Author: Drak 2013-12-03 11:04:53
Published on: 2013-12-03T11:04:53+00:00
In this email thread from December 2013, Mike Hearn and Drak are discussing the idea of putting the minimum fee in the hands of the receiver in Bitcoin transactions. Drak argues that senders do have an interest in attaching a fee to ensure their funds are received, as miners increasingly ignore no or low fees. However, he also points out that merchants may include ridiculous fees and that vendor software may not be updated quickly enough to adjust fees dynamically. Drak disagrees with Hearn's assertion that receivers want a fee attached, stating that they simply want to be paid and that the confirmation of payment serves as its own incentive. Hearn suggests that fee estimation can be done without relying on miners directly telling people what fees are, as querying all nodes can avoid potential lies or influence on the average fee. Drak counters that miners cannot lie about the fees accepted since it is part of the transaction and included in the block, and the average fee paid is provable simply by looking at the blockchain.
Updated on: 2023-06-07T21:32:44.433946+00:00