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Let'S say the current price of BCH is 400$, and

average fee for transaction is .1$
If the price jumps to let's say 4000$, transaction fee should be 1$ ?

I don't know exactly what the current fee is, this is just hypothetical situation

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It will always be the same USD as it is now, Jessica will take care of the rest

Bch community knows about this dynamic and will lower fees as needed. https://bitcoincashpodcast.com/faqs/BCH/will-bch-fees-rise#price--value-increases

It is less than$.01, so it will take time to climb, but the intent has always been for it to be low with lots of tx, so the minrelay fee (sat/byte) will likely be adjusted down when it matters.

Cyber
It will always be the same USD as it is now, Jessi...

Jessica takes care of block size, not minrelay fee.

Dustin 🪐
It is less than$.01, so it will take time to climb...

It ia the user that sets a price and the miner can take it or leave it for the next miner.

Honestly the intention of have low fees is there, but maybe we should also think about making an automated default fee algorithm. Like ABLA, but for fees. Some on-blockchain oracle could fill in the USD price as the suggested default price. Miners could either use it or opt-out via config files. @bitcoincashautist

Shawn Pringle
It ia the user that sets a price and the miner can...

The nodes won't relay it if it's below a certain amount. When the buffers don't relay it, the miners don't see it.

Стикер

Shadow Of Harbringer 👁️🧀
Honestly the intention of have low fees is there, ...

I've suggested this, there are reasons it doesn't work so well, such as it requires trust re: price. If it could work well, config to opt out wouldn't necessarily make much sense; relaying and including in template are already different functions.

Shadow Of Harbringer 👁️🧀
Honestly the intention of have low fees is there, ...

I think Shadow Of Harbringer has a great idea. Knowing the fee in advance is a real good user evperience. Even if it is in BCH.

Shawn Pringle
I think Shadow Of Harbringer has a great idea. Kn...

It is already as predictable as it can be in BCH terms. Based on the number of inputs and outputs.

Dustin 🪐
Jessica takes care of block size, not minrelay fee...

True, but it's also been suggested maybe we could do something similar for the min relay fee

Shadow Of Harbringer 👁️🧀
Honestly the intention of have low fees is there, ...

you don't need on-chain oracle because nodes already know pow difficulty, so can just compute min. fee based on that

bitcoincashautist
you don't need on-chain oracle because nodes alrea...

Oh, so maybe this has been percolating as you've discussed PoW oracles?

Dustin 🪐
Oh, so maybe this has been percolating as you've d...

yeah, difficulty is basically a decentralized oracle on cost of hashing https://x.com/Deidor13/status/1849468875580076161

Jeremy
True, but it's also been suggested maybe we could ...

Bad idea imo. It's over-engineering and it's also central planning about what miners should set as fees.

JF
Bad idea imo. It's over-engineering and it's also...

basic idea is: have it be automatically reduced with new hashrate/blockreward milestones

bitcoincashautist
you don't need on-chain oracle because nodes alrea...

Haven't seen this approach discussed before. Actually very clever.

JF
Bad idea imo. It's over-engineering and it's also...

Just because a transaction is relayed doesn’t mean miners have to include it in their block templates. If the mempool size and minrelay adjustments based on a full mempool still apply, then the market can sort it out if that becomes necessary. I mean, should the 1sat/byte limit not also be viewed as a temporary anti-spam measure that’s harder to fix with coordination as the community grows?

Dustin 🪐
Just because a transaction is relayed doesn’t mean...

fair point. Still, it feels like over-engineering to me. Also it could be problematic if in the future there are hashrate fluctuations and now wallets have to keep up with what is an acceptable minimum relay fee. I'm more of the mindset of : it aint broke so dont fix it. If prices 10x, then it should not be a big deal to change the relay fee

that would largely depend on what percentage of the reward is coinbase inflation and what percentage is coming from fees at that point

bitcoincashautist
yeah, difficulty is basically a decentralized orac...

OK, but how do you compute min fee from difficulty?

bitcoincashautist
yeah, difficulty is basically a decentralized orac...

I mean to calculate it normally you would need at least 1 variable that cannot be obtained using decentralized means: BCH/USD price

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