Today:
Fastest: 121sat/vByte; $8.43
Medium: 111sat/vByte; $7.81
Low: 101sat/vByte; $7.04
Non-priority: 12sat/vByte; $0.84
Mempool Purging: <5sat/vByte
source: mempool.space
Topic: Mempool Observer Topic - page 60. (Read 21808 times)
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Wouldn't (almost) everybody use very low fee because of that? and thus, wouldn't it lead to make a heavy mempool?
Heavy mempool is already here, and not with regular transactions but with shitcoins spamming. People who want to buy cars, coffee or gift cards are not going to wait 6 months for a transaction. I'm not optimistic about the disappearance of the BRC20, I think that this scam will remain, that nothing will be done to prevent them from causing harm by permanently obstructing the blockchain. With a system where the priority of a transaction would also be based on its creation date, the 1 sat/vB would at least have a chance of being integrated into a block, even if it takes 6 months or more. Right now, we're on the way to ensuring that tx's below 5 sats/vB recorded at the end of 2023 will never be included in a block. RBF and CPFP are not the ideal solution for everyone.
Has there ever been a BIP to give a sort of priority value to transactions as a function of the passage of time : the more time passes, the more this value increases, which would, for example, make a tx at 1 sats/vB that has been waiting for 6 months a priority compared with a tx at 20 sats/vB that has been waiting for a few minutes.
to even become a formal BIP in cores github. idea's need to go through layers of moderated technical discussion platforms, moderated by the very same core devs that create cores roadmap. thus majority of proposals dont even get a foot in the door of even becoming a formal BIP let alone then becoming code core devs would then allow to be merged.
Has there ever been a BIP to give a sort of priority value to transactions as a function of the passage of time : the more time passes, the more this value increases, which would, for example, make a tx at 1 sats/vB that has been waiting for 6 months a priority compared with a tx at 20 sats/vB that has been waiting for a few minutes.
Wouldn't (almost) everybody use very low fee because of that? and thus, wouldn't it lead to make a heavy mempool?
Has there ever been a BIP to give a sort of priority value to transactions as a function of the passage of time : the more time passes, the more this value increases, which would, for example, make a tx at 1 sats/vB that has been waiting for 6 months a priority compared with a tx at 20 sats/vB that has been waiting for a few minutes.
- fastestFee: 11 sat/vB
- halfHourFee: 11 sat/vB
- hourFee: 11 sat/vB
- economyFee: 6 sat/vB
- minimumFee: 3 sat/vB
based on your experience guys, do you think it is likely that we go even below 10sats/vb anytime soon (before the halving)?
need to do some consolidation
need to do some consolidation
- fastestFee: 11 sat/vB
- halfHourFee: 11 sat/vB
- hourFee: 11 sat/vB
- economyFee: 8 sat/vB
- minimumFee: 4 sat/vB
- fastestFee: 15 sat/vB
- halfHourFee: 14 sat/vB
- hourFee: 13 sat/vB
- economyFee: 10 sat/vB
- minimumFee: 5 sat/vB
I think that you are mostly correct here, except I would describe it a little bit differently.
It's mempool data:
https://mempool.space/api/v1/fees/recommended
{"fastestFee":14,"halfHourFee":13,"hourFee":13,"economyFee":6,"minimumFee":3}
vs
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High Priority. This figure is the median feerate of transactions in the first mempool block. Consider using this feerate if you want confirmation as soon as possible.
Medium Priority. This figure is the average of the median feerate of the first mempool block and the median feerate of the second mempool block.
Low Priority. This figure is the average of the Medium Priority feerate and the median feerate of the third mempool block. Consider using this feerate if you want confirmation soon but don't need it particularly quickly.
No Priority. This figure is either 2x the minimum feerate, or the Low Priority feerate (whichever is lower). Consider using this feerate if you are in no rush and don't mind if confirmation takes a while.
Medium Priority. This figure is the average of the median feerate of the first mempool block and the median feerate of the second mempool block.
Low Priority. This figure is the average of the Medium Priority feerate and the median feerate of the third mempool block. Consider using this feerate if you want confirmation soon but don't need it particularly quickly.
No Priority. This figure is either 2x the minimum feerate, or the Low Priority feerate (whichever is lower). Consider using this feerate if you are in no rush and don't mind if confirmation takes a while.
And yeah, you're right, the last one is the purging limit on default nodes.
- fastestFee: 13 sat/vB
- halfHourFee: 13 sat/vB
- hourFee: 13 sat/vB
- economyFee: 2 sat/vB
- minimumFee: 1 sat/vB
1sat/byte minimum fee is too low. I have a feeling that some miners want individuals to make more transactions now.
- fastestFee: 13 sat/vB
- halfHourFee: 13 sat/vB
- hourFee: 13 sat/vB
- economyFee: 2 sat/vB
- minimumFee: 1 sat/vB
fees look appropriate again and looking at value "spending" ranges (not fee's) it appears people are starting to move value again
unlike the situation a value range for the previous month
"value range" charts on jan 15th:
https://www.blockchain.com/explorer/blocks/btc/825851
compared to feb 10th
https://www.blockchain.com/explorer/blocks/btc/829767
https://www.blockchain.com/explorer/blocks/btc/825851
compared to feb 10th
https://www.blockchain.com/explorer/blocks/btc/829767
advice for those not needing to day-trade CEX, and just want to hoard until 2025 ATH. get your coin out CEX now. you never know when the spam attacks will restart
worth noting
LN had ~5kbtc locked long term and today is down to 4.75k already. seems a few are taking advantage of cheap fee's to jump ship out of LN
good for them
- fastestFee: 13 sat/vB
- halfHourFee: 13 sat/vB
- hourFee: 13 sat/vB
- economyFee: 2 sat/vB
- minimumFee: 1 sat/vB
- fastestFee: 20 sat/vB
- halfHourFee: 16 sat/vB
- hourFee: 14 sat/vB
- economyFee: 4 sat/vB
- minimumFee: 2 sat/vB
- fastestFee: 19 sat/vB
- halfHourFee: 17 sat/vB
- hourFee: 15 sat/vB
- economyFee: 4 sat/vB
- minimumFee: 2 sat/vB
Note the minimum fee here is 9sat/byte
that does not mean that blocks are grabbing all transactions 9sat up
it means SOME mining pools are selectively (pot luck lottery style) adding a couple random transactions outside the "highest fee first" policy just to seem reasonable.. the 9sat/b does not mean your 16sat/b has priority over say the 20sat/b ones nor means that your 16sat/b should come before the pot luck lottery of cheap fees outside the fastest first policy
you just have to be patient
yes its annoying, yes bitcoin is made using code. yes code can codify rules of acceptance to be more fair, yes transactions can be analysed into a formulae where coin-age and "first seen" can produce a priority order... but many people that want bitcoin to be annoying to promote offchain systems as solutions to the annoyances, dont want the annoyances fixed
using
https://jochen-hoenicke.de/queue/#BTC,2h,count
there is about 17,000 transactions waiting paying 14-17sat/b
so you are in a waiting list with 17k other transactions of about your fee rate
looking at latest block(fee range chart, highlighting transaction in the 15-16sat/b basket range)
https://www.blockchain.com/explorer/blocks/btc/829631
out of 1038 transactions in that block that miningpool only randomly selected 118 transactions from the basket of transactions 15-16sat/b
meaning only ~9% of a block selector chooses the lottery of your range. but your range has 17k other competitors
so math suggest if only ~120tx of your range are selected per block you have a 120 of 17k chance of being in next block(0.7%)
Ok.
Then it should DETECT THE TRANSACTION AT LEAST.I am aware of priorities. Higher preference would be given to higher bytes fees but at least DETECT IT. Mempool says transaction not found. It is one thing to detect a transaction and it is another thing to process such transaction. This is an unfair treatment given to me and I believe it should be addressed properly
Basically you were too cheap and are now complaining about it. or am I wrong?
and after just an extra day or two it cleared.
Yeah don't be that cheap. I do a bit lower than normal but never do low.
- fastestFee: 27 sat/vB
- halfHourFee: 24 sat/vB
- hourFee: 23 sat/vB
- economyFee: 22 sat/vB
- minimumFee: 11 sat/vB
I think that you are mostly correct here, except I would describe it a little bit differently.
Fastest: is an estimate for the lowest fee to pay to get the transaction included into the next block (so within the next 10 minutes)
1/2 hour and 1 hour would be an estimate for the lowest fee to pay to get the transaction within the next 3 blocks or within the next 6 blocks respectively.
economy: I am not sure.. maybe that is to get the transaction included within the next 24 hours or so? Anyone else want to explain "economy?"
The "minimumFee" refers to the lowest possible fee that can be paid for a transaction to be included in the next block.
You are not describing minimum very accurately.
minimum: I am pretty sure that means the lowest fee to pay to be able to submit the transaction without having it get purged from the mempool
Keep in mind that these fees are only estimates and can change depending on various factors.
They are estimates based on recent history. .so sometimes we might manually be able to get some better estimate by looking at something like the jochen website.
https://jochen-hoenicke.de/queue/#BTC,30d,weight
So, does Feebudy has some extra safety features or will he crash when we hit 1sat/vb?
Just an extra emoticon
- fastestFee: 20 sat/vB
- halfHourFee: 19 sat/vB
- hourFee: 17 sat/vB
- economyFee: 6 sat/vB
- minimumFee: 3 sat/vB
Minimum 3 satvB
Almost there
- fastestFee: 20 sat/vB
- halfHourFee: 19 sat/vB
- hourFee: 17 sat/vB
- economyFee: 6 sat/vB
- minimumFee: 3 sat/vB
Wow! Thank you. How do you create a hex transaction from TX id?
luckily because blockchain.com still retained the tx in its mempool
i used the txid on this url
https://blockchain.info/rawtx/42105820754888a816820be27bd8670b5789e82ffd9f88cb68446c1afe414fa9?format=hex
with the ?format=hex so it shows the hex instead of json
then copied the hex(rawtx) to different sites like
https://live.blockcypher.com/btc/pushtx/
to rebroadcast it
oh look, it confirmed 3 blocks ago(time of this post minis 3 blocks of time).. seemed like it just needed a good push at the right time
you are welcome
but yea would have been easier for you to rebroadcast or try again from your own wallet if no other network node had it..
Thank you. I appreciate it. I got the funds now. I will use this method if this happens next time. I've learnt my lesson. I won't use low fees anymore. Either I wait for network congestion on Bitcoin transaction to reduce or use the recommended high fees.
Thank you all!
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