When this happens, it will be too late.The harm can’t be undone.
No, in case of price increase it would be much easier to send lower fees than what’s set in accept_base_fee by default, because it will require only one miner and one wallet that can accept lower fees. You don’t need to ask everyone to upgrade.
I have doubts about this. Miners want to maximize their profits and they could prefer full blocks (of spam) instead of empty blocks.
@bruges grin has been around 2-3 Pennie’s per coin for years. There’s no attack unless you’re threatening one? Or did I miss-read that? “When it happens” sound like a threat to me.
The only attack I see here is an attempt to kill any adoption by raising fees directly. 400x? 40x? Completely bonkers!! What you wanna be like hex? Tx fees so high no one touches the coin?
if you truly want to protect grin from spam; buy grin. There is no spam on chain. Give it a rest burge, no fees for you.
I’m sorry yall lost half your portfolio to btc but don’t take your anger out on grin. You’re not going to recover your loses by raising grin fees. You made a bad choice that’s your fault.
Tx fees are very obviously high enough to ward off any attackers. You can tell this by the absence of any lol, hell, someone “spamming” the chain with transactions might be a positive thing. At least that’s a use case for grin lol joking but in all seriousness you just need to raise grin price and that automatically increases transaction fees, amazing I know.
Grin price gonna probably skyrocket right away anyways since all the privacy coins are having a moonshot right now. All you guys gotta do is nothing. Easy.
Calm down please, if you’re not happy with grin price and looking for better investment, just sell the rest of your grin and buy zcash or monero. Grin is an experiment, use at your own risk! (mentioned in the homepage).
@hellogrin all I heard you say was “blah blah blah buy more grin.” Ok, that’s actually a really good idea, I think I will buy more grin, thanks for the suggestion, please try to keep this thread on topic though.
We all agree grin tx fee cost is very low.
Easy and natural fix:
Buy Grin = Grin value increase = Grin tx fee costs naturally increases with price. This solution is very cool, much cypherpunk!
Hard and artificial fix:
Directly hard code an increase in tx fee … meaning if price skyrockets, the chain becomes unusable do to higher and higher cost of fees…this solution is very uncool and antithetical to the cypherpunk spirit which is the heart of the real Grin community.
Hardfork for fees is definitely not needed, pools can decide to rise fees or not, not any miner/govt member with own interest, if we will migrate to post-quantum at 2027 at same time we can make fees lower by decreasing accept_fee_base to keep it as low as Bitcoin’s minrelaytxfee if Grin price will drop below $.01, for example.
I still think we can keep this value dynamic based on latest 10k blocks, for example, network should decide how lower fees can go, not humans. Wallets can take this value dynamically from node, to not upgrade every time.
Share some value based on consensus, 1 CPU (node) = 1 vote as Satoshi said. I also think we should adopt p2pool thing for MimbleWimble, it will make mining process more decentralized, so in the future any miner/user/robot can get reward from block, Bitcoin missed this and now US is controlling major part of hashrate (with KYC).
Let’s start by creating a new RPC request that will return the accept_base_fee value from the node to the wallet. This will allow the wallet to know the minimum fee the node accepts before sending the transaction.
So the above quoted claim will work not just in theory, but in practice as well. Right now, if a private node or pool decides to raise the accept_base_fee value, it will simply reject all transactions from any wallet that isn’t aware of the new value.
A curious question, anyone here has checked tx fee of Beam? now its price is lower than us, not sure how they manage such case. Maybe we can learn something from them?
Beam fee is 0.001 for SBBS,
0.011 for Lelantus/Contracts
At current price of 0.0016, that is a tx fee of 0.0000016, so even a million Beam txs will only incur 1 dollar 60 in fees.