Why is fee still high (6000 unconfirmed transactions)

[Q?]

mempool is practically empty now with 6600 https://blockchain.info/unconfirmed-transactions and unless they start spamming again, it will stay empty.

so why are fees still high (140 s/b)?!!

[1715184992]

1715184992

[1715184992]

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[Carlton Banks]

If someone offered you too much money to do a job, say $5 for sharpening a pencil, would you accept? It's a market, and the reactions aren't necessarily instantaneous.

Just offer less, it will likely get accepted by some miner pretty quickly.

[franky1]

take the way devs implemented the tx fee.. not only subverting coded methods of 'priority' which would have alleviated the war, but also using 'averages' which dont make the fee's drop reactively when demand is low. but actually keeps fee's up. even when one block is low demand.
EG take a 25 block average.. imagine first 24 are 0.0001 and the 25th is 0.0025 then look at the 'average' after that.. even if demand was near 0 and no one was pushing the fee up.... the "average" itself pushes up

yep even if blocks 26-75+ were near empty with just 2 tx's paying the estimate... the fee would rise

try it yourself. get a spreadsheet

[Raimonn]

mempool is practically empty now with 6600 https://blockchain.info/unconfirmed-transactions and unless they start spamming again, it will stay empty.

so why are fees still high (140 s/b)?!!

You can use lower fees now, using 100 s/b you transaction will be confirmed on one or two blocks (and with 80-100 s/b you can expect confirmation on 5-6 blocks). I use this web to see the optimal fee: https://bitcoinfees.21.co

[Q?]

Just offer less, it will likely get accepted by some miner pretty quickly.

i doubt it.
when fee is still high and there are more unconfirmed transactions than a block can include if i pay less fees there are still more transactions with higher fees than mine.

eg. 8000 total tx and one block can have about 2-3000 tx and there will still be 6-7000 tx in front of me unless everyone does this.

go spam somewhere else.

[Carlton Banks]

when fee is still high and there are more unconfirmed transactions than a block can include if i pay less fees there are still more transactions with higher fees than mine.

Yes, but more people will begin to respond the same way, starting the process of pulling the average fees back down. You seem to want both fastest confirmation and lowest fees. You can never have both. You must balance speed and price, there is no other way.

[Clement Kaliyar]

take the way devs implemented the tx fee.. not only subverting coded methods of 'priority' which would have alleviated the war, but also using 'averages' which dont make the fee's drop reactively when demand is low. but actually keeps fee's up. even when one block is low demand.
EG take a 25 block average.. imagine first 24 are 0.0001 and the 25th is 0.0025 then look at the 'average' after that.. even if demand was near 0 and no one was pushing the fee up.... the "average" itself pushes up

yep even if blocks 26-75+ were near empty with just 2 tx's paying the estimate... the fee would rise

try it yourself. get a spreadsheet

Basically what you are trying to tell is that the core developers are trying their best to destroy what satoshi started in the first place.It is a monopoly and it will kill bitcoin in the long run.We are predicting values above $2000 and so on but transaction delays and increasing transaction fees will come and bite them in the end.

[calkob]

mempool is practically empty now with 6600 https://blockchain.info/unconfirmed-transactions and unless they start spamming again, it will stay empty.

so why are fees still high (140 s/b)?!!

Use your own fee structure at these times and i doubt the transaction will be rejected, i have paid very little recently for non urgent transactions, yes it took 2 days to confirm but i was in no rush.

[HaXX0R1337]

mempool is practically empty now with 6600 https://blockchain.info/unconfirmed-transactions and unless they start spamming again, it will stay empty.

so why are fees still high (140 s/b)?!!

Use your own fee structure at these times and i doubt the transaction will be rejected, i have paid very little recently for non urgent transactions, yes it took 2 days to confirm but i was in no rush.

The problems comes when you are planning to withdraw funds from an exchange or a gambling site as you are not completely in control of the fees and if you are urgently in need of coins it might take a long time which is really irritating .Hope it changes for the better pretty soon.

[nelson4lov]

mempool is practically empty now with 6600 https://blockchain.info/unconfirmed-transactions and unless they start spamming again, it will stay empty.

so why are fees still high (140 s/b)?!!

Use your own fee structure at these times and i doubt the transaction will be rejected, i have paid very little recently for non urgent transactions, yes it took 2 days to confirm but i was in no rush.

The problems comes when you are planning to withdraw funds from an exchange or a gambling site as you are not completely in control of the fees and if you are urgently in need of coins it might take a long time which is really irritating .Hope it changes for the better pretty soon.

For me, It's still the same. Whether or not The funds are from exchanges (Although Exchanges use low fees). No need to use higher fees than the recommended. going higher means You're showing your support for miners to centralize bitcoin. It should be Less Unconfirmed transaction = Less/recommended fees.

[nelson4lov]

mempool is practically empty now with 6600 https://blockchain.info/unconfirmed-transactions and unless they start spamming again, it will stay empty.

so why are fees still high (140 s/b)?!!

Use your own fee structure at these times and i doubt the transaction will be rejected, i have paid very little recently for non urgent transactions, yes it took 2 days to confirm but i was in no rush.

The problems comes when you are planning to withdraw funds from an exchange or a gambling site as you are not completely in control of the fees and if you are urgently in need of coins it might take a long time which is really irritating .Hope it changes for the better pretty soon.

For me, It's still the same. Whether or not The funds are from exchanges (Although Exchanges use low fees). No need to use higher fees than the recommended. going higher means You're showing your support for miners to centralize bitcoin. It should be Less Unconfirmed transaction = Less/recommended fees.

[franky1]

We are predicting values above $2000

if the only thing that concerns you is the FIAT price of $2000, as your exit target. your missing the whole point of bitcoin.

[hardtime]

I feel that the fee is still high and rising due to the mentality that if you want to get confirmed quicker you MUST pay more (and it's true) this pushes the average up higher and higher for people to be confirmed at a normal rate.
At this rate, people are going to keep paying a rising price for the fee at an exponential rate.

[kiklo]

when fee is still high and there are more unconfirmed transactions than a block can include if i pay less fees there are still more transactions with higher fees than mine.

Yes, but more people will begin to respond the same way, starting the process of pulling the average fees back down.
You seem to want both fastest confirmation and lowest fees. You can never have both. You must balance speed and price, there is no other way.

Lower Fees and Faster Confirmations,
I can have both by using LTC (Also controlled by the Chinese) or ETH or another Altcoin.  

Locking oneself into one Coin service when there are plenty to choose from , is beyond stupid.
Competition is the only way to make the miners keep the fees lower,
No Competition between coins, then I hope you enjoy being butt-raped on fees, because that is exactly what the greedy miners are going to do to you.

 

[hajimasan]

It now came down to 3500 unconfirmed tratransactions. Hurry at last Hutton network is going to become fully confirmed transaction. Previously i had thought that the number which was 60000 last few days back will reach 1 lakh or will keep increasing but finally our money lovely cryptocurrency network came to almost normal stage. Thanks to miners who paid efforts to remove such situations.

[pooya87]

~ network came to almost normal stage. Thanks to miners who paid efforts to remove such situations.

what?!!!
miners didn't do anything different than any other day. they are mining blocks and they are as full as they get. the only difference is that spam attack has stopped for now. and god knows when it is going to be started again making the number go back to 60K-70K unconfirmed transactions again!

[topesis]

Demand, miners will prioritized high transaction fee over low, if what you want to do is for quick deal, you need to offer high or recommended transaction fees. I just hope the scaling issue would be resolved soon, because this need to stop

[requester]

~ network came to almost normal stage. Thanks to miners who paid efforts to remove such situations.

what?!!!
miners didn't do anything different than any other day. they are mining blocks and they are as full as they get. the only difference is that spam attack has stopped for now. and god knows when it is going to be started again making the number go back to 60K-70K unconfirmed transactions again!

hey please don't pray to have again 60 to 70k u.confirmed transaction. Its really irritating to wait for payment long long time. Bynum is the father of all cryptocurrency and we all use bitcoin mostly other then any other coins so have less unconfirmed transaction is a bon for us. Thank god

[Amph]

mempool is practically empty now with 6600 https://blockchain.info/unconfirmed-transactions and unless they start spamming again, it will stay empty.

so why are fees still high (140 s/b)?!!

You can use lower fees now, using 100 s/b you transaction will be confirmed on one or two blocks (and with 80-100 s/b you can expect confirmation on 5-6 blocks). I use this web to see the optimal fee: https://bitcoinfees.21.co

where? i still see 120k satoshi per byte and it was in this range since months, nothing changed, the average is still 27k satoshi and previously was 22k, https://bitcoinfees.21.co/

[mezzomix]

Lower Fees and Faster Confirmations,
I can have both by using ... Altcoin.  

Until some people are using this Altcoin ...