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Title: How can I see all fees paid on the last block Post by: Wind_FURY on December 27, 2017, 05:51:16 AM Is there a website where the fees from the last block are listed from the highest to the lowest? I want to make test transactions from a legacy address and use the lowest fee from the last block.
I believe that would help put the fees to the correct price if everyone starts doing it. The fees suggested today are over the true price. Title: Re: How can I see all fees paid on the last block Post by: HCP on December 27, 2017, 06:04:09 AM I think the problem with that idea, is the lowest fee will be something stupidly small like 10 sats/byte... and belong to a transaction which has since be CPFP'd, or pushed using an accelerator like ViaBTC or something like that.
Attempting to use a similar fee will result in your transaction(s) getting stuck... you're probably better off trying to find either the median or the mean etc. Title: Re: How can I see all fees paid on the last block Post by: Xynerise on December 27, 2017, 11:16:34 AM You can check any block explorer like blockchain.info manually or bitcoinfees.21.co.
What you're attempting to do will not work anyway. It won't be accurate. You can check bitcoin core's fee estimation algorithm for why it wouldn't work: https://bitcointechtalk.com/an-introduction-to-bitcoin-core-fee-estimation-27920880ad0 Title: Re: How can I see all fees paid on the last block Post by: Wind_FURY on December 28, 2017, 04:52:19 AM It will work if everyone starts doing it themselves. But yes, right now, maybe I will have to wait for more than an hour to have my transaction to confirm using that method. BUT think about this, if one of the lowest transaction fees was accepted in the last block, then there is a good chance my transaction with the same or a slightly higher fee will be accepted.
I will try it later and post about it in the thread. Title: Re: How can I see all fees paid on the last block Post by: Xynerise on December 28, 2017, 08:46:10 AM It will work if everyone starts doing it themselves. But yes, right now, maybe I will have to wait for more than an hour to have my transaction to confirm using that method. BUT think about this, if one of the lowest transaction fees was accepted in the last block, then there is a good chance my transaction with the same or a slightly higher fee will be accepted. No, it won't I will try it later and post about it in the thread. It'll be worse if everybody does that, because it will be trivial for miners to game. Quote . A miner could stuff his block with private, high fee rate transactions. Fee estimators that only looked at historic blocks would be fooled into increasing their estimates because it would appear that a large fee is required to be confirmed in a block. This is a very cheap attack for miners, since the cost to them is just the opportunity cost of excluding real, fee-paying transactions. If our fee estimator requires that transactions be seen in the mempool before they’re included in a block, then the cost increases dramatically and the attack becomes infeasible. The miner would have to broadcast his high fee rate transactions and risk having to pay those fees to another miner. Title: Re: How can I see all fees paid on the last block Post by: 13abyknight on December 28, 2017, 09:50:39 AM When it comes down to the confirmations attained by the transaction with the lowest fees in a particular block, there is a possibility that the transaction was 'accelerated' by that mining pool. What I'm saying is, you can never be sure about the actual 'lowest' fee that is being paid as it is uncertain if the transaction was picked up by the miner through an acceleration service.
No, it won't It'll be worse if everybody does that, because it will be trivial for miners to game. Pretty accurate imo, all Bitcoin miners would flee to BCH or any some altcoin as this is all lucrative business for them. Title: Re: How can I see all fees paid on the last block Post by: Wind_FURY on January 11, 2018, 06:04:01 AM Some good news. Charlie Lee will test a new feature in Litecoin that will improve fee estimation and then he will propose for it to be used in Bitcoin. The update will also require a soft fork which is something that will become very problematic in Bitcoin.
With that aside, the solution is "to have miners place the lowest fee included in a mined block in that block’s header." Quote According to Lee, litecoin wallet users will then be able to calculate the median fee based on miner signalling from the last 100 blocks, which should allow them to ensure that their transaction gets confirmed in the next couple of blocks. Since the minimum fee is included in the block header, this data is also available to Simple Payment Verification (SPV) clients. When reached for comment, Lee told CoinJournal that a second reason behind the development of this new feature is that it will create a fee market where price signals are available on both the supply (miners) and demand (users) sides. Currently, the only signals for the Bitcoin and Litecoin fee markets are coming from the demand side by way of the transactions in the mempool. https://coinjournal.net/charlie-lee-wants-test-new-solution-bitcoin-fee-estimation-litecoin/ Title: Re: How can I see all fees paid on the last block Post by: Anti-Cen on January 12, 2018, 10:54:48 PM Pretty accurate imo, all Bitcoin miners would flee to BCH or any some altcoin as this is all lucrative business for them. Best new I have come across all day that is or did you really think we needed like 20,000 full nodes just to commit a mere seven transactions a second to the BC ? Not enough cream left to go around and if the development team was on our side then they would simply put a limit on the maximum fee size. I Like what the OP has suggested but to be honest if this mess with fees does not get sorted out soon then it won't be a problem because people are leaving like mad as it is and both Ripple and ETH are now both performing more transactions per hour than Bitcoin so yes the writing is on the wall and I have now placed a stop-loss on my Bitcoin dust at $10,000 Title: Re: How can I see all fees paid on the last block Post by: bob123 on January 13, 2018, 06:12:48 PM .. people are leaving like mad as it is and both Ripple and ETH are now both performing more transactions per hour than Bitcoin.. Where did you get your information from? Ethereum is performing more transactions than bitcoin for quite some time now. But Ripple is far far away from being near BTC's transactions count. Additionally Dash, LTC and several more are performing more TX/s than ripple currently. Take a look at this chart: https://ip.bitcointalk.org/?u=https%3A%2F%2Fi.imgur.com%2FHhIj3Zv.png&t=584&c=oJA0PZVHJsMKWQ Title: Re: How can I see all fees paid on the last block Post by: RGBKey on January 13, 2018, 06:18:15 PM OP, I run a chat bot on a website and one of the things it can do is list some basic statistics about the mempool and fee data. I do this by connecting to my local full node over RPC and using Bitcoin Core's getRawMemPool command. I sort the transactions from highest to lowest fee per byte, and then find the last transaction that would fit in a 1 MB block. The fee rate of that transaction is a reasonable estimate of the lowest fee you could pay and still get your transaction confirmed in the next block.
There's a few caveats, such that I don't account for the segwit discount, and that any new transactions with higher fees than that would raise that estimate, so I generally pay a few dozen more sat/byte than whatever that tool reports. Just one method you can use to calculate that kind of data. Title: Re: How can I see all fees paid on the last block Post by: piotr_n on January 13, 2018, 06:44:04 PM Is there a website where the fees from the last block are listed from the highest to the lowest? Gocoin node shows it on its web interface. In the "Blocks" tab, the SPB column shows the average tx fees within each block. For more detailed data, you need to click the chart icon next to the block you want to see: https://i.imgur.com/f6knkOd.png Then you get to see a chart like this: https://i.imgur.com/fJeTXy0.png I want to make test transactions from a legacy address and use the lowest fee from the last block. For that you should rather use the "Transactions" tab, as it shows the current state fo the mempool: https://i.imgur.com/Z5Sy5cQ.png With the chart like above, you'd probably want to go slightly above 500 SPB. |
