[Aug 2022] Mempool empty! Use this opportunity to Consolidate your small inputs! - page 45.

NeuroticFish

legendary

Activity: 3668

Merit: 6382

Looking for campaign manager? Contact icopress!

Quote from: pooya87 on May 10, 2021, 02:28:09 AM

Technically ECSDSA (Schnorr digital signature algorithm) has the defined method to aggregate signatures which could be used to produce a single signature for multiple public [different] keys. Also technically we can add an option where a single signature (regardless of Schnorr) is produced for the same output scripts.
But neither one (as far as I know but definitely not the second one) are going to be added in the upcoming softfork.

Thank you for clearing it up.
However, it's a bummer, since it would have been of great help for common people, especially as after the next difficulty adjustment (i.e. in less than 3 days) the fees will probably rise again.

pooya87

legendary

Activity: 3472

Merit: 10611

Quote from: NeuroticFish on May 10, 2021, 01:58:14 AM

Quote from: PrimeNumber7 on May 10, 2021, 01:46:22 AM

Quote from: TheQuin on May 09, 2021, 10:58:55 PM

That's something a lot of people miss. Even if they are from the same address each UTxO has to be signed individually which takes up a lot of space.

There is an argument to change from signing individual UTXOs, someone spending coin would need to sign an address plus a nonce. This would encourage address reuse, which reduces privacy, and would make CPFP more complex, but would increase transaction throughput. It would also eliminate change addresses, which would also reduce privacy. It would be required that nonces are confirmed in order, but two nonces could be confirmed in the same block.

I am not sure, but won't Schnorr/Taproot fix this too? Or is it only wishful thinking from my side?

Technically ECSDSA (Schnorr digital signature algorithm) has the defined method to aggregate signatures which could be used to produce a single signature for multiple public [different] keys. Also technically we can add an option where a single signature (regardless of Schnorr) is produced for the same output scripts.
But neither one (as far as I know but definitely not the second one) are going to be added in the upcoming softfork.

What Taproot does is that you can have a more complex spending script that is bigger but you only reveal a portion of it that has to execute, that way you reduce the transaction size. There are also other benefits using Schnorr which include smaller fixed signature size and signature aggregation for multi-sigs.

NeuroticFish

legendary

Activity: 3668

Merit: 6382

Looking for campaign manager? Contact icopress!

Quote from: PrimeNumber7 on May 10, 2021, 01:46:22 AM

Quote from: TheQuin on May 09, 2021, 10:58:55 PM

That's something a lot of people miss. Even if they are from the same address each UTxO has to be signed individually which takes up a lot of space.

There is an argument to change from signing individual UTXOs, someone spending coin would need to sign an address plus a nonce. This would encourage address reuse, which reduces privacy, and would make CPFP more complex, but would increase transaction throughput. It would also eliminate change addresses, which would also reduce privacy. It would be required that nonces are confirmed in order, but two nonces could be confirmed in the same block.

I am not sure, but won't Schnorr/Taproot fix this too? Or is it only wishful thinking from my side?

PrimeNumber7

copper member

Activity: 1666

Merit: 1901

Amazon Prime Member #7

Quote from: TheQuin on May 09, 2021, 10:58:55 PM

That's something a lot of people miss. Even if they are from the same address each UTxO has to be signed individually which takes up a lot of space.

There is an argument to change from signing individual UTXOs, someone spending coin would need to sign an address plus a nonce. This would encourage address reuse, which reduces privacy, and would make CPFP more complex, but would increase transaction throughput. It would also eliminate change addresses, which would also reduce privacy. It would be required that nonces are confirmed in order, but two nonces could be confirmed in the same block.

The topic of "consolidating inputs" has come up often in this thread, and the above would largely eliminate the need for that.

TheQuin

hero member

Activity: 2576

Merit: 883

Freebitco.in Support https://bit.ly/2I9BVS2

Quote from: Poker Player on May 09, 2021, 10:49:22 PM

Hi thanks! I've done it just now. The thing is I was not thinking about the small inputs of that address for a while, because they were part of the same address and as I am a bit of a noob I was not aware that although they are the same direction they are small inputs that will cost me more expensive to spend in the future if I do not consolidate them.

That's something a lot of people miss. Even if they are from the same address each UTxO has to be signed individually which takes up a lot of space. Fees haven't been this low for four months and it could easily be as long again until the next chance to consolidate cheaply. If you needed to spend them when fees are higher it could you many times more.

Poker Player

legendary

Activity: 1372

Merit: 2017

Quote from: TheQuin on May 09, 2021, 10:21:04 PM

Quote from: Poker Player on May 09, 2021, 10:17:55 PM

What do you think about it. Should I consolidate them next Sunday if fees are still low or maybe just wait?

I would do it right now while you can at 1.2 Sats because there will be a difficulty increase before next weekend. Fees can't get much lower than they are right now so there is no point in waiting.

Hi thanks! I've done it just now. The thing is I was not thinking about the small inputs of that address for a while, because they were part of the same address and as I am a bit of a noob I was not aware that although they are the same direction they are small inputs that will cost me more expensive to spend in the future if I do not consolidate them.

TheQuin

hero member

Activity: 2576

Merit: 883

Freebitco.in Support https://bit.ly/2I9BVS2

Quote from: Poker Player on May 09, 2021, 10:17:55 PM

What do you think about it. Should I consolidate them next Sunday if fees are still low or maybe just wait?

I would do it right now while you can at 1.2 Sats because there will be a difficulty increase before next weekend. Fees can't get much lower than they are right now so there is no point in waiting.

Poker Player

legendary

Activity: 1372

Merit: 2017

Hi, thanks to this post I sent a low fee transaction yesterday that was confirmed relative quickly.

I would like to ask a (probably simple) question: until now I had thought about saving everything I earn in the signature campaign and leave them in the same address where I receive the payments.

After discovering this thread, I have made some transactions to consolidate small inputs but from other addresses I had years ago where I had small amounts.

What I have been thinking lately is that I will have to consolidate some inputs from the address where I receive the payments of the signature campaign, because the first payments were of very little amount (the payment system goes by tiers and the lowest tier pays very little). In particular, I see that I have several payments from the beginning, of around 0.0001 BTC.

What do you think about it. Should I consolidate them next Sunday if fees are still low or maybe just wait? Maybe if I save everything I have in that address, and the price continues to rise in the future, that amount might be more tradable even if I pay fees.

LoyceV

legendary

Activity: 3290

Merit: 16489

Thick-Skinned Gang Leader and Golden Feather 2021

Last call this weekend for low fees Cheesy

2.x sat/byte is now being confirmed, and only 5 MB to confirm transactions with a fee lower than 2 sat/byte.

TheQuin

hero member

Activity: 2576

Merit: 883

Freebitco.in Support https://bit.ly/2I9BVS2

Quote from: LoyceV on May 08, 2021, 02:43:13 AM

Someone just broadcasted 38 MB of transactions at 4 sat/byte:

In the same picture you can see an earlier broadcast of 6 MB at 3 sat/byte too. I see this a lot nowadays: the moment fees drop enough, someone (maybe an online casino) uses the opportunity to fill up many blocks (most likely consolidating a couple hundred thousand inputs).

I keep track of the total number of funded addresses. When fees drop, the number of funded addresses often drops too.

The 4 sats/vbyte consolidation is all going to https://btc.com/3EiEN1JJCudBgAwL7c6ajqnPzx9LrK1VT6

With a balance of over 3000 BTC I would guess an exchange rather than a casino.

LoyceV

legendary

Activity: 3290

Merit: 16489

Thick-Skinned Gang Leader and Golden Feather 2021

Quote from: philipma1957 on May 07, 2021, 08:37:03 AM

next diff jump it will end.

I'm afraid so. It's nice to see though how much difference a small increase in block capacity makes.

Someone just broadcasted 38 MB of transactions at 4 sat/byte:
Image loading...

In the same picture you can see an earlier broadcast of 6 MB at 3 sat/byte too. I see this a lot nowadays: the moment fees drop enough, someone (maybe an online casino) uses the opportunity to fill up many blocks (most likely consolidating a couple hundred thousand inputs).

I keep track of the total number of funded addresses. When fees drop, the number of funded addresses often drops too.

philipma1957

legendary

Activity: 4326

Merit: 8950

'The right to privacy matters'

Quote from: LoyceV on May 07, 2021, 04:42:03 AM

Quote from: LFC_Bitcoin on May 07, 2021, 04:37:29 AM

Who feels like us? 💜

It took a coal mine accident in China, which caused a blackout, drop in hash rate and very high fees. Eventually this lead to a lower difficulty while miners were back online.

TL;DR: enjoy it while it lasts!

next diff jump it will end.

but we should have three to five more days of it.

LoyceV

legendary

Activity: 3290

Merit: 16489

Thick-Skinned Gang Leader and Golden Feather 2021

Quote from: LFC_Bitcoin on May 07, 2021, 04:37:29 AM

Who feels like us? 💜

It took a coal mine accident in China, which caused a blackout, drop in hash rate and very high fees. Eventually this lead to a lower difficulty while miners were back online.

TL;DR: enjoy it while it lasts!

LFC_Bitcoin

legendary

Activity: 3556

Merit: 9709

#1 VIP Crypto Casino

@PocketBitcoin
Mempool soon to clear 1 sats/vbyte transactions which hasn't happened since early January 🔥🥰

Who feels like us? 💜

https://twitter.com/pocketbitcoin/status/1390595067547721728?s=21

LoyceV

legendary

Activity: 3290

Merit: 16489

Thick-Skinned Gang Leader and Golden Feather 2021

Update: In the past hours, transactions with 2.2 sat/byte have been confirmed.
My Bitcoin Core shows 168 MB waiting in mempool, Johoe's site shows 79 MB. I don't know what causes the difference.

It looks like the coming weekend is going to be a great chance to consolidate small inputs, 2 sat/byte or less might just get through. Fees haven't been this low in 4 months.

LoyceV

legendary

Activity: 3290

Merit: 16489

Thick-Skinned Gang Leader and Golden Feather 2021

Fees are still very low, which is quite rare for a Wednesday. Consolidate small inputs while it lasts!

Update: 4 sat/byte is currently enough for a fast confirmation!

LoyceV

legendary

Activity: 3290

Merit: 16489

Thick-Skinned Gang Leader and Golden Feather 2021

Quote from: NeuroticFish on May 02, 2021, 03:42:55 AM

And the week-end is far from over Wink

Miners are chewing their way through mempool:
Image loading...

(Screenshot taken from jochen-hoenicke.de)

NeuroticFish

legendary

Activity: 3668

Merit: 6382

Looking for campaign manager? Contact icopress!

Quote from: ?? on ??

At the moment, 8 sat/byte is enough for a fast confirmation.

In case it helps anyone, I've sent a tx today at 7.7 sat/vByte and it's already confirmed. And the week-end is far from over Wink

Poker Player

legendary

Activity: 1372

Merit: 2017

Quote from: Pmalek on April 11, 2021, 04:12:30 AM

It's Sunday and the mempool looks good just like last week at this time. I am sure that many of the transactions in the 5-7 sat/vByte range will be confirmed today. Right now, 7-8 sat/vByte is probably enough for a next block confirmation. Keep your eyes on the mempool and consolidate your inputs while the fees are down.

A couple of hours ago I got confirmed a transaction of 5 sat-vByte, the one I sent three weeks ago:

Quote from: Poker Player on March 21, 2021, 01:46:42 PM

... I've just tried now 5 sat/vb with the address I had with the lowest amount, like 5/6$, I think this thread is going to be useful for me.

Pmalek

legendary

Activity: 2730

Merit: 7065

It's Sunday and the mempool looks good just like last week at this time. I am sure that many of the transactions in the 5-7 sat/vByte range will be confirmed today. Right now, 7-8 sat/vByte is probably enough for a next block confirmation. Keep your eyes on the mempool and consolidate your inputs while the fees are down.

Topic: [Aug 2022] Mempool empty! Use this opportunity to Consolidate your small inputs! - page 45. (Read 88546 times)