In reply to some of RHorning’s comments:
Transaction fees should always be determined by the miner. If someone has a high limit, someone will do it cheaper and it will get accepted into a later block.
We need an easy way for people to add transaction fees from the GUI, and we need an easy way for miner’s to specific a minimum transaction fee if possible. The later less important than the first.
How do you “shop” for transaction fees under this system? I guess I’m getting very confused here over how this works.
For example, if a miner gets a successful hash, what stops them from “charging” a 95% transaction fee? What keeps those transactions from getting incorporated into the block and recognized by the network?
Is there a way for you to say “I don’t want to pay this fee” and “shop” for a miner that charges smaller fees by simply waiting?
It also sets up an interesting DOS attack where potentially a miner with a large bank of computers could charge very high transaction fees, slowing down or even potentially stopping trades. I guess the way to stop that would be to get a bunch of computers for yourself and hope you can squeeze in a successful hash at least for yourself to get your transactions put into the network without a fee (presuming you can be selective on the fees for your friends and own addresses).
Is this something that could be put into the user interface, where you can “select” what fees you would be willing to pay?