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authorPeter Todd <pete@petertodd.org>2013-10-25 12:13:23 -0400
committerbitcoindev <bitcoindev@gnusha.org>2013-10-25 16:13:36 +0000
commitf6497b09655460000e960d1e6bfaa8ed9479c0b7 (patch)
treeb0b5bdf1ebc42e158af9c47a463c5775599b66ef
parent17cbe804609db443ec6bcc44789eb30ac480d3e0 (diff)
downloadpi-bitcoindev-f6497b09655460000e960d1e6bfaa8ed9479c0b7.tar.gz
pi-bitcoindev-f6497b09655460000e960d1e6bfaa8ed9479c0b7.zip
Re: [Bitcoin-development] Making fee estimation better
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+Date: Fri, 25 Oct 2013 12:13:23 -0400
+From: Peter Todd <pete@petertodd.org>
+To: Andreas Petersson <andreas@petersson.at>
+Message-ID: <20131025161323.GA15774@petertodd.org>
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+Subject: Re: [Bitcoin-development] Making fee estimation better
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+On Fri, Oct 25, 2013 at 02:02:35PM +0200, Andreas Petersson wrote:
+>=20
+>=20
+> > Worth thinking about the whole ecosystem of wallets involved; they all
+> > have to handle double-spends gracefully to make tx replacement of any
+> > kind user friendly. We should try to give people a heads up that this is
+> > coming soon if that's your thinking.
+>=20
+> If there is a situation where wallets are supposed to constantly monitor
+> the tx propagation and recreate their transactions with different fees,
+> this would make a lot of usecases inconvenient.
+> half-offline bluetooth transactions, users with unstable connections,
+> battery power lost, etc, etc. - and last but not least power concerns on
+> hardware wallets on the bitcoincard (tx signing drains a significant amou=
+nt
+> of power and should therefore only be done once)
+
+Anyway, as I've said repeatedly my problem with fee estimation is that
+it needs to be combined with some form of transaction replacement to
+give users a way to recover from bad estimates, not that I think the
+idea shouldn't be implemented at all. After all, we alrady have fee
+estimation: wallet authors and users manully estimate fees!
+
+This particular case is a nasty one re: recovering from a bad estimate,
+and it's exactly why the payment protocol is designed for the sender to
+give the receiver a copy of every transaction they make so the receiver
+can be held responsible for getting them mined, eg. with
+child-pays-for-parent, out-of-band fee payment, or maybe even by adding
+inputs to the transaction. (SIGHASH_ANYONECANPAY)
+
+--=20
+'peter'[:-1]@petertodd.org
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