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Date: Tue, 26 Jul 2022 08:45:12 -0400
From: Peter Todd <pete@petertodd.org>
To: aaradhya@technovanti.co.in, Aaradhya Chauhan <chauhanansh.me@gmail.com>,
Bitcoin Protocol Discussion <bitcoin-dev@lists.linuxfoundation.org>
Message-ID: <Yt/h2Jv3m8ZsfZ8v@petertodd.org>
References: <CAGHFe1BXdTkPZn4r_KTxYoz0sqcMsV830dm5JTTFURxDezBnDQ@mail.gmail.com>
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Subject: Re: [bitcoin-dev] Regarding setting a lower minrelaytxfee
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On Tue, Jul 26, 2022 at 01:56:05PM +0530, Aaradhya Chauhan via bitcoin-dev =
wrote:
> I know this might be a sort of repetition for a previous question, but I =
do
> want to know from enthusiasts in this group that while Bitcoin was trading
> at much lower price in its early days, 1 sat/vB was a good dust protection
> measure. But now, I think it's a bit high for merely a dust protection
> measure, and should be lowered slightly. Even if not, it should be lowered
> to half when prices go double than today and keeps oscillating at that
> point. As it's not a consensus rule, I think it can be done easily, just
> needing support from full node operators. I support LN but I think
> transaction affordability should remain constant in the future. If I'm ok=
ay
> to wait in a queue, I should have the option for same affordability for
> minimum fees in the future as it is today. (Like we still have posts today
> while email still exists).
If we're expecting fee revenue to be significant in the future - with const=
ant
backlogs of low-fee txs - lowering the dust limit now is a good way to ensu=
re
the entire ecosystem is ready to deal with those conditions. We're fairly c=
lose
to blocks being full, so you can't argue that the dust limit provides value=
by
reducing block usage. All it achieves is artificially lowering mempool usag=
e,
putting the Bitcoin system in a no-backlog state that's quite unlike how we=
're
expecting Bitcoin to operate in the future. And indeed, the state Bitcoin c=
an
operate in at any moment if there is a demand spike.
So I'd suggest removing the fixed dust limit entirely and relying purely on=
the
mempool size limit to determine what is or is not dust.
--=20
https://petertodd.org 'peter'[:-1]@petertodd.org
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