Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[Cconvert2G36]

"But for now, bitcoin users are reporting transactions taking hours upon hours to be confirmed—that is, to complete—and requiring high transaction fees in order to have their transactions included in a block."

He makes it sound like one has to pay serious money. "High fees" my ass.... 0.05 - 0.06$ for a high prio tx.

"But for now, bitcoin users are reporting transactions taking hours upon hours to be confirmed—that is, to complete—and requiring high transaction fees in order to have their transactions included in a block."

He makes it sound like one has to pay serious money. "High fees" my ass.... 0.05 - 0.06$ for a high prio tx.

It's true, their coverage of Bitcoin isn't the best. I had a tx included in the first block today for 4 cents.

Stop using pseudo-metrics bereft of meaning, sat/byte pls.

[BlindMayorBitcorn]

It ain't English much, but if it helps.
Size    225 (bytes)
Fee Rate    0.00044444444444444447 BTC per kB
Mined by DiscusFish

[ImI]

"But for now, bitcoin users are reporting transactions taking hours upon hours to be confirmed—that is, to complete—and requiring high transaction fees in order to have their transactions included in a block."

He makes it sound like one has to pay serious money. "High fees" my ass.... 0.05 - 0.06$ for a high prio tx.

Also like 90% of those users simply dont get it that they have unconfirmed parent TXs in their TXs that have to get confirmed first.

[marcus_of_augustus]

Stop using pseudo-metrics bereft of meaning, sat/byte pls.

good point.

Just for comparison, the reward/blocksize ratio in sat/Byte metric will be;

2500 sat/Byte for current 25 BTC/1MByte
1250 sat/Byte when SegWit delivers effective 2 MByte blocks
625 sat/Byte when reward halves and SegWit
312.5 sat/Byte when reward halves, SegWit and 2MByte hardfork delivers effective 4MByte TX space
156.25 sat/Byte when reward halves again to 6.25 and SW+HF.

[Cconvert2G36]

It ain't English much, but if it helps.
Size    225 (bytes)
Fee Rate    0.00044444444444444447 BTC per kB

Thanks, so 44 sat/byte.

It frustrates me because I semi-regularly send multi kB transactions, that now, require fees that definitely aren't measured in single cents. Following best practices and not reusing addresses has an associated cost.

[BlindMayorBitcorn]

It ain't English much, but if it helps.
Size    225 (bytes)
Fee Rate    0.00044444444444444447 BTC per kB

Thanks, so 44 sat/byte.

It frustrates me because I semi-regularly send multi kB transactions, that now, require fees that definitely aren't measured in single cents. Following best practices and not reusing addresses has an associated cost.

Hope you don't mind yet another dumb question, but: What are multi kB txs? Multisig?

[Cconvert2G36]

It ain't English much, but if it helps.
Size    225 (bytes)
Fee Rate    0.00044444444444444447 BTC per kB

Thanks, so 44 sat/byte.

It frustrates me because I semi-regularly send multi kB transactions, that now, require fees that definitely aren't measured in single cents. Following best practices and not reusing addresses has an associated cost.

Hope you don't mind yet another dumb question, but: What are multi kB txs? Multisig?

Nah, just a bunch of inputs from separate addresses.

[BlindMayorBitcorn]

^Sounds complicated. Is this a usual thing for people to do?

[Cconvert2G36]

^Sounds complicated. Is this a usual thing for people to do?

Not complicated at all, your wallet will do it all in the background.

Say you're going to receive 0.1 BTC. You have it sent to an address. For the next payment you receive, you generate another address. Do it a total of 20 times... your wallet now has 2 BTC in 20 different addresses. Now, you send that 2 BTC from your wallet somewhere else... behind the scenes, your wallet makes a transaction that has 20 inputs and one output (the destination address)... boom, you've made a fairly large transaction. 

[ChartBuddy]

Coin



Explanation

[BlindMayorBitcorn]

^Sounds complicated. Is this a usual thing for people to do?

Not complicated at all, your wallet will do it all in the background.

Say you're going to receive 0.1 BTC. You have it sent to an address. For the next payment you receive, you generate another address. Do it a total of 20 times... your wallet now has 2 BTC in 20 different addresses. Now, you send that 2 BTC from your wallet somewhere else... behind the scenes, your wallet makes a transaction that has 20 inputs and one output (the destination address)... boom, you've made a fairly large transaction. 

One of them new fangled HD wallets. I get it now. Thanks!
 Following best practices and not reusing addresses has an associated cost.

[BlindMayorBitcorn]

[Cconvert2G36]

One of them new fangled HD wallets. I get it now. Thanks!
 Following best practices and not reusing addresses has an associated cost.

This and HD wallets are somewhat different issues. The regular non-HD wallets offer multiple addresses in the same wallet too. You just hit create new address, which also creates a corresponding private key in your wallet.dat.

HD or Hierarchical Deterministic means that any address and corresponding private key can be restored from the same initial seed, so if you have that seed safely written down/stored away... you can create new addresses and keys at will, they will all be available to you as long as you have the seed.

With Non-HD, like Classic or Core, any addresses you created after you backed up your wallet.dat... wouldn't have their keys saved in your formerly backed up wallet.dat. You'd need to backup the wallet.dat again to have redundant access to the keys for the new addresses.

[BlindMayorBitcorn]

One of them new fangled HD wallets. I get it now. Thanks!
 Following best practices and not reusing addresses has an associated cost.

This and HD wallets are somewhat different issues. The regular non-HD wallets offer multiple addresses in the same wallet too. You just hit create new address, which also creates a corresponding private key in your wallet.dat.

HD or Hierarchical Deterministic means that any address and corresponding private key can be restored from the same initial seed, so if you have that seed safely written down/stored away... you can create new addresses and keys at will, they will all be available to you as long as you have the seed.

With Non-HD, like Classic or Core, any addresses you created after you backed up your wallet.dat... wouldn't have their keys saved in your formerly backed up wallet.dat. You'd need to backup the wallet.dat again to have redundant access to the keys for the new addresses.

I just didn't know they were costing you extra behind the scenes. It makes sense, just never really considered it.


I heard if the transaction isn't confirmed in 72 hours it's dropped from the mempool now. Was this protocol-wide? Or are some wallets doing their own thing in this respect?

[Cconvert2G36]

One of them new fangled HD wallets. I get it now. Thanks!
 Following best practices and not reusing addresses has an associated cost.

This and HD wallets are somewhat different issues. The regular non-HD wallets offer multiple addresses in the same wallet too. You just hit create new address, which also creates a corresponding private key in your wallet.dat.

HD or Hierarchical Deterministic means that any address and corresponding private key can be restored from the same initial seed, so if you have that seed safely written down/stored away... you can create new addresses and keys at will, they will all be available to you as long as you have the seed.

With Non-HD, like Classic or Core, any addresses you created after you backed up your wallet.dat... wouldn't have their keys saved in your formerly backed up wallet.dat. You'd need to backup the wallet.dat again to have redundant access to the keys for the new addresses.

I just didn't know they were costing you extra behind the scenes. It makes sense, just never really considered it.


I heard if the transaction isn't confirmed in 72 hours it's dropped from the mempool now. Was this protocol-wide? Or are some wallets doing their own thing in this respect?

https://twitter.com/jgarzik/status/656853984511172609

[ChartBuddy]

Coin



Explanation

[BlindMayorBitcorn]

One of them new fangled HD wallets. I get it now. Thanks!
 Following best practices and not reusing addresses has an associated cost.

This and HD wallets are somewhat different issues. The regular non-HD wallets offer multiple addresses in the same wallet too. You just hit create new address, which also creates a corresponding private key in your wallet.dat.

HD or Hierarchical Deterministic means that any address and corresponding private key can be restored from the same initial seed, so if you have that seed safely written down/stored away... you can create new addresses and keys at will, they will all be available to you as long as you have the seed.

With Non-HD, like Classic or Core, any addresses you created after you backed up your wallet.dat... wouldn't have their keys saved in your formerly backed up wallet.dat. You'd need to backup the wallet.dat again to have redundant access to the keys for the new addresses.

I just didn't know they were costing you extra behind the scenes. It makes sense, just never really considered it.


I heard if the transaction isn't confirmed in 72 hours it's dropped from the mempool now. Was this protocol-wide? Or are some wallets doing their own thing in this respect?

https://twitter.com/jgarzik/status/656853984511172609

Another nice thing about 0.12 in this area is that mempool transactions will by default expire after 72 hours. Previously they'd stick around until the node was restarted, which made it difficult to predict when the network had forgotten about the unconfirmed transaction and it was time to resend it or create a conflicting one with a higher fee.

[Cconvert2G36]

Another nice thing about 0.12 in this area is that mempool transactions will by default expire after 72 hours. Previously they'd stick around until the node was restarted, which made it difficult to predict when the network had forgotten about the unconfirmed transaction and it was time to resend it or create a conflicting one with a higher fee.

The guy who's managed to make non-conforming ideas drop out of the idea-pool of r/bitcoin considerably faster... instantly, in some cases. 

[BlindMayorBitcorn]

Another nice thing about 0.12 in this area is that mempool transactions will by default expire after 72 hours. Previously they'd stick around until the node was restarted, which made it difficult to predict when the network had forgotten about the unconfirmed transaction and it was time to resend it or create a conflicting one with a higher fee.

The guy who's managed to make non-conforming ideas drop out of the idea-pool of r/bitcoin considerably faster... instantly, in some cases. 

http://www.badum-tish.com/

[BlindMayorBitcorn]