Noification when Bitcoin TX fees reduce - page 2.

NeuroticFish

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Quote from: stompix on February 16, 2021, 03:57:10 AM

Quote from: NeuroticFish on February 16, 2021, 03:14:11 AM

I think that it's also easy to send the mail when a certain fee/vbyte was met (i.e. sent in the last block).

ViaBTC will manage to make a mess of those things with their free inclusions as they might confirm 11sat/b transactions when there are 100M of 30+ sat/b of waiting transactions in the mempool, same for other pools when they send their payout as some have a habit of including their own in the blocks they mine with minimal fees.

You are right. I forgot about accelerators. But I am confident that a good analysis can be done with the mempool at hand (ignore the smallest 150-300 tx fees from a block?), without calling a 3rd party API.
And I said accelerators since if it would be only ViaBTC then this would not be a problem (do you expect ViaBTC mine multiple blocks in a row?)

stompix

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Blackjack.fun

Quote from: bitmover on February 15, 2021, 05:23:45 PM

As I have mempool data, I know what is the mempool size. The mempool size now is about 67mb, which are about 60 blocks.
I can send him an email when the mempool is about 10mb, which is about 10 blocks. Or 1 mb, what he asked (nearly empty). When the mempool is similar to the blocksize you can get confirmations with 1 sat/byte.

Mempool.space has already some tools for this

You can simply grab the data from then and set an alert when the block fees are in x range for the second or third block to make it a little more precise as next block fees are usually overinflated and at the same time might be misleading depending on how long ago the previous block has been mined.
If the 2nd to 4th block have a median with 1 sat difference and below an x value then you can almost safely assume that anything just above that x will be confirmed, unless no block is mined for 1 hour and 20 minutes like I've experienced not so long ago. Grin

Quote from: NeuroticFish on February 16, 2021, 03:14:11 AM

I think that it's also easy to send the mail when a certain fee/vbyte was met (i.e. sent in the last block).

ViaBTC will manage to make a mess of those things with their free inclusions as they might confirm 11sat/b transactions when there are 100M of 30+ sat/b of waiting transactions in the mempool, same for other pools when they send their payout as some have a habit of including their own in the blocks they mine with minimal fees.

NeuroticFish

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Quote from: bitmover on February 15, 2021, 05:23:45 PM

I can send him an email when the mempool is about 10mb

I think that it's also easy to send the mail when a certain fee/vbyte was met (i.e. sent in the last block). Or if a certain fee was met/touched for 3 blocks in a row.
Of course, it's not a guarantee for what's going to be next, still... there are some ideas. Since you already have the software there and the mempool, there are plenty of ways the implementation can be done.
Also, I guess that the recipient should choose if he wants this kind of mail only once or multiple times.

I'm glad that a reputed member does this instead of seeing the feature on a website nobody knows about and may only collect e-mails for further spam.

bitmover

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Quote from: Bitcoin_Arena on February 15, 2021, 04:55:30 PM

The reason I think this is not possible is because;

1. One can only know of a transaction with the least fee rate after the block has been confirmed. No one will be able to guess the exact range of Bitcoin fee rates for the transactions to be confirmed in the next block especially for the low rates.

2. The randomness of interval between Bitcoin blocks. The longer the next block takes to be confirmed, the higher the fees increase, for example

I think it is possible to make what he asked.
I have a similar website which shows mempool data, and I liked the idea. I will think in a way to implement it.

As I have mempool data, I know what is the mempool size. The mempool size now is about 67mb, which are about 60 blocks.

I can send him an email when the mempool is about 10mb, which is about 10 blocks. Or 1 mb, what he asked (nearly empty). When the mempool is similar to the blocksize you can get confirmations with 1 sat/byte.

It not 100%, as you pointed out. Nobody know if a 1 sat/byte will get confirmed in the next block (because it may take longer than 10minutes). But it is very likely to get a confirmation with 1, or 10 sat/byte if you want to be conservative. It is an amazing estimation, and if he just wants a warning when fees are low, I can make that.

I just want to think what is the best way to alert the user: email, desktop notification...

Once it is done I will share here

Bitcoin_Arena

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The reason I think this is not possible is because;

1. One can only know of a transaction with the least fee rate after the block has been confirmed. No one will be able to guess the exact range of Bitcoin fee rates for the transactions to be confirmed in the next block especially for the low rates.

2. The randomness of interval between Bitcoin blocks. The longer the next block takes to be confirmed, the higher the fees increase, for example

Look how random the last 7 blocks have been and see how the fee rate ranges have been changing with the different confirmed blocks. Just because the previous block had the least fee rate at 9 sats/vbyte does not guarantee that the next block will also have the same or even less.

They only way is to probably observe through different mempool tools

Husires

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Is there any site that tracks Bitcoin transaction fees (real-time and not estimated values) giving me notice when fees are low or at least when mempool is empty?
I need a site work as https://coinb.in/#fees I set the input/output address type and it gives me noification when fees goes down or XX Sat/Byte.

Topic: Noification when Bitcoin TX fees reduce - page 2. (Read 317 times)