From: Gavin Andresen <gavinandresen@gmail•com>
To: Peter Todd <pete@petertodd•org>
Cc: Bitcoin Dev <bitcoin-development@lists•sourceforge.net>
Subject: Re: [Bitcoin-development] Making fee estimation better
Date: Fri, 25 Oct 2013 06:39:34 +1000 [thread overview]
Message-ID: <CABsx9T0T0v=HnRRr6BLKNQOFMBJWrhF4G4SOCJ9DidGJBB8Eow@mail.gmail.com> (raw)
In-Reply-To: <20131024145447.GA19949@savin>
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On Fri, Oct 25, 2013 at 12:54 AM, Peter Todd <pete@petertodd•org> wrote:
> Eligius has contracts to do transaction mining, and it's currently 10%
> of the hashing power.
>
Yes, and I asked Luke what percentage of that 10% is OOB fee payments, and
the answer is "a small percentage."
So: there are multiple layers of reasons why OOB fee payments will not
screw up the fee estimation code:
+ If the transactions are not broadcast, then they have no effect on the
estimates.
+ If the transactions are broadcast but not relayed because their priority
and fee are way below current estimates then they will have very close to
zero effect on the estimates.
+ If the OOB transaction is zero-fee, zero-priority (e.g comes from a
high-tx-volume service and relies on recently spent outputs) it will have
zero effect on the estimates.
+ If they make up less than about 40% of broadcast transactions they will
have very close to zero effect on the fee estimate (because of the
distribution of fees and behavior of taking a median)
The only case where the estimation code is even slightly likely to get
confused is estimating the priority needed to get into a block IF there are
a significant number of zero-fee, low-but-not-zero-priority OOB
transactions being broadcast.
And since priority naturally increases over time, even if that case DOES
occur the failure is very mild-- it means your free transactions might have
to build up more priority than the code estimates before successfully
entering a block. If that gets to be an actual problem, then implementing
Pieter's idea of keeping track of memory pool transactions that are NOT
getting mined would fix it. But I don't want to waste time on a theoretical
problem when it is very possible miners will decide to stop accepting free
transactions alltogether.
And all of the above is completely orthogonal to child-pays-for-parent
and/or replace-with-higher-fee.
PS: I would appreciate it if you stop saying things like "Regarding the
transaction fee estimate code, it's not very well thought out."
--
--
Gavin Andresen
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next prev parent reply other threads:[~2013-10-24 20:39 UTC|newest]
Thread overview: 22+ messages / expand[flat|nested] mbox.gz Atom feed top
2013-10-24 14:30 Peter Todd
2013-10-24 14:38 ` Mike Hearn
2013-10-24 14:43 ` Peter Todd
2013-10-24 14:46 ` Mike Hearn
2013-10-24 14:54 ` Peter Todd
2013-10-24 20:39 ` Gavin Andresen [this message]
2013-10-25 7:07 ` Peter Todd
2013-10-25 12:02 ` Andreas Petersson
2013-10-25 13:29 ` Mark Friedenbach
2013-10-25 14:08 ` Andreas Petersson
2013-10-25 16:13 ` Peter Todd
2013-10-25 19:35 ` Jeremy Spilman
2013-10-25 22:13 ` Peter Todd
2013-10-25 7:51 ` Jeremy Spilman
2013-10-25 22:49 ` Peter Todd
2013-10-26 0:25 ` Gavin Andresen
2013-10-26 7:28 ` Peter Todd
2013-10-28 7:17 ` John Dillon
2013-11-04 10:52 ` [Bitcoin-development] Zeroconf-safe tx replacement (replace-for-fee) Peter Todd
2013-11-04 11:10 ` Adam Back
2013-11-04 11:59 ` Peter Todd
[not found] <mailman.289181.1382717617.21953.bitcoin-development@lists.sourceforge.net>
2013-10-25 16:40 ` [Bitcoin-development] Making fee estimation better Tamas Blummer
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