I believe that the objective of the routine periodic partial water change is to replace as much polluted water with fresh water as is necessary to maintain a high water quality. That being said, the volume and frequency required may vary greatly in different tanks (not even to mention plants and other factors). Consider a large planted tank with only a few small fish, vs. a 5g or 10g tank that's overstocked with no plants.
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Ideally if we were to mimic nature we would have flow through systems where fresh water is introduced constantly as polluted water is flushed away. Unfortunately, short of a well designed fish room or fish farm, it's just not practical in the average living room! So the next best thing is to replace the polluted water with enough volume and frequency to keep the water quality high... And that being said along with the simple logic that there's no such thing as too much fresh water, we can make the case that a larger volume of water more frequently is better than the alternative.
Then again, one might not entertain overkill - 50% daily could be great for many tanks, while 25% every other month would likely be poor. So we take the middle ground of 50% - 75% weekly as a fair average measure of good tank maintenance.
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Unfortunately there can be no absolute RULE as to the frequency/amount of partial water changes REQUIRED to maintain a high water quality - but again, we might agree that there's no such thing as too much fresh water.
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@seangee and my friend
@Byron, I rarely see sick or failing fish because the very best medicine is fresh clean water.
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Now the above is easy for those of us that have 'normal' water and present a potential problem for those with 'troubled' water that is either very soft or very hard. Now I'm of the school that believes that to a degree, fish can adapt to varying degrees of water chemistry so long as it's clean and fresh. But be that as it may, some waters like 'liquid rock' may need to be cut with RO or soft water, while very soft waters may need crushed coral or other mineral additives ESPECIALLY depending on the species the hobbyist wants to foster.
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This is a hobby (or maybe a calling) that really requires study and awareness which may be why the average Joe most often fails and the tank ends up in the garage, basement, or Craig's list.
... But discussion forums like this just may help stop the madness.