the_beer_engineer
Posts: 1
Joined: Thu Nov 09, 2017 2:43 pm

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How do I make a BIP?

Thu Nov 09, 2017 3:05 pm

I would like to propose a BIP for bitcoin cash (if it hasn't already been proposed) to modify the current fee structure to allow people to bid a fixed number of satoshis. If 1 BCH is worth $100,000 and there are 50,000 transactions in every block, the minimum possible fees will begin once again to impinge upon a reasonable price. What about if people could bid a fixed multiple of satoshis per transaction regardless of the byte count. Set a minimum transaction price multiplier (e.g. 50 satoshis) being worth almost 0.5c each. You could initially set a minimum of 200 satoshis and allow people to bid from there in 50 sat increments. Eventually the minimum bid can be reduced to 50 satoshis in 50 satoshi increments. Then you just decrease that number gradually from 50 to 49 to 48 all the way down to 1. The rate of decrease can be linked in a control function to transaction growth and hashpower to make sure the efficiency of the network in terms of energy consumption will be improved down the track..
Maybe that's the point at which there's a hardfork to break each satoshi into 100,000,000 finneys. It would almost be like starting over.
Thoughts?

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