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

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.

Jessica takes care of block size, not minrelay fee.

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

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.

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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.

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.

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

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

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

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

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

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

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

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

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?

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

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

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

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

but is USD a good metric? even if value relative to goods and TPS stay the same, fees will probably become 0.1$ and even 1$ eventually 😁

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ig XAU is better option than fiat or complicated goods based scheme if we really want to depend on price relative to something