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Yes, that's the way I see it.
Though there could be other less obvious things that it could have an effect on like sone extra compute or taking up bandwidth.
@murch pointed out one of the biggest effects:
I believe prior to this summer, most wallets implemented changes to fee rates in whole sat terms. So, if you wanted to fee bump your 1 sat/vB transaction, the wallet only let you choose 2 or more sats/vB.
As more wallets allow implement tooling for sub 1 sat/vB, you could conceivaly fee bump to 1.1 sats/vB.
This means miners may actually see a loss in revenue because fee rates may not escalate as quickly as they used to. (hopefully I'm recounting this correctly).
Yes, good summary.
The minRelayTxFee and incrementalRelayTxFee both express a minimum cost for relaying data across the network. It would be a bit odd to charge more for the first announcement of a transaction, but then make it cheaper to replace the transaction, or vice versa to make it cheap to make a first announcement and expensive to replace a transaction. So both mempool policies were lowered from 1 s/vB to 0.1 s/vB in Bitcoin Core 29.1 and the upcoming v30.0.
I remember hearing that pleb nodes are rejecting a lot of these TX as they still have the default 1sat/vb minimum. I guess since they have swamped the mempool that they eventually get relayed to most mining pools and into a block.
Miners are already mining blocks with average fee rates that are sub 1 sat/VB transactions in something close to half the blocks. (Although past couple weeks not as much maybe)
The recent blocks were including fewer transactions below 1 s/vB, because enough transactions were bidding more than 1 s/vB:
Chart: last 24h, inverted feerate (highest feerate at the bottom), only txs offering 1 s/vB or more.
Markets at work! Thanks for these replies.
Bitcoin Core 29.1 already makes up over 13% of the listening nodes according to Clark Moody’s dashboard:
As Laurent has recently demonstrated with his simulation, below 90% filters, almost all corresponding transactions reliably reach non-filtering listening nodes (which I suspect miners to be). So, at this point any listening nodes that want the low feerate transactions should be receiving them reliably before they appear in blocks.
In my ignorance, I don't see how it makes it cheaper to attack. If the attack is filling mempools with cheap transactions, the solution is paying more for your non-attack transactions.
if you used to have to pay a minimum of 1 sat/vB and the feerate is lowered, so now everyone is paying 0.1 sat/vB, but then attackers DoS mempools with lots of these transactions so you have to pay 1 sat/vB to get your transaction confirmed...nothing happened?