Post
Topic
Board Development & Technical Discussion
Merits 8 from 2 users
Re: About block size limit and transactions fees
by
garlonicon
on 05/08/2021, 17:49:27 UTC
⭐ Merited by Welsh (5) ,vapourminer (3)
Quote
You probably misunderstood what I said, the goal is to keep the avg fee to 1%
There is a way to check if that's cheaper than today or not. You can get total fees in a block by looking at coinbase transaction. You can add all outputs to know how many coins are transferred. And then, you can calculate 1% of all moving amount in that block and compare that to the current fees. So, what can you see?

Also note that changing fees is possible without any fork or things like that, all you need is just some solo miner or pool with a different rules. You can simply run some node, invoke "getblocktemplate" and get some data in that way without mining anything, just by using your CPU, then you will know how it looks like when compared with the current system.

Also notice that if your proposal makes things cheaper for users, then miners have no incentive to use that and lower their profits. But if your proposal is more expensive than today, then miners of course could switch to that, but users will reject your nodes and use currently existing ones or just switch to LN and avoid your on-chain fees (or they simply won't create many channels with you if you want to force that inside LN). Either way, you need some arguments to convince someone who will be at a loss why the currently existing system should be changed to bring your proposal into reality.

Edit: even better, you can just look at blockchair and see that without any coding or running your own nodes, they have such data: https://blockchair.com/bitcoin/blocks?#f=id,output_total,fee,fee_usd,reward
Code:
+-------------+-------------------+-----------+-------------+
| blockNumber | transferredAmount | totalFees | yourFees    |
+-------------+-------------------+-----------+-------------+
| 694,347     |   600.72 BTC      | 0.02 BTC  |  6.0072 BTC |
| 694,346     | 5,152.17 BTC      | 0.11 BTC  | 51.5217 BTC |
| 694,345     | 7,152.26 BTC      | 0.16 BTC  | 71.5226 BTC |
| 694,344     |   950.63 BTC      | 0.05 BTC  |  9.5063 BTC |
| 694,343     |   485.70 BTC      | 0.00 BTC  |  4.8570 BTC |
+-------------+-------------------+-----------+-------------+
Well, I don't want to pay 1% for my transaction, by looking at the last N blocks you should know why.