natmccoy



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Re: [UNO] Unobtanium Info & Discussion - Update to 0.10 Wallet - Merge Mine w/BTC! March 12, 2016, 07:22:30 PM #12104 edgar: It's two different beers, I think one is from eastern Canada and the other from Alabama.



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Zelig: I enjoyed your update, thanks for bringing me back to childhood with that pee-wee quote.



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FallingKnife: You raise some interesting points. Assuming 0.1 gram fee per transaction (0.0001 UNO) the last 10 days we've averaged $0.024 per day in transaction fees, or $0.00005 per block, $0.72 per month. That is nothing, but it's acceptable in context. First, merged mining makes the importance of transaction fees much less significant. Second, we're generally more oriented toward a foundation of strength & longevity than market uses (meaning that low transaction volume is acceptable, you expect gold bricks to move less than dollar bills). However, the second point is also why higher transaction fees could be acceptable, people don't move their UNO often, so they don't pay the fees often.



A fee schedule could work. Say 0.01%, minimum of 0.00001, maximum of 0.1. I'm fairly sure that the average transaction size has been above 0.1 UNO, so that would increase fees going to miners. Reducing the minimum would make it more reasonable to send small amounts (which aren't a problem right now since blocks aren't anywhere near capacity like they are for bitcoin.), it would also keep $-value of transaction fees low in case of a price increase (If UNO=$100, and somebody wants to send $0.50, they would pay $0.001 instead of $0.01). On the flip side, if someone sends 1,000 UNO ($2,300) they'd be charged 0.1 UNO ($0.23), whereas now it would cost them $0.00023.



I just don't know how exchanges would handle that. They wouldn't change their code to adapt for us, so they'd have to just charge customers 0.01 or so to prevent losing on transaction fees. If the exchange issue makes my idea a non-starter for UNO-core, perhaps we could implement it for Electrum & android, or simply up the default-fee so that users have to manually choose to decrease it back to 0.0001.



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Asking individuals to increase their transaction fees to 0.001 will get a few community members on board, but it's not a long-term solution, and it will only collect another few cents a month. New users wouldn't know to change it, & we would just need to ask exchanges/pools to lower it again if/when the price increases significantly.



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I really like your idea of tracking the data. The more stats the better in my opinion.



(1) A graph of transaction fees per month in UNO & in USD.



(2) A graph of transaction fees as a % of mining rewards.



(3) A graph of transaction fees as a % of transaction volume.



(4) A graph of fees (in UNO) paid per transaction.



#3 would depend on average transaction size and #4, so a graph of average transaction size in place of #3 would do just fine.



All of that data should be obtainable from our block explorers with the right code.