Subject: Re: [Bitcoin-development] Making fee estimation better

From: John Dillon <[email-masked]>
Date: Mon, 28 Oct 2013 07:17:50 +0000

On Sat, Oct 26, 2013 at 12:25 AM, Gavin Andresen
<[email-masked]> wrote:
> I feel like there is a lot of "in the weeds" discussion here about
> theoretical, what-if-this-and-that-happens-in-the-future scenarios.
>
> I would just like to point out (again) that this is not intended to be The
> One True Solution For Transaction Fees And Transaction Prioritization. If
> you've got a better mechanism for estimating fees, fantastic! If it turns
> out estimates are often-enough wrong to be a problem and you've got a
> solution for that, fantastic!

This discussion seems to be a lot of hot air over a simple observation that
estimates are imperfect and always will be. I do not understand you vehement
opposition the notion that a backup is a good thing except in the context that
replacement to change fees is halfway to profit-seeking replacement by fee.

Peter Todd:

You did a fair bit of leg work for replace-by-fee. Seems to me that
replace-for-fee will help prep infrastructure to eventual replace-by-fee usage,
while avoiding some of the politics around zero-conf transactions.

Go dust off your code and make it happen. I want to see a mempool
implementation similar to what you did for me on replace-for-fee, and I
understand much of the code is written in any case. This time I also want to
see a increasetxfee RPC command, and erasewallettx RPC command to deal with
duplicates. (I know touching the wallet code is scary) Having all will enable
usage, and I can imagine getting pools to use this will be easy enough.
(eligius?)

Here is your 4BTC bounty. In the event I am not around Gregory Maxwell can also
adjudicate. If both you and him feel someone else deserves it, by all means
send them the funds

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(I realized right after my Tor payment protocol bounty that I would need some
bit of uniqueness like a bounty-specific pubkey to disambiguate multiple such
bounties!)