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From: Omar Shibli <omarshib@gmail.com>
Date: Tue, 9 Apr 2019 03:13:21 +0300
Message-ID: <CAE3EOfixRro2BpTLmjOd60e-wBA8ZkTUXYZgdjaYWmJ-cec7PQ@mail.gmail.com>
To: simondev1 <random@gmx.ch>,
Bitcoin Protocol Discussion <bitcoin-dev@lists.linuxfoundation.org>
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Subject: Re: [bitcoin-dev] new BIP: Self balancing between excessively
low/high fees and block size
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Mining strategy is like HFT profitable strategy, you keep it close if it=
=E2=80=99s
interesting, and you talk about it with the whole world if it=E2=80=99s voi=
d. gl.
On Sun, Apr 7, 2019 at 6:45 PM simondev1 via bitcoin-dev <
bitcoin-dev@lists.linuxfoundation.org> wrote:
> Dear bitcoin developers,
>
> New BIP: https://github.com/bitcoin/bips/pull/774
>
> =3D=3DAbstract=3D=3D
> Logarithm of transaction fee limits block size.
>
> =3D=3DMotivation=3D=3D
> Keep block space small.
> Waste less with spam transactions.
> Auto balance Fees: Increase very low fees, Descrease very high fees.
> Allow larger size when sender pays a lot.
> Allow wallets to calculate/display how much average free block space ther=
e
> is for each fee price.
> Allow senders to have more control about how the fee/priority of their
> transaction will behave, especially in the case of increased adoption in
> the future.
>
> =3D=3DSpecification=3D=3D
> Every transaction has to fit into the following block space:
> Input variable 'FeeInSatoshiPerByte': Must be positive or 0
> type: double
> unit: Satishi per byte
> Output:
> type: uint
> unit: bytes
> Formula:
> floor( log10( 1.1 + FeeInSatoshiPerByte ) * 1024 * 1024 )
>
> =3D=3DImplementation=3D=3D
> Sort transactions by FeeInSatoshiPerByte (lowest first)
> For each transaction starting from lowest FeeInSatoshiPerByte: Sum up the
> bytes of space used so far. Check if summed up bytes of space used so far
> is smaller or equal than the formula result.
> If this is valid for each transaction then the blocksize is valid.
>
> =3D=3DBackward compatibility=3D=3D
> Soft fork: If applied AND old hardcoded block size limit is kept.
> Hard fork: If applied AND old hardcoded block size limit is removed.
>
> Regards, simondev1
>
> _______________________________________________
> bitcoin-dev mailing list
> bitcoin-dev@lists.linuxfoundation.org
> https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev
>
--000000000000c9127505860dd207
Content-Type: text/html; charset="UTF-8"
Content-Transfer-Encoding: quoted-printable
<div dir=3D"ltr"><div dir=3D"ltr">=C2=A0Mining strategy is like HFT profita=
ble strategy, you keep it close if it=E2=80=99s interesting, and you talk a=
bout it with the whole world if it=E2=80=99s void. gl.<br></div></div><br><=
div class=3D"gmail_quote"><div dir=3D"ltr" class=3D"gmail_attr">On Sun, Apr=
7, 2019 at 6:45 PM simondev1 via bitcoin-dev <<a href=3D"mailto:bitcoin=
-dev@lists.linuxfoundation.org">bitcoin-dev@lists.linuxfoundation.org</a>&g=
t; wrote:<br></div><blockquote class=3D"gmail_quote" style=3D"margin:0px 0p=
x 0px 0.8ex;border-left-width:1px;border-left-style:solid;border-left-color=
:rgb(204,204,204);padding-left:1ex"><div><div style=3D"font-family:Verdana;=
font-size:12px"><div style=3D"font-family:Verdana;font-size:12px">
<div class=3D"gmail-m_-5884056814020398980signature">
<div class=3D"gmail-m_-5884056814020398980signature">
<div>Dear bitcoin developers,</div>
<div>=C2=A0</div>
<div>New BIP: <a href=3D"https://github.com/bitcoin/bips/pull/774" target=
=3D"_blank">https://github.com/bitcoin/bips/pull/774</a></div>
<div>=C2=A0</div>
<div>=3D=3DAbstract=3D=3D</div>
<div>Logarithm of transaction fee limits block size.</div>
<div>=C2=A0</div>
<div>=3D=3DMotivation=3D=3D</div>
<div>Keep block space small.<br>
Waste less with spam transactions.<br>
Auto balance Fees: Increase very low fees, Descrease very high fees.<br>
Allow larger size when sender pays a lot.<br>
Allow wallets to calculate/display how much average free block space there =
is for each fee price.<br>
Allow senders to have more control about how the fee/priority of their tran=
saction will behave, especially in the case of increased adoption in the fu=
ture.</div>
<div>=C2=A0</div>
<div>=3D=3DSpecification=3D=3D</div>
<div>Every transaction has to fit into the following block space:</div>
<div>Input variable 'FeeInSatoshiPerByte': Must be positive or 0<br=
>
type: double<br>
unit: Satishi per byte<br>
Output:<br>
type: uint<br>
unit: bytes<br>
Formula:<br>
floor( log10( 1.1 + FeeInSatoshiPerByte ) * 1024 * 1024 )</div>
<div>=C2=A0</div>
<div>=3D=3DImplementation=3D=3D</div>
<div>Sort transactions by FeeInSatoshiPerByte (lowest first)<br>
For each transaction starting from lowest FeeInSatoshiPerByte: Sum up the b=
ytes of space used so far. Check if summed up bytes of space used so far is=
smaller or equal than the formula result.<br>
If this is valid for each transaction then the blocksize is valid.</div>
<div>=C2=A0</div>
<div>=3D=3DBackward compatibility=3D=3D</div>
<div>Soft fork: If applied AND old hardcoded block size limit is kept.</div=
>
<div>Hard fork: If applied AND old hardcoded block size limit is removed.</=
div>
<div><br>
Regards, simondev1</div>
<div>=C2=A0</div>
</div>
</div>
</div></div></div>
_______________________________________________<br>
bitcoin-dev mailing list<br>
<a href=3D"mailto:bitcoin-dev@lists.linuxfoundation.org" target=3D"_blank">=
bitcoin-dev@lists.linuxfoundation.org</a><br>
<a href=3D"https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev" =
rel=3D"noreferrer" target=3D"_blank">https://lists.linuxfoundation.org/mail=
man/listinfo/bitcoin-dev</a><br>
</blockquote></div>
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