Can someone explain the "high-fee spam attack" now?

[owm123]

Alex Petrov
‏@sysmannet Alex Petrov Retweeted cypherdoc
Answer: Content of Block 400590, High-fee spam attack/flooding of BTC, << 133 satoshi / byte

and more comments here:
https://www.reddit.com/r/Bitcoin/comments/48eg6y/alex_petrov_of_bitfury_highfee_spam/


I dont understand this. Many times previously ppl were saying that transactions with zero or ultra low fees are spam and need to be disregarded. Also it was said many times over, that if someone is complaining about transaction time, he/she should had used higher fee. Ok, this I understand.

But now, if there is many transaction with high fees, they are labeled spam!!! How come? So low or nil fees are spam, high fees are spam as well?  So what fees should ppl use? Medium fees only, if both high and low fees are considered spam?

[Meuh6879]

But now, if there is many transaction with high fees, they are labeled spam

high fees transactions ... with unconfirmed transactions with 0-fee or low fee INSIDE.

don't spend the unspendable ... twice.

many faucets and virtual wallet do this trick.

all things are an end ... finally.

[SFR10]

Imagine someone sending you 2BTC and include 0.001 fee, although the fee seems more than the opposed 0.0001 standard fee, it's not enough for the transaction and it's still on the low-end fee, based on the transaction size itself (there for the transaction will be considered spam and remain stuck for long time). There's a ratio of around 30/40 Satoshi per bytes for normal or rather standard fee and for faster confirmation it should be around 60 Satoshi per byte and whats happening lately is pretty much the same scenario.

[SebastianJu]

so the best option just use automatic fees setting features ,it will give you proper fees ,and maybe it's neither too high nor too low so you don't need something to be worried about

It seems that is what is needed now. Implementation of automatic fees setting into all wallets. Only that will stop the complaints about not working transactions that give bitcoin a bad reputation.

The only complaints we would hear then would be "Why is the fee so high that I have to pay?". Though that is luckily a bit in the future... maybe some months?

[~Bitcoin~]

so the best option just use automatic fees setting features ,it will give you proper fees ,and maybe it's neither too high nor too low so you don't need something to be worried about

but there are no any online wallet having this feature, even largest blockchain.info don't have this or aren't accurate on calculating enough fee and the one who is sending can't figure out what will be his size of transaction to include enough fee.

[SebastianJu]

so the best option just use automatic fees setting features ,it will give you proper fees ,and maybe it's neither too high nor too low so you don't need something to be worried about

but there are no any online wallet having this feature, even largest blockchain.info don't have this or aren't accurate on calculating enough fee and the one who is sending can't figure out what will be his size of transaction to include enough fee.

Well, electrum has at least a "calculate fee by kb" or so setting. It then calculates the size of the transaction and creates a fee in the height you specified. It doesn't take into account spams though. But with a setting of 0.0005 BTC/kB I have no problems getting transactions included instantly.

And electrum is a widely used wallet. But youre right about blockchain.info..

[Jet Cash]

Setting the fee to suit the required confirmation time would seem to be the best option. If you don't care if the transaction takes 3 days to confirm, then use a low fee. If you want it to confirm as near to instant as you can get, then use a lower fee. Surely this is the application of normal market forces.

If you have a number of low value transactions in your wallet, is it worth sending them to another wallet using a low fee? You could then use this condensed transaction to reduce the fee for a fast future transaction.

[bitbaby]

so the best option just use automatic fees setting features ,it will give you proper fees ,and maybe it's neither too high nor too low so you don't need something to be worried about

I use electrum and have set it to dynamic with fee 50k-Sats/KB and it just does all the work, I think it takes into consideration some other things as well as the size of the transaction, like age of the coins, confirmations etc. before suggesting a proper fee and all my transactions confirm within the next block or two.

But if one is doing it manually then this site is very helpful. https://bitcoinfees.21.co/

[DimensionZ]

I am using the Coinkite online wallet and it has a lot of fee options to choose from before sending a tx like 1x 2x 3x 4x the minimum fees to average to high and custom fees. It's a solid wallet with many features.