"... the question I'm really interested in is if I want to connect to n relays, which will allow me to see notes from the broadest set of users with lowest latency?"
And that makes me again wonder: how are you going to decide whether relay_a has the broadest set of users with lowest latency than relay_b? Is there an algorithm to accomplish this task?
Latency is per relay so I guess there'd be an exponential falloff. 100ms vs 200ms doesn't matter but 200ms to 300ms means the latency is starting to affect things. Maybe it can be statistically derived based on the population of relays you see. The bottom 10 or 20% for latency gets heavily penalized.
The other part of the score is log of unique users. Balance those two effects and I suppose you're good for ranking.
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