[Aug 2022] Mempool empty! Use this opportunity to Consolidate your small inputs! - page 51.

pooya87

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Quote from: jackg on April 01, 2020, 01:33:53 PM

it can help to propagate your transaction into a different series of nodes if it didn't reach a certain pool though...

you can't really affect the propagation of the transaction though. you can only broadcast the tx and hope that the receiving nodes do the rest by sending it to each other. if there were something wrong (like having lower fees than their minrelaytxfee variable) then it won't propagate no matter how many nodes you send it to.

jackg

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https://bit.ly/387FXHi lightning theory

Quote from: LoyceV on March 31, 2020, 11:52:08 AM

Quote from: Timelord2067 on March 31, 2020, 11:17:13 AM

Just thought your readers might like to know that as well as paying little or next to no (1sat) fees to consolidate their transactions, they can also rebroadcast their transactions via the websites listed in this thread:

That's only necessary after nodes have dropped the transaction (when it takes a long time to confirm). As far as I know, Bitcoin Core keeps broadcasting a transaction until it's either confirmed, or the user forces the wallet to drop it.

Or it drops out of the mempool depth for a lot of nodes. Pools and block explorers. Will have huge depths but I don't know how far they'll be, it can help to propagate your transaction into a different series of nodes if it didn't reach a certain pool though...

LoyceV

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Quote from: Timelord2067 on March 31, 2020, 11:17:13 AM

Just thought your readers might like to know that as well as paying little or next to no (1sat) fees to consolidate their transactions, they can also rebroadcast their transactions via the websites listed in this thread:

That's only necessary after nodes have dropped the transaction (when it takes a long time to confirm). As far as I know, Bitcoin Core keeps broadcasting a transaction until it's either confirmed, or the user forces the wallet to drop it.

Timelord2067

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Hi LoyceV,

Just thought your readers might like to know that as well as paying little or next to no (1sat) fees to consolidate their transactions, they can also rebroadcast their transactions via the websites listed in this thread:

[Guide] Broadcast Your RAW Transaction BTC & Alts coins

Thanks for reading.

pooya87

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Quote from: DireWolfM14 on March 24, 2020, 04:11:49 PM

Funny how transactions are cheap when bitcoin price is rising, but not when it's falling.

it is not the rise or fall that causes the fees to shoot up but the speed of the rise or fall and in both cases if the speed is fast (a big and sudden dump or a big and sudden spike up) they cause a lot of traders to sell and a lot of other traders to buy. many of these traders have to transfer coins to and from exchanges that creates a lot of on-chain traffic and as a result could cause the fees to go up.

with that said the price drop that we had was very sharp and sudden and big. in comparison the rise that we are seeing is very slow and small which is why fee isn't increasing the same way.

jackg

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https://bit.ly/387FXHi lightning theory

Quote from: DireWolfM14 on March 24, 2020, 04:11:49 PM

Funny how transactions are cheap when bitcoin price is rising, but not when it's falling.

Makes a lot of sense to me...

People are happy when they buy and we go up or they're waiting for a new entry....

DireWolfM14

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Quote from: Pmalek on March 24, 2020, 03:08:04 PM

a bit of an asshole

Just a bit? Tongue

Anyway, fees are fairly low right now. Electrum's recommendation for a target of 25 blocks is 2.5 sats per (he'hem) vbyte (I'm looking at one of my bech32 wallets.) Funny how transactions are cheap when bitcoin price is rising, but not when it's falling.

Pmalek

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Quote from: BrewMaster on March 22, 2020, 10:11:24 AM

by the way it is "byte" not "bite" Wink

To be even more precise, and also a bit of an asshole, (sorry) it is vbyte, not byte or bite, if we are talking about segwit transactions. Grin

DireWolfM14

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Quote from: BrewMaster on March 22, 2020, 10:11:24 AM

by the way it is "byte" not "bite" Wink

Considering how much wine I consumed last night, it could have been much worse, lol.

BrewMaster

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Quote from: DireWolfM14 on March 22, 2020, 12:39:52 AM

1 sat per bite is possible right now. I just consolidated a slew of UTXOs, and forced 1 sat per bite as the fee, the transaction got it's first confirmation with the very next block. It looks like price of BTC is also stabilizing after the mad-corona-infested-bear rush.

whenever price is moderately stable there are less trades so there are less deposits/withdrawals so logically fees remain normal. but the reason could also be because of the new Coinbase transaction batching which emptied a lot of spam from the blocks recently.

by the way it is "byte" not "bite" Wink

DireWolfM14

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1 sat per bite is possible right now. I just consolidated a slew of UTXOs, and forced 1 sat per bite as the fee, the transaction got it's first confirmation with the very next block. It looks like price of BTC is also stabilizing after the mad-corona-infested-bear rush.

Pmalek

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I was waiting for a Bitcoin transaction of 14 sat/vbyte to confirm for 10 hours a few days ago. I kind of needed it fast and that was the biggest fee I ever used in my crypto career. I ended up waiting much longer compared to the times I wait when i do consolidations at 1 sat/vbyte. The mempool was congested with panic sellers.

LoyceV

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Quote from: DireWolfM14 on March 12, 2020, 04:18:50 PM

Note to self; don't consolidate dust when the main-stream-media is in Chicken-Little mode over a SARS pandemic.

Bitcoin Core now estimates a 1 sat/byte transaction to confirm within 24 hours. That's longer than I've seen in months. Panic on the markets caused it, but this is exactly the reason why you should consolidate small inputs when you don't quickly need them.

DireWolfM14

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I did made a transaction this morning, Electrum's suggested minimal fee for a confirmation within 25 blocks was over 20 sats/bite. Bitcoin was fluctuating up and down by a few hundred USD in short periods of time.

Note to self; don't consolidate dust when the main-stream-media is in Chicken-Little mode over a SARS pandemic.

jackg

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https://bit.ly/387FXHi lightning theory

Quote from: Dabs on March 09, 2020, 09:43:03 AM

I did another transaction over the weekend, my not-so-good estimator said 2 sats was good for 1 hour, so I purposely made the transaction pay only 1 sat and I thought I'd wait a few hours. I think it confirmed under 1 hour anyway.

Was this Friday or Saturday? I think we saw volatility then so we must've shaken out the weak hands from the market already (fees normally zoom when it fluctuates)... I think I used electrum's prediction of within 25 blocks and saw a confirmation after five minutes (I needed to send a fast one) so it's definitely still better to use a flat fee when you can.

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I did another transaction over the weekend, my not-so-good estimator said 2 sats was good for 1 hour, so I purposely made the transaction pay only 1 sat and I thought I'd wait a few hours. I think it confirmed under 1 hour anyway.

pooya87

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Quote from: jackg on March 05, 2020, 08:45:49 AM

It might have been a lot for them to try to edit, I'll have a look above as I've had to start with a bit of c/c++ so know a very limited amount of it... If they can't do it I probably can't but it might be worth looking at.

I remember the sat was the lowest unit Satoshi wrote and it was in a uint64 and care would have to be taken as I think that was near the max for the 21 million. 2^64 is around 8x10^14 so it's very close to the limit afaik (I might be out by a factor of 10).

it would be a lot if they were trying to change the total supply (aka consensus rule) not a very optional local rule that is computing fee/byte. it is a simple matter of dividing the amount of fee (UInt64) by the transaction's raw byte size (Int32) and returning the result for comparison. there is no overflow in division.
21,000,000.00000000 = 0x000775f05a074000

jackg

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https://bit.ly/387FXHi lightning theory

Quote from: Carlton Banks on March 05, 2020, 07:45:07 AM

the main developers discussed it, I think either on IRC or the bitcoin-dev mailing list. All agreed (or at least, noone present back then disagreed) that reducing the lower bound for minrelayfee was a good move, and 0.1 sats/byte was suggested as the new minimum. The code governing fee estimation needed changing to accommodate that extra order of magnitude in granularity, and although the work to do so was started, it was never finished (not sure why). There's a link to the pull request in the Bitcoin github repo... I think further back in this thread (in one of my posts)

It might have been a lot for them to try to edit, I'll have a look above as I've had to start with a bit of c/c++ so know a very limited amount of it... If they can't do it I probably can't but it might be worth looking at.

I remember the sat was the lowest unit Satoshi wrote and it was in a uint64 and care would have to be taken as I think that was near the max for the 21 million. 2^64 is around 8x10^14 so it's very close to the limit afaik (I might be out by a factor of 10).

Dabs

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In that case, it's just a matter of time then when the relay fee gets reduced, and then, that would be our new "lowest" fee for transactions.

When that happens, there will be an eventual cascade effect and fees across the board will go lower, and while most people will need to wait 10 or 20 minutes (or a few hours), low fees would not be an issue as compared to the other "direct" bitcoin forks. They'll need to use something else to debate or argue or whatever.

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Quote from: jackg on March 04, 2020, 03:59:46 PM

Quote from: Dabs on March 03, 2020, 02:38:34 PM

I think anything at or above the minimum relay fee will work. 0.1 sat/B isn't going to work since it won't get relayed at all. You can try to experiment and see how that would work by setting the fee manually.

There was "speculation" surrounding a reduction in minrelayfee in a new release of bitcoin xcore down to 0.1 sat per byte but alas it hasn't happened yet and I'm not sure they're planning to afaict.

the main developers discussed it, I think either on IRC or the bitcoin-dev mailing list. All agreed (or at least, noone present back then disagreed) that reducing the lower bound for minrelayfee was a good move, and 0.1 sats/byte was suggested as the new minimum. The code governing fee estimation needed changing to accommodate that extra order of magnitude in granularity, and although the work to do so was started, it was never finished (not sure why). There's a link to the pull request in the Bitcoin github repo... I think further back in this thread (in one of my posts)

Topic: [Aug 2022] Mempool empty! Use this opportunity to Consolidate your small inputs! - page 51. (Read 88438 times)