Is there any interesting work being done on optimizing the Bitcoin fee market? Has anyone explored the idea of allowing wallets to talk/coordinate on the issue?
Of course that doesn't allow an *absolute* 'solution', but it certainly couldn't hurt efficiency. The end of 2017 was a brilliant display of bad fee estimation algorithms, to me this seems like an under-talked about part of the tech. I find that a little surprising, considering how core it is to the user experience.
The increase in the purchasing power of the satoshis will resolve this.
In the end , a soft fork will resolve the issue.
Sure, as a satoshi becomes worth more, people will care more about how it is spent.
How do you man a soft fork will resolve it? I'm not sure I follow
I highly doubt that would work and quite frankly, why would a user want to pay higher fees?
Feel free to always set your own fees to 100+sat/B, but don't expect the rest of the world to follow.
If it does, then you'd have consensus ;)
The 'funny' thing here is, that decreasing the block size to increase fees would actually be an acknowledgement that bcashers had a valid argument after all (Level 2 kills Level 1).
I think you misunderstood me, my point was that users don't want to pay higher fees, so using a wallet that can most efficiently choose fees is highly desirable.
But ultimately, if a user really wants their transaction to get included in the next block, and they are wealthy enough to not really worry about fees, then they wont worry about fees. I think some sort of fee-coordination would only work to keep the lowest fees lower, it wouldn't matter for high-fee paying users.
Then, yes, I misunderstood you.
@htimsxela It would help if there was something similar to NBBO National Best Bid/Offer but for fees. You put out your estimate range, as do others, and allow the prices to converge? That would require collaboration across clients, so not sure if it is feasible.