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Topic :
EIP 1559 No Tip System Please
Thread Created at Jan 26th 2021, 6:10:42 am | Started by Africahead
Number of Post in this thread: 3
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Africahead replied 3 years ago (Jan 27th 2021, 5:18:53 am)

Everything is a big word. If i support everything in EIP 1559 except the tip ... i would like to add no fee for failed transactions.

Brent_Allsop replied 3 years ago (Jan 27th 2021, 1:49:07 am)

Hi Marquard

 

Thanks for getting involved with canonizer, including your e-mail to support, where you indicated you would like to object to EIP 1559.

If we could modify 1559 to have no tips, would you then agree with everything else in it?

In other words, we could keep everything we all agree on, in the consensus camp, while pushing the tip/no tip issue down into supporting sub camps.

If I created 2 new sub camps to the consensus EIP 1559, one for tip, and the other for no tip, would you then be willing to support the no tip camp, while Jim and I would support the competing tip sub camp, both of us supporting everything else we agree on in the super camp?

Africahead replied 3 years ago (Jan 26th 2021, 6:29:03 am)

EIP 1559 recognizes the probable fact that miners can manipulate fees and extort large fees from users. It is possible by failing transactions, whilst taking a fee for failed transactions. Users can be "forced" like that to set a large fee maximum, for a transaction, miners then take. Metamask and Trust wallet set exhorbitant maximum fees in my case for transactions. I experienced it self with formation of pools at Uniswap and Sushiswap. Probably, because miners know users want to form pools for business reasons i.e. liquidity of new tokens, they extort large fees. The solution is no fees should be payable on failed transactions. It is a bad idea to pay much for failure in general, therefore i will not expand about that.

There should be no tip system, because all users must queue and be treated equally, after paying a minimum fee, or no fee. One of the main reasons cryptocurrency came into being, is to counter the current fiat system's stealing of "intelligence" and transferring "intelligence", formed by good morals, to the powerful and rich, who prints money, then employ others, to develop "creators'" ideas. A tip system will continue that, because it will effectively place power in the hands of the rich, not in the hands of the innovative also. A low or no fee per transaction should be the same for everyone. First come first serve is the best policy. Everyone must queue and wait to transact, being treated as equals. If it becomes relevant at investing, for example, selling/buying etc., those who first get the good ideas will transact first; not the "intelligence" community, after "imparting of ideas", a fallacious utilitarian human right in utilitarian country Constitutions.