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)
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 …
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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.
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Interesting. I think in the long run when Bitcoin adoption becomes greatly widespread, the implementation of such a mechanism would be inevitable.
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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
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In the future,the on-chain will be only supported for open and close LN channels tx
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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
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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.
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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.
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BRILLIANT as always Nick, right on the mastery of human nature, we crave for stability, not cheap.
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Not only are fees/gas unpredictable, they are measurably more volatile than the price of the coin itself.
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Fees are a local policy. Some nodes will adopt your idea.
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Nick, just wondering about your general thoughts on
$NANO, which is feeless and instant.Thanks. Twitter will use this to make your timeline better. UndoUndo
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Maybe you could also do fee insurance via smart contract
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You totally could it's all on-chain data for settlement.
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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 … - 1 more reply
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