[Lightning-dev] Increasing fee defaults to 5000+500 for a healthier network?

[ZmnSCPxj]

Good morning,

Looks fine to me.

Regards,
ZmnSCPxj

> Hi all,
>
> I've been looking at the current lightning network fees, and it
> shows that 2/3 are sitting on the default (1000 msat + 1 ppm).
>
> This has two problems:
>
> 1.  Low fees are now a negative signal: defaults actually indicate
>     lower reliability, and routing gets tarpitted trying them all.
>
> 2.  There's no meaningful market signal in fees, since you can't
>     drop much below 1ppm.
>
>     Compare lightningpowerusers.com which charges (10000 msat + 5000 ppm),
>     and seems to have significant usage, so there clearly is market
>     tolerance for higher fees.
>
>     I am proposing that as of next release of c-lighting, we change defaults
>     on new channels to 5000 msat + 500ppm, and I'd like the other
>     implementations to join me.
>
>     Over time, that should move the noise floor up. I picked 500ppm because
>     that's still 1% at 20 hops, so minimally centralizing. I picked 5000
>     msat base for less quantifiable reasons.
>
>     Here's default fee a rate table in USD (@10k per BTC):
>
>     Amount Before After
>     0.1c 0.0100001c 0.05005c
>     1c 0.010001c 0.0505c
>     10c 0.01001c 0.055c
>     $1 0.0101c 0.1c
>     $10 0.011c 0.55c
>     $100 0.02c 5.05c
>     $1000 0.11c 50.05c
>
>     Thoughts?
>     Rusty.
>
>
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