Why would any miner set this to a non-zero value? They still get all the fees that people pay above the advertized minimum feerate.
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Replying to @pwuille
They have to set that to the actual lowest fee rate txn they add to their block. They have incentives to set that to their marginal cost. They can of course play games, but if mining is competitive, it should work out.
6 replies 5 retweets 58 likes -
Replying to @SatoshiLite
If one miner chooses not to include a transaction, another miner still can - and the first one will still pay the bandwidth and validation costs. Setting a nonzero value at best has no effect; at worst, it's a monetary loss.
2 replies 0 retweets 19 likes -
Replying to @pwuille
It's a way for miners to signal. They can give up some money to try to influence higher fees. This will matter more in the long run when fees are a larger percentage of their rewards.
2 replies 1 retweet 46 likes -
Replying to @SatoshiLite @pwuille
So this is more like a non-cooperative cartel (i know sounds so strange) facilitation? Can miners still put lower transaction than their signal?
1 reply 0 retweets 1 like -
No, the soft fork will enforce that their signal is the lowest txn they accepted.
4 replies 2 retweets 27 likes -
Replying to @SatoshiLite @wsheap
Ah, I guess I misunderstood. It's not a way to vote on what the future feerate should be, but just a way to expose the actual min feerate in the given block? If so, that may be useful to simplify feerate discovery (but beware of OOB payments), but is not much a signalling.
3 replies 0 retweets 17 likes -
I think of it as doing both. Yes OOB is going to mess it up. I do think it would also help the market dynamically find the right fee rate without developers having to dictate min fee.
3 replies 5 retweets 45 likes -
If this works, it might be useful to expose median feerate in the header as well?
min feerate might not guarantee fast confirmations if fee rises rapidly.2 replies 0 retweets 3 likes -
Median fee is easy to figure out. Just look at last 100 block headers. Then if you pay the median fee, your transactions should confirm in 5 mins (2 blocks) on average.
1 reply 5 retweets 28 likes
That should work most of the times yes. The only scenario where it might not work well is when tx volume increases or decreases rapidly. When that happens, the current block’s median fee would be a more accurate estimate than the median over the last 100 blocks.
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