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NickSzabo4's profile
Nick Szabo 🔑
Nick Szabo 🔑
Nick Szabo  🔑
@NickSzabo4

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Nick Szabo  🔑

@NickSzabo4

Blockchain, cryptocurrency, and smart contracts pioneer. (RT/Fav/Follow does not imply endorsement). Blog: http://unenumerated.blogspot.com 

Joined June 2014

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    Nick Szabo  🔑‏ @NickSzabo4 12 Jul 2018
    • Report Tweet

    Nick Szabo  🔑 Retweeted Yousef

    Blockchain fees/gas are way too unpredictable. L2s should focus far less on making fees lower & far more on making them more predictable. One flat 10,000 satoshi fee for a year's worth of txs can beat the heck out of fees that might add up to 1 satoshi one month & 5,000 the next.https://twitter.com/byourseff/status/1016795686506033153 …

    Nick Szabo  🔑 added,

    Yousef @byourseff
    Many people seem to be stuck in December 2017 and think Bitcoin fees are high. In reality, Bitcoin fees are at a historic low. If you got funds you want to consolidate, or simply want to make a micropayment with Bitcoin, now's the best time to do so!
    1:12 AM - 12 Jul 2018
    • 101 Retweets
    • 408 Likes
    • Crypto Coin TWEETS Basket xrp_news ⚡ nybe Nick Taylor unconfirmed PD at Luke Champine
    25 replies 101 retweets 408 likes
      1. New conversation
      2. tekkaadan‏ @tekkaadan 12 Jul 2018
        • Report Tweet
        Replying to @NickSzabo4

        So you're suggesting attaching a "fee subscription" model to address or companies that want stable fees? Isn't that going to complicate things? (Correct me if I misunderstood the response)

        1 reply 0 retweets 2 likes
      3. Nick Szabo  🔑‏ @NickSzabo4 12 Jul 2018
        • Report Tweet
        Replying to @tekkaadan

        Yes it will likely complicate things for the relay while simplifying them for the user, but I expect relays will be able to make large profit margins by taking on this risk and complexity.

        2 replies 0 retweets 14 likes
      4. tekkaadan‏ @tekkaadan 12 Jul 2018
        • Report Tweet
        Replying to @NickSzabo4

        Interesting. I think in the long run when Bitcoin adoption becomes greatly widespread, the implementation of such a mechanism would be inevitable.

        0 replies 0 retweets 0 likes
      5. End of conversation
      1. New conversation
      2. Christian Decker‏ @Snyke 12 Jul 2018
        • Report Tweet
        Replying to @NickSzabo4

        I'd argue that reducing overall fees and constraining them to a smaller range also reduces uncertainty about fees. So while not perfect, it's a step in the right direction ☺

        1 reply 0 retweets 23 likes
      3. fengyuncrawl‏ @fengyuncrawl 12 Jul 2018
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        Replying to @Snyke @NickSzabo4

        In the future,the on-chain will be only supported for open and close LN channels tx

        1 reply 0 retweets 0 likes
      4. Christian Decker‏ @Snyke 12 Jul 2018
        • Report Tweet
        Replying to @fengyuncrawl @NickSzabo4

        I have to disagree, while off-chain payments are a very useful tool, we shouldn't discard the tool we already have. There are use-cases that are better served on-chain (large bill transfers, low-priority payments, ...). Use the tool that is most appropriate for the job ☺

        2 replies 1 retweet 10 likes
      5. Christian Decker‏ @Snyke 12 Jul 2018
        • Report Tweet
        Replying to @Snyke @fengyuncrawl @NickSzabo4

        That's also why I object to making special provisions in the on-chain protocol for off-chain systems, like reserving blockspace for channel creation and teardown.

        0 replies 0 retweets 5 likes
      6. End of conversation
      1. New conversation
      2. Mayor Of Bitcoin‏ @MayorOfBitcoin 12 Jul 2018
        • Report Tweet
        Replying to @NickSzabo4

        100% agree $5 / year superior to $0.01 per pay. “That will be $125 AND A PENNY...please. You end up with a lot of lost time debating over Stanley Nickels, by allowing pennies to complicate a transaction. Inefficient.

        2 replies 3 retweets 23 likes
      3. 3 more replies
      1. Ulises Bacilio 100k Hodl in Cold, Soul in the Game‏ @ubtcilio 12 Jul 2018
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        Replying to @NickSzabo4

        BRILLIANT as always Nick, right on the mastery of human nature, we crave for stability, not cheap.

        0 replies 0 retweets 3 likes
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      1. Phil Lucsok‏ @ph_lux 12 Jul 2018
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        Replying to @NickSzabo4

        Not only are fees/gas unpredictable, they are measurably more volatile than the price of the coin itself.

        0 replies 0 retweets 3 likes
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      1. Bitcoin Lawyer  ☣️ [UASF] [no2x]  ⚡️ [BTC/LND]‏ @Bitcoin_Lobby 12 Jul 2018
        • Report Tweet
        Replying to @NickSzabo4

        Fees are a local policy. Some nodes will adopt your idea.

        0 replies 0 retweets 3 likes
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      1. Rami Taibah‏ @rtaibah 17 Jul 2018
        • Report Tweet
        Replying to @NickSzabo4

        Nick, just wondering about your general thoughts on $NANO, which is feeless and instant.

        0 replies 0 retweets 2 likes
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      1. New conversation
      2. Gary Basin  🔧‏ @garybasin 17 Jul 2018
        • Report Tweet
        Replying to @NickSzabo4

        Maybe you could also do fee insurance via smart contract

        1 reply 0 retweets 1 like
      3. Patrick Dugan‏ @duganist 17 Jul 2018
        • Report Tweet
        Replying to @garybasin @NickSzabo4

        You totally could it's all on-chain data for settlement.

        1 reply 0 retweets 1 like
      4. 1 more reply
      1. New conversation
      2. Anthony Bardaro‏ @AnthPB 12 Jul 2018
        • Report Tweet
        Replying to @NickSzabo4 @balajis

        Anthony Bardaro Retweeted Nick Szabo  🔑

        USD $0.60 (+/-) is not a sufficient incentive for miners (spread across a year for unlimited use)... It's one thing to cater to demand-side/consumers/end-users, but gutting security/processing is a non-starter. $BTC #subscriptioneconomics #tradeoffshttps://twitter.com/nickszabo4/status/1017320877099139072?s=21 …

        Anthony Bardaro added,

        Nick Szabo  🔑 @NickSzabo4
        Blockchain fees/gas are way too unpredictable. L2s should focus far less on making fees lower & far more on making them more predictable. One flat 10,000 satoshi fee for a year's worth of txs can beat the heck out of fees that might add up to 1 satoshi one month & 5,000 the next. https://twitter.com/byourseff/status/1016795686506033153 …
        1 reply 0 retweets 1 like
      3. 1 more reply

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