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Date: Tue, 3 Dec 2013 07:07:34 -0500
From: Peter Todd <pete@petertodd.org>
To: Taylor Gerring <taylor.gerring@gmail.com>
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Cc: Bitcoin Dev <bitcoin-development@lists.sourceforge.net>
Subject: Re: [Bitcoin-development] Floating fees and SPV clients
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On Tue, Dec 03, 2013 at 12:57:23PM +0100, Taylor Gerring wrote:
>=20
> On Dec 3, 2013, at 12:29 PM, Mike Hearn <mike@plan99.net> wrote:
>=20
> > It may be acceptable that receivers don't always receive exactly what t=
hey requested, at least for person-to-business transactions. For person-to=
-person transactions of course any fee at all is confusing because you intu=
itively expect that if you send 1 mBTC, then 1 mBTC will arrive the other e=
nd. I wonder if we'll end up in a world where buying things from shops invo=
lves paying fees, and (more occasional?) person-to-person transactions tend=
to be free and people just understand that the money isn't going to be spe=
ndable for a while.
>=20
>=20
> > person-to-business transactions. For person-to-person transactions
> Why should there be two classes of transactions? Where does paying a loca=
l business at a farmer=E2=80=99s stand lie in that realm? Transactions shou=
ld work the same regardless of who is on the receiving end.
>=20
> > any fee at all is confusing because you intuitively expect that if you =
send 1 mBTC, then 1 mBTC will arrive the other end
> The paradigm of sending money has an explicit cost is not new... I think =
people are used to Western Union/PayPal and associated fees, no? It=E2=80=
=99s okay to have a fee if it=E2=80=99s reasonable, so let=E2=80=99s inform=
the user what the estimated cost is to send a transaction in a reasonable =
amount of time.
Indeed.
Transparency on fees is going to be good from a marketing point of view
as well: fact is, Bitcoin transations have fees involved, and if we're
up-front and honest about those fees and what they are and why, we
demystify the system and give people the confidence to tell others about
the cost-advantages of Bitcoin, and at the same time, combat fud about
fees with accurate and honest information.
--=20
'peter'[:-1]@petertodd.org
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