If Gamblor did the exact opposite of what thremp is advising here and actually read my posts he never would have gotten his transaction stuck.

As a general rule, if your understanding of transaction fees is as bad as thremp's or worse, DYOR, ask someone smarter than thremp for advice, or go with overkill fees.

Don't try to save pennies by using an old sat/byte estimate that no longer applies.

He used 2.5x what you advised.

Well into what you considered "overkill". Sorry your advice is **** and you are trying to justify randomly guessing at fees to save a few pennies.

BTW which node's website are you using to "read the mempool". You clearly don't have actual access. Could you describe this process your use? Are there bird organs?

Had he been using core, he'd just update the fee. But then he's know wtf he is doing, which I guess is the opposite of "guess".

https://jochen-hoenicke.de/queue/#0,2d

is the first result on google and i have no reason to doubt it.

People on reddit have been reporting sub 1sat fee getting processed at time, it s possible 0 fee could get processed (i wouldnt try unless for a test)

Eddy,

The transaction in question has most likely been processed. What we're lolling about is the Stinkytard method of paying 120/byte last night via "reading the mempool".

I dont think reading the mempool is that complicated right now, if the pool is empty you can try some super low fee. It become much more complicated when it's not empty tho.

Don't worry about Mihkel, he's just going off on his strawman rant again cuz he talked out of his ass for the 1000th time before realizing other people actually know what they're talking about.

He's literally a guy who calls himself a pro sportsbettor and once bet half his roll on 2 legs of a soccer 3-way because he thought he was freerolling and would get his money back on a tie. And then posted about it and wouldn't accept that he wasn't scammed for a good 48 hours.

stinky,

Cite please. You also have avoided any actual questions about how you "Read the mempool", guess you just rely on other estimations of the pool depth without actually knowing anything about the current state. Sounds like you doing you. Apparently your issue with estimatefees is the graphical representation I chose. Which do you prefer? I could obviously offer a prop bet for any #, since you don't actually access the mempool, but whatever.

Eddy,

It also doesn't matter unless you're incredibly poor when "overkill" is an extra 7 cents. But here we are with stinkytard method advocating guessing and wizardry. Apparently he isn't disputing he openly advocated for punching in 120/byte last night. (What would be required for next 1-2 blocks) in lieu of a much lower fee (say 5) and then updating the next morning if it wasn't processed overnight.

Your view on the topic is shortsighted.
If everybody does like you fees get higher overall, while I understand it's not your concern as an individual and the tradeoff is meaningless for you, the fee market getting lower benefits everyone but miners when people optimize, reducing your fee is like recycling.
The lower the fees people use, the lower they get when mempool diminish, the lower the fees the more adoption is possible, and bitcoin price increase.

Tbh too many transactions getting stuck because people are lowballing too much could be detrimental to the mempool if we get a backlog of underestimated transactions as well but right now it is a non-issue.

Thremp,

If you ask me at 6pm if the grocery store is open and I tell you yes, and then you go there at 2am to find it closed, are you going to cry that I gave you bad information?

(Don't bother answering. I know you'd cry like a baby, but I'm only posing the question to prove a point.)

Pete been posting hot fire of late just about all over this section

Thremp did that soccer bet happen?

stinkypete,

Everyone knew you were a coward, but this level of dishonety is pretty absurd. Are you now claiming your advice is only intended till the next block comes out or whoever is running the website you're looking at updates it?

bgordon,

Maybe! I always get a good laugh at some of the completely idiotic things I've done in the past, which is why I asked him to cite!

Ledger getting a UI update and desktop app support in the next couple of months. Looks nice and they rolled all the separate chrome extensions into one rather than having a Bunch of different aps.

Stinky, any way you could go more in depth what is driving these fees? I saw an estimator that had it up to 140 sats/byte for next block last night (I ended up having to pay 50sats/byte to get confirmed) and now an estimator is saying the next block fee is back down to 14 sats/byte? Is it really fluctuating this much over such short time frames?

So what is bitcoin going to be used for? I don't want to have to know what a memepool is or how many sats per byte I need to pay to make my transfer go through on a day by day basis.
Can't they fix this s**tcoin already?

They did fix it. It's called Bitcoin Cash.

LOL

Next block minimum fees are always tricky and seldom important. The main reason for both of those things are one and the same, namely that the time to the next block is probabilistic. On average it takes 10 minutes for a new block to be found, but it is not too uncommon that it takes up to two hours. Since you're fine with waiting that long anyway (even if you would prefer quicker), having to wait two or three blocks for your first confirmation should not matter very much.
When blocks take longer to be found the new transactions people want to send don't get processed, and the queue gets longer. When the queue gets longer more people are willing to pay more to jump to the head of the line, meaning they are willing to pay a higher fee. This escalates rather quickly when block space demand outstrips throughput, especially since most wallets put a high emphasis on getting included in the next or next two blocks.

When you all talk about the fee for a transaction is that a transaction that has already been agree upon by you and another person or are we talking about a limit order you are putting out there?

wtf

Transaction fees on the blockchain, not conversion fees on an exchange.

Next block is pretty important. If you're not getting into the next block with high probability your chances of getting stuck for a long time are pretty high. But there's a lot of variables and it's all fairly complicated. If you want to be smart about it you have to look at what's happened in the preceding hours. If blocks have been processed at an unusually high frequency and you choose a fee that doesn't get you into the next block there's a very good chance you'll get stuck for a long time. On the other hand if there's a buildup in the memepool due to blocks being found less frequently leading up to your transaction, a fee that doesn't get you into the next block might still have a very high probability of being mined within the hour.

Also, 2 hours between blocks is incredibly rare.

If you use one of the few wallets with replace by fee (like Thremp pretends to even though he doesn't use bitcoin) it's not an issue, but none of the hardware wallets support it afaik. RBF is interesting cuz it's obviously great for bitcoin usability and keeping transaction costs within reason, but it's terrible for miners so there's a strong incentive to oppose it.

Transactions drive fees. Yeah, it fluctuates that much. 140sat/byte really isn't all that much. Don't think of it as 140 being 10x as much as 14... think of it in cents/dollars. People (and wallets that set fees) are willing to pay $5 no problem when there's a little congestion.