When the minimum price of an average transaction rises above 1 cent, should we lower the transaction fee?
First Pre-proposal here: https://www.dash.org/forum/threads/the-cost-of-a-transaction-should-be-lowered-again.21292/
YES: (I think that we should attempt to keep transaction fees below 1 cent.)
NO: (I would not support lowering the transaction fee.)
ABSTAIN: (I do not have an opinion on the matter)/ (YES and NO are poorly phrased.)
It was only recently that we lowered the minimum transaction fee, but with our huge price appreciation, the minimum fee of an average sized (about 500 bytes) transaction is approaching 1 cent again. As of the writing of this proposal, it costs about 0.6 cents to send an average transaction using the minimum fees.
If we decide to keep fees below 1 cent, it would not mean immediate action is required on behalf of Core, it simply indicates that the network has expressed it's commitment to keeping fees low.
Based on the sentiments I've gathered from discussions on Dash Central, Slack, the forum, and Discord, it appears the community feels strongly about its commitment to low transaction fees so that low value transactions remain viable. This proposal is to poll the community to determine the accuracy of that sentiment. The goal is to help prevent a recurrence of the ongoing division in the Bitcoin community, where some people make the accusation that the community wants higher fees, and there is nothing that anyone can point to that proves that idea wrong.
To those worried about “spam attacks” filling up the blocks I would point to the rough calculations I did in my first pre-proposal that show that any such attack could more than pay for the hosting of all the masternodes on the network, even using minimum fees (which would not be an effective attack at any rate.)
First Pre-proposal here: https://www.dash.org/forum/threads/the-cost-of-a-transaction-should-be-lowered-again.21292/
YES: (I think that we should attempt to keep transaction fees below 1 cent.)
NO: (I would not support lowering the transaction fee.)
ABSTAIN: (I do not have an opinion on the matter)/ (YES and NO are poorly phrased.)
It was only recently that we lowered the minimum transaction fee, but with our huge price appreciation, the minimum fee of an average sized (about 500 bytes) transaction is approaching 1 cent again. As of the writing of this proposal, it costs about 0.6 cents to send an average transaction using the minimum fees.
If we decide to keep fees below 1 cent, it would not mean immediate action is required on behalf of Core, it simply indicates that the network has expressed it's commitment to keeping fees low.
Based on the sentiments I've gathered from discussions on Dash Central, Slack, the forum, and Discord, it appears the community feels strongly about its commitment to low transaction fees so that low value transactions remain viable. This proposal is to poll the community to determine the accuracy of that sentiment. The goal is to help prevent a recurrence of the ongoing division in the Bitcoin community, where some people make the accusation that the community wants higher fees, and there is nothing that anyone can point to that proves that idea wrong.
To those worried about “spam attacks” filling up the blocks I would point to the rough calculations I did in my first pre-proposal that show that any such attack could more than pay for the hosting of all the masternodes on the network, even using minimum fees (which would not be an effective attack at any rate.)