Posted by davidgumberg
Aug 13, 2025/00:48 UTC
In examining the dynamics of hardcoded values within Bitcoin Core releases, particularly in relation to network demands and economic fluctuations, a nuanced perspective emerges on the viability of embedding static minimum relay feerates. The premise hinges on the observation that certain metrics, such as the hash rate of computer hardware, the size of the Bitcoin network, and the cost of network bandwidth, exhibit slow and predictable changes over time. However, concerns are raised about the potential volatility in blockspace demand and the exchange rate between Bitcoin (BTC) and network bandwidth, suggesting that these could significantly fluctuate within the intervals between software updates.
Despite these apprehensions, a deeper analysis, supported by historical data, reveals a different narrative. Specifically, the discussion points towards the Bitcoin Core's minimum relay feerate mechanism, which primarily serves as a safeguard against denial-of-service (DoS) attacks rather than dictating transaction fee market floors. This clarification shifts the focus to the actual variability in USD/BTC conversion rates across consecutive releases of Bitcoin Core, demonstrating through a detailed table that conversion rates have indeed tended to change at a gradual pace historically. Such evidence underpins the argument that hardcoding minimum relay feerates remains a practical approach, provided there is periodic review and adjustment to accommodate significant economic shifts.
The table presented meticulously tracks the network relay cost (in satoshis per virtual byte) across various Bitcoin Core versions, delineating a clear trend that supports the initial hypothesis. For instance, from version 20.0, noted for its relatively high relay cost due to a lower USD/BTC rate, to the latest release, there is observable stability in the conversion rates, contradicting fears of rapid and unpredictable changes. This empirical data not only refutes the skepticism surrounding hardcoded values but also reinforces the importance of maintaining a minimum relay feerate to protect the network from low-cost DoS attacks. In scenarios where the mempool is cleared, the absence of a minimum threshold for transaction fees would expose the network to vulnerabilities, allowing attackers to flood the system with minimal fee transactions and incrementally raise their fees to displace previous transactions without causing conflicts, thereby undermining the network's integrity.
In summary, while the debate on hardcoding values within Bitcoin Core acknowledges potential risks associated with variable blockspace demand and BTC/network bandwidth conversion rates, the practice of setting static minimum relay feerates is validated through historical trends and strategic considerations aimed at network security. This examination underscores the balance between adaptability and stability in managing the underlying economic parameters of blockchain technology, advocating for informed and periodic adjustments to hardcoded parameters to navigate the evolving landscape of digital currencies.
TLDR
We’ll email you summaries of the latest discussions from authoritative bitcoin sources, like bitcoin-dev, lightning-dev, and Delving Bitcoin.
We'd love to hear your feedback on this project?
Give Feedback