Re:Coinbase (YC S12) seeks to bring Bitcoin to the masses
by rictic on Saturday June 30, 2012 @12:14AM
(#4180544)
At the current exchange rate then any transaction below ~$0.06 might have a transaction fee of a fraction of a cent. Simple fix? Don't support incredibly small transactions, (or at least don't support large numbers of very small transactions).
[Assuming that point to point transactions that aren't doing complicated contract logic are always less than 10kB.]
Re:Coinbase (YC S12) seeks to bring Bitcoin to the masses
by dfc on Saturday June 30, 2012 @01:02AM
(#4180718)
I'm not trying to find fault in theoir business model; it was a genuine question...
Re:Coinbase (YC S12) seeks to bring Bitcoin to the masses
by muyuu on Friday June 29, 2012 @05:59PM
(#4179335)
You don't need to use Gavin's client.
Re:Coinbase (YC S12) seeks to bring Bitcoin to the masses
by dfc on Friday June 29, 2012 @06:40PM
(#4179504)
My political philosophy professor used to call this "making a rule out of the exception."
How many other viable bitcoin clients are there? And what do you think the likelihood of you fee-less transaction being accepted despite a flood of fee paying transactions?
Re:Coinbase (YC S12) seeks to bring Bitcoin to the masses
by AdmiralBeotch on Saturday June 30, 2012 @10:01AM
(#4181636)
the qt client, while being the baseline of measure, is a dinosaur. I use Electrum because it does not require the maintenance of a local blockchain, start up is immediate after long darkouts. It can be fully run off-line with no network connectivity. It supports aliases like email addresses instead if complicated bitcoin addresses. It uses deterministic key generation so I can literally backup my wallet in my head with a passphrase, erase my wallet, and recreate it from my mind. Oh yea, and it allows me to make transactions without any fees. Other worthwhile clients: Armory, Multibit. They are all viable and under rapid development.
Edit: electrum can be fully run offline as in you can monitor your balance without a network connection AND you can write transactions that can then be injected into the blockchain by a networked connection. But the electrum client at no time needs to be connected to the network.
Additionally, a networked computer can contain a deseeded wallet (no keys) for securely monitoring your off-line balances.
Accept a transaction for inclusion in a block: 0.0005 BTC
Relay a transaction to other Bitcoin hosts: 0.0001 BTC
A transaction can be sent without fees if both of these conditions are met:
It is smaller than 10 (SI) kilobytes (10.000 bytes).
All outputs are 0.01 BTC or larger."[1]
Put another way as bitcoin grows fee-less transactions will become rare...
[1] https://en.bitcoin.it/wiki/Transaction_fees