00:36:16 I'm a little confused. The Monero Standard issued by local Monero, each week, generally says the suggested fee is 20 piconero per byte 00:37:12 If I'm understanding correctly, the average transaction is around two kilobytes. So, 2000 bytes. 00:38:47 So 20,000 picos should be a fee of 0.000000020000 00:40:26 Thats the eighth decimal, but very often in my monerujo i see fees as high as 0.000030000000 10 million piconero 00:41:32 Thats the eighth decimal, but very often in my monerujo i see fees as high as 0.000030000000 30 million piconero 00:43:09 Am I misunderstanding something? Or is Monerujo way overcharging for the fees? 00:52:10 fee per byte is 0.000000020000 00:52:24 multiplied by 2000 bytes is about what monerujo suggests 00:54:49 Is that a normal fee or is that elevated that high because of the crazy amount of transactions that are happening right now? 00:58:35 https://matrix.monero.social/_matrix/media/v1/download/monero.social/GTtjxlVdzryjxSfcpIDAOyev 01:34:10 it's less than a cent, it's the normal fee and IMO it should be higher 07:33:10 "...if miners decide to stuff as many transactions as possible to maxamise their fees the 0.6 XMR block reward is burned..." 07:33:10 Interesting, can someone please elaborate on exactly how this is enforced by the network? 07:37:57 > <@m-relay:monero.social> Definitely not forgiven^ Tail emission video if youve not seen shortwavesurfer2009 https://yewtu.be/watch?v=sRwSqM0YBto 07:37:57 "...if miners decide to stuff as many transactions as possible to maxamise their fees the 0.6 XMR block reward is burned..." 07:37:57 Interesting, can someone please elaborate on why that's an advantage. And how exactly how is this enforced by the network; does going above a certain block size invalidate spending the subsidy from that block's coinbase? 07:39:25 > <@m-relay:monero.social> Definitely not forgiven^ Tail emission video if youve not seen shortwavesurfer2009 https://yewtu.be/watch?v=sRwSqM0YBto 07:39:25 "...if miners decide to stuff as many transactions as possible into a block to maxamise their fees the 0.6 XMR block reward is burned..." 07:39:26 Interesting, can someone please elaborate on why that's an advantage. And how exactly how is this enforced by the network; does going above a certain block size invalidate spending the subsidy from that block's coinbase? 07:43:17 Right now, during this pressure, youd think youd see those mempool tx using higher fees via auto setting, but most i see are min fee 08:03:57 no_2: here's an excellent (more technical) talk from ArticMine that explains the dynamic blocksize and fee penalty algorithm https://www.youtube.com/watch?v=btauHXDIM8M 08:07:01 tldw: the blocksize is dynamic - which means there still is a limit to how big you can make a block, but it's not a hardcoded fixed value like in other coins. There's a soft limit (above which you start getting a penalty to the base reward of your block) and a hard limit (which you cannot exceed, and coincides with 0 base reward - i.e. you only get tx fees) 08:09:30 The enforcement is part of the consensus rules: the base reward of a block must be a specified function of the blocksize. When a node receives a new block, it verifies that the base reward matches the expected value, and rejects it if it doesn't 08:35:21 Thanks a lot, I'll take a look. 21:05:18 Ok, so my initial understanding of the algorithm is basically to encourage block size to only increase as when absolutely necessary - paid for by an excess of transactions. 21:05:51 From what I gather it's the 'median' stipulation which causes this. 21:11:56 yes. if excess fees can offet the block penalty, blocks can be bigger than median, which can push median up, etc 21:12:39 interestingly somebody could produce like a block much larger than the limit and have it be valid if they eat the penalty 21:13:24 though I think there is a hard cap at some point? maybe 21:19:29 Yes, the hard cap is 2 * M_N (the penalty median). 21:19:30 So on a normal day in Monero blocks get created at sizes up to 300 kB, but if a miner ate the full penalty they could make a 600 kB block. 21:19:59 ^^ 21:35:49 If anyone wants to play around with the scaling algorithm I wrote a Python simulation for it a while back: https://github.com/spackle-xmr/Dynamic_Block_Demo 21:36:26 It helped me when I had questions about how things work. 23:52:06 +1 to spackles work