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10 sats \ 3 replies \ @petertodd 22 Jan \ parent \ on: Peter Todd proposes RBFr bitdevs
That's not really true though. It's increasing the fee-rate of a transaction in isolation. But from the point of view of miners it is not increasing the fee-rate of the immediately mineable mempool, because you have to mine a low fee-rate transaction first to access the high fee-rate.
In my replace-by-fee-rate post, I called this kind of concept the highest minable fee-rate. The situation itself is similar to the argument as to why replace-by-fee-rate is miner incentive compatible in the first place: we'd almost always rather mine a high fee-rate transaction now, than have a higher total fee transaction that can't be mined any time soon.
As I mentioned on bitcoin-dev, IIUC Suhas identified this issue with RBF and has a draft pull-req intended to fix it. An even simpler fix could be to require that all unconfirmed inputs to a replacement come from the same transaction; currently they're allowed to come from different transactions. The whole point of the unconfirmed input rule was to avoid this type of situation in the first place; turns out we needed a stronger version of that rule.
In my replace-by-fee-rate post, I called this kind of concept the highest minable fee-rate.
Yes, and the people that have been working on this topic in the past few years speak of "mining score" and "feerate diagram comparison" in this context.
It's increasing the fee-rate of a transaction in isolation. But from the point of view of miners it is not increasing the fee-rate of the immediately mineable mempool, because you have to mine a low fee-rate transaction first to access the high fee-rate.
While that might have been the intention, it is not how RBF is implemented today. I would expect you to know this, given your involvement in the original work and your recent advocacy for
mempoolfullrbf. If you have not read them yet, you may find Suhas’s overview of Cluster Mempool and Gloria’s numerous write-ups for RBF, package relay, v3 transactions, etc. interesting.