3963ba80de3bcd089abb.zip | |
Re: [bitcoin-dev] Rebatable fees & incentive-safe fee markets
| -rw-r--r-- | c5/df7181a9cfffe8efa5187d5f1d0b510684bd01 | 126 |
1 files changed, 126 insertions, 0 deletions
diff --git a/c5/df7181a9cfffe8efa5187d5f1d0b510684bd01 b/c5/df7181a9cfffe8efa5187d5f1d0b510684bd01 new file mode 100644 index 000000000..83b03a7e4 --- /dev/null +++ b/c5/df7181a9cfffe8efa5187d5f1d0b510684bd01 @@ -0,0 +1,126 @@ +Return-Path: <pete@petertodd.org> +Received: from smtp1.linuxfoundation.org (smtp1.linux-foundation.org + [172.17.192.35]) + by mail.linuxfoundation.org (Postfix) with ESMTPS id EA802B01 + for <bitcoin-dev@lists.linuxfoundation.org>; + Fri, 29 Sep 2017 02:10:39 +0000 (UTC) +X-Greylist: from auto-whitelisted by SQLgrey-1.7.6 +Received: from outmail148109.authsmtp.co.uk (outmail148109.authsmtp.co.uk + [62.13.148.109]) + by smtp1.linuxfoundation.org (Postfix) with ESMTPS id 40B4BD3 + for <bitcoin-dev@lists.linuxfoundation.org>; + Fri, 29 Sep 2017 02:10:38 +0000 (UTC) +Received: from mail-c245.authsmtp.com (mail-c245.authsmtp.com [62.13.128.245]) + by punt22.authsmtp.com (8.14.2/8.14.2/) with ESMTP id v8T2AaPe090770; + Fri, 29 Sep 2017 03:10:36 +0100 (BST) +Received: from petertodd.org (ec2-52-5-185-120.compute-1.amazonaws.com + [52.5.185.120]) (authenticated bits=0) + by mail.authsmtp.com (8.14.2/8.14.2/) with ESMTP id v8T2AYeU008278 + (version=TLSv1/SSLv3 cipher=DHE-RSA-AES256-SHA bits=256 verify=NO); + Fri, 29 Sep 2017 03:10:35 +0100 (BST) +Received: from [127.0.0.1] (localhost [127.0.0.1]) + by petertodd.org (Postfix) with ESMTPSA id 13B5F400FD; + Fri, 29 Sep 2017 02:10:34 +0000 (UTC) +Received: by localhost (Postfix, from userid 1000) + id 5FE1F205E4; Thu, 28 Sep 2017 22:10:33 -0400 (EDT) +Date: Thu, 28 Sep 2017 22:10:33 -0400 +From: Peter Todd <pete@petertodd.org> +To: Matt Corallo <lf-lists@mattcorallo.com>, + Bitcoin Protocol Discussion <bitcoin-dev@lists.linuxfoundation.org> +Message-ID: <20170929021033.GA12303@savin.petertodd.org> +References: <359FFE85-86AF-4FBD-9491-3528382E5002@friedenbach.org> + <DC1B3730-756E-4A9B-BE6E-481B78E4104D@mattcorallo.com> +MIME-Version: 1.0 +Content-Type: multipart/signed; micalg=pgp-sha256; + protocol="application/pgp-signature"; boundary="EeQfGwPcQSOJBaQU" +Content-Disposition: inline +In-Reply-To: <DC1B3730-756E-4A9B-BE6E-481B78E4104D@mattcorallo.com> +User-Agent: Mutt/1.5.23 (2014-03-12) +X-Server-Quench: 615fe05c-a4bb-11e7-801f-9cb654bb2504 +X-AuthReport-Spam: If SPAM / abuse - report it at: + http://www.authsmtp.com/abuse +X-AuthRoute: OCd2Yg0TA1ZNQRgX IjsJECJaVQIpKltL GxAVKBZePFsRUQkR + aQdMdAsUC1AEAgsB AmEbW1deUV17WmY7 bghPaBtcak9QXgdq + T0pMXVMcUg0MA21o U3seUhFwcA0IeX5w YUIsWHFeChF6cBVg + E0oGR3AHZDJndWgf URZFflAGdgZOLE1H b1B7GhFYa3VsNCMk + FAgyOXU9MCtqYB5Y SAgRJFgWTA4FEzMn D15KHDMkEEsZRjs+ + agcvJFNUEkscekA7 K1gsRUlw +X-Authentic-SMTP: 61633532353630.1039:706 +X-AuthFastPath: 0 (Was 255) +X-AuthSMTP-Origin: 52.5.185.120/25 +X-AuthVirus-Status: No virus detected - but ensure you scan with your own + anti-virus system. +X-Spam-Status: No, score=-0.7 required=5.0 tests=RCVD_IN_DNSWL_LOW + autolearn=disabled version=3.3.1 +X-Spam-Checker-Version: SpamAssassin 3.3.1 (2010-03-16) on + smtp1.linux-foundation.org +Subject: Re: [bitcoin-dev] Rebatable fees & incentive-safe fee markets +X-BeenThere: bitcoin-dev@lists.linuxfoundation.org +X-Mailman-Version: 2.1.12 +Precedence: list +List-Id: Bitcoin Protocol Discussion <bitcoin-dev.lists.linuxfoundation.org> +List-Unsubscribe: <https://lists.linuxfoundation.org/mailman/options/bitcoin-dev>, + <mailto:bitcoin-dev-request@lists.linuxfoundation.org?subject=unsubscribe> +List-Archive: <http://lists.linuxfoundation.org/pipermail/bitcoin-dev/> +List-Post: <mailto:bitcoin-dev@lists.linuxfoundation.org> +List-Help: <mailto:bitcoin-dev-request@lists.linuxfoundation.org?subject=help> +List-Subscribe: <https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev>, + <mailto:bitcoin-dev-request@lists.linuxfoundation.org?subject=subscribe> +X-List-Received-Date: Fri, 29 Sep 2017 02:10:40 -0000 + + +--EeQfGwPcQSOJBaQU +Content-Type: text/plain; charset=us-ascii +Content-Disposition: inline +Content-Transfer-Encoding: quoted-printable + +On Fri, Sep 29, 2017 at 01:53:55AM +0000, Matt Corallo via bitcoin-dev wrot= +e: +> I'm somewhat curious what the authors envisioned the real-world implicati= +ons of this model to be. While blindly asking users to enter what they're w= +illing to pay always works in theory, I'd imagine in such a world the fee s= +election UX would be similar to what it is today - users are provided a lis= +t of options with feerates and expected confirmation times from which to se= +lect. Indeed, in a world where users pay a lower fee if they paid more than= + necessary fee estimation could be more willing to overshoot and the UX aro= +und RBF and CPFP could be simplified greatly, but I'm not actually convince= +d that it would result in higher overall mining revenue. + +Note too that the fee users are willing to pay often changes over time. + +My OpenTimestamps service is a perfect example: getting a timestamp confirm= +ed +within 10 minutes of the previous one has little value to me, but if the +previous completed timestamp was 24 hours ago I'm willing to pay significan= +tly +more money because the time delay is getting significant enough to affect t= +he +trustworthyness of the entire service. So the fee selection mechanism is +nothing more than a RBF-using loop that bumps the fee every time a block ge= +ts +mined w/o confirming my latest transaction. + +This kind of time sensitivity is probably true of a majority of Bitcoin +use-cases, with the caveat that often the slope will be negative eventually: +after a point in time completing the transaction has no value. + +--=20 +https://petertodd.org 'peter'[:-1]@petertodd.org + +--EeQfGwPcQSOJBaQU +Content-Type: application/pgp-signature; name="signature.asc" +Content-Description: Digital signature + +-----BEGIN PGP SIGNATURE----- + +iQEcBAEBCAAGBQJZzauUAAoJECSBQD2l8JH7ctsIALZDHmusZ/8CZgjD5c4jbujk +SWnHPUbKQN3yxGS+3cfhQA4z+0L2JcP9nghYu25iQqPpozHcTPPV6Gp/torQW1kW +1VIF5rLKLEkiSlF1dTdN1QU+7+CRAuilxF4ijzOKhvF7HO2plkFFEBNge6OY6eA8 +lX5Ggz2H3/TsAFzL9kBnIvsa0DB4mpt32QxxyY5suFgCu45ys1Wcd6tWoCxlosIZ +8JJsybC4JHFcBoOobpyPdQwF4fyI3ykwbJJ7VCiqTAKxoFpRC9Ia8858NxMgwQ/f +3wlGuFF2qViQxnnEJhPNLpYmekjF7DTiZOKSSDAdymZbQoXYj6kwuICYCR/UI/g= +=EaM4 +-----END PGP SIGNATURE----- + +--EeQfGwPcQSOJBaQU-- + |