Author: Mark Friedenbach 2017-09-29 03:30:27
Published on: 2017-09-29T03:30:27+00:00
The discussion on the bitcoin-dev mailing list centered around the Monopolistic Price Mechanism and its implications for fee selection in Bitcoin transactions. The authors of the mechanism envisioned a model where users enter what they are willing to pay for transaction fees, which could result in lower fees if they overpaid. However, some participants in the discussion expressed skepticism about the real-world implications of this model and pointed out that the fee users are willing to pay often changes over time. This is especially true of time-sensitive use cases like the OpenTimestamps service, where the value of a timestamp confirmation increases as time goes on. The RBF loop was discussed as a possibility for adjusting fees based on time sensitivity. Overall, the conversation provided insights into the complexities of fee selection in Bitcoin transactions.
Updated on: 2023-06-12T19:13:43.024052+00:00