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

[nioc]

Right or wrong BJA's posts are entertaining.

12 blocks and I'm still waiting to be included in a block.  Mempool 7-8mb  blocksize 1mb

Guess I'll wait 

This time I can confirm that I am in the same boat.  I am not going to worry yet, but my transaction says unconfirmed 59 minutes.  I am not sure how many blocks that is, but maybe very similar to yours, Nioc?

Mine was sent from a mycellium wallet to a blockchain.info wallet, and the fee was about .0008 ($.48).  Usually, the fee that I pay is not that high, so that is a bit interesting for me to discover.

There was a spike in the legitimate transactions (hi Alex  ) that I guess our wallets didn't adjust to.  The fee that I paid had always gotten my transaction included in the 1st or 2nd block.  The thing is that this transaction was for a service that messed up and so I requested a refund and yet my tx had not even gotten to them.  First confirmation took 13 blocks.  I know it has to be done correctly and honestly I cannot be the judge of what correctly is but if capacity is now an issue occasionally for legitimate transactions, it seems that there can be little room for growth going forward till it is addressed. 

[Andre#]

Right or wrong BJA's posts are entertaining.

12 blocks and I'm still waiting to be included in a block.  Mempool 7-8mb  blocksize 1mb

Guess I'll wait 

This time I can confirm that I am in the same boat.  I am not going to worry yet, but my transaction says unconfirmed 59 minutes.  I am not sure how many blocks that is, but maybe very similar to yours, Nioc?

Mine was sent from a mycellium wallet to a blockchain.info wallet, and the fee was about .0008 ($.48).  Usually, the fee that I pay is not that high, so that is a bit interesting for me to discover.

Next, JJG is gonna say blocks are full? Oh my...!

[AlexGR]

There was a spike in the legitimate transactions (hi Alex  ) that I guess our wallets didn't adjust to.

If it's marginal, and you are in a hurry, it's always risky to put it near the limit. You need to outbid others for priority and the wallet software is probably not doing a good job at that (?).

The fees that I've been seeing over at https://bitcoinfees.21.co/ have been around 0.08$ / 0.09$... In busy times I've seen 16+ cents. In general there doesn't seem to be many unconfirmed txs in the segment past that (81+ satoshi/byte).

[nioc]

There was a spike in the legitimate transactions (hi Alex  ) that I guess our wallets didn't adjust to.

If it's marginal, and you are in a hurry, it's always risky to put it near the limit. You need to outbid others for priority and the wallet software is probably not doing a good job at that (?).

The fees that I've been seeing over at https://bitcoinfees.21.co/ have been around 0.08$ / 0.09$... In busy times I've seen 16+ cents. In general there doesn't seem to be many unconfirmed txs in the segment past that (81+ satoshi/byte).

Yes wallets don't seem to adjust too well.  It was a rushed tx and I did not check bitcoinfees only blocksize which is of limited use when they are full.  This time it was ~8 cents and at times it has gone >20 cents when much less would do.  Still being that an 8 cent transaction fee took 13 full blocks for it's first confirmation meant that likely very few if any of those transactions were spam and hence why I evoked your name

[JayJuanGee]

[edited out]

There was a spike in the legitimate transactions (hi Alex  ) that I guess our wallets didn't adjust to. 

How can you determine if a spike is coming from "legitimate transactions" or otherwise?  And, what would be the reason for such a "spike" if it were occurring at this time?  There does not seem to be a whole hellava lot going on in the bitcoin space at the moment.  Are people fleeing the stock market, or what?

The fee that I paid had always gotten my transaction included in the 1st or 2nd block.  The thing is that this transaction was for a service that messed up and so I requested a refund and yet my tx had not even gotten to them.  First confirmation took 13 blocks. 

All sounds valid, and sometimes there are decent reasons in which you would prefer a transaction to go through and to receive a sufficient number of confirmations (usually need 3 in order to be able to use the receive amount) more quickly than usual.

I know it has to be done correctly and honestly I cannot be the judge of what correctly is but if capacity is now an issue occasionally for legitimate transactions, it seems that there can be little room for growth going forward till it is addressed. 

O.k.  You seem to already be predisposed to such a conclusion that bitcoin is broken because sometimes transactions take a long time to go through.  You have written about several such personal experiences, and I have engaged with you about a few of those personal experiences.  Frequently, my response had been that you seem to be expecting too much too soon, and the reality of the matter is that bitcoin is providing a set of features that remains a bit different from other various centralized services, and in order to continue to develop and to make progress and to add features, these kinds of updates take time to develop and to vet (especially in a decentralized system such as bitcoin). 

You seem to keep concluding that bitcoin is broken, and it needs to do more and to do that "more" more quickly, and really it seems that a better approach, especially with increasing levels of experience with bitcoin is to attempt to learn from your experiences and to adjust your expectations and if there are better vehicles available to accomplish your objectives, then to use those better vehicles instead of bitcoin.  Otherwise, we should reasonably expect that any bitcoin transaction could take anywhere between 10 minutes and a few hours to go through (even though it will show up as "pending" within a few seconds of submitting).

[JayJuanGee]

Right or wrong BJA's posts are entertaining.

12 blocks and I'm still waiting to be included in a block.  Mempool 7-8mb  blocksize 1mb

Guess I'll wait 

This time I can confirm that I am in the same boat.  I am not going to worry yet, but my transaction says unconfirmed 59 minutes.  I am not sure how many blocks that is, but maybe very similar to yours, Nioc?

Mine was sent from a mycellium wallet to a blockchain.info wallet, and the fee was about .0008 ($.48).  Usually, the fee that I pay is not that high, so that is a bit interesting for me to discover.

Next, JJG is gonna say blocks are full? Oh my...!

Yeah, right....

Even you likely realize that what you are saying is not going to be correct.  I don't mind factually sharing my experiences when they happen to relate to the situation being discussed, and in this case, coincidentally, I had made a transaction around the same time as Nioc, and so after his post, I went to my bitcoin wallet because I wanted to reply that he was "full of shit", but when I arrived at my wallet, to my surprise, I found out that I was having a very similar experience.  In the end, my coincidental transaction took longer than expected and cost me more than I had expected. 

In the above described situation, my first confirmation ended up taking 69 minutes, and since I need 3 confirmations to be able to use the coins in the transaction, it seemed to have taken about 100 minutes in total before I had the sufficient quantity of 3 confirmations in order that I was able to have access to the coins.

In most cases, I engage in my bitcoin transactions in such a way that I have a bit of a floating balance and I am not pressuring myself to move coins again soon after receiving them.  I suppose that there could be circumstances in which I would like to move the coins as soon as possible, but for the most part, I am able to structure my transactions in which I do not feel those kinds of pressures (or have those kinds of expectations).

[VC George]

Problems are keeping up...
https://blockchain.info/tx/785cc496c9bd7c61a0d42b278134259cb5735fc7a4807552430b74af4cce8c96
I mean is it normal for a transaction to take so long, even if the blocks are clogged or something?
And if so since this transaction is actually a payment from a hot wallet I think am a bit screwed if it
never gets confirmed.

[JayJuanGee]

Problems are keeping up...
https://blockchain.info/tx/785cc496c9bd7c61a0d42b278134259cb5735fc7a4807552430b74af4cce8c96
I mean is it normal for a transaction to take so long, even if the blocks are clogged or something?
And if so since this transaction is actually a payment from a hot wallet I think am a bit screwed if it
never gets confirmed.

How long has it been? it appears to have been set at "medium priority" with a fee of less than $.02 and a quantity of about $66.  Projected to confirm in 6 blocks, but even if it takes a day, are you in a rush?  Why would you assume that you are going to lose the money, unless it has been more than a day?

[beastmodeBiscuitGravy]

Problems are keeping up...
https://blockchain.info/tx/785cc496c9bd7c61a0d42b278134259cb5735fc7a4807552430b74af4cce8c96
I mean is it normal for a transaction to take so long, even if the blocks are clogged or something?
And if so since this transaction is actually a payment from a hot wallet I think am a bit screwed if it
never gets confirmed.

How long has it been? it appears to have been set at "medium priority" with a fee of less than $.02 and a quantity of about $66.  Projected to confirm in 6 blocks, but even if it takes a day, are you in a rush?  Why would you assume that you are going to lose the money, unless it has been more than a day?

Pay no attention to JayJuanGee, nor the blockchain.info "medium". You paid 10 satoshi per byte, which is indeed quite low for inclusion in the congestion the network faces these days. The $66 value, or whatev, has absolutely zero impact on the priority of a transaction, JJG might be surprised to hear.

https://tradeblock.com/bitcoin/tx/785cc496c9bd7c61a0d42b278134259cb5735fc7a4807552430b74af4cce8c96

And here for the fullness of blocks, and their avg sat/byte fees.

https://tradeblock.com/bitcoin/

I did a big multi KB one at 9 sat/byte recently and it eventually went through. Mined by antpool.  That was a weekend, tho, iirc. 

[VC George]

Problems are keeping up...
https://blockchain.info/tx/785cc496c9bd7c61a0d42b278134259cb5735fc7a4807552430b74af4cce8c96
I mean is it normal for a transaction to take so long, even if the blocks are clogged or something?
And if so since this transaction is actually a payment from a hot wallet I think am a bit screwed if it
never gets confirmed.

How long has it been? it appears to have been set at "medium priority" with a fee of less than $.02 and a quantity of about $66.  Projected to confirm in 6 blocks, but even if it takes a day, are you in a rush?  Why would you assume that you are going to lose the money, unless it has been more than a day?

Nah it's bcs it didn't happen before [to me] the transaction was done like ~9 hours ago and the payment is from purse. And yeah since it spiked the fees went up and their system didn't re-adjust?
I hope I could adjust the fee like in electrum or blockchain wallets, no matter what though i have cash and other coins so even if it takes 3 days I'll be fine
Ty for the answer

Edit: @beastmodeBiscuitGravy you're breaking my heart since I pay more than usual in fees when am the sender xD I always thought that the fees amount is what grands you a faster way into blocks

Edit 2: All's fine, woke up under 72 confirmations, guess that blocks are unclogged again

[AlexGR]

Problems are keeping up...

The tx has 1 cent in fees. It's in the veeeery low-end in terms of priority.

[becoin]

Problems are keeping up...
https://blockchain.info/tx/785cc496c9bd7c61a0d42b278134259cb5735fc7a4807552430b74af4cce8c96
I mean is it normal for a transaction to take so long, even if the blocks are clogged or something?
And if so since this transaction is actually a payment from a hot wallet I think am a bit screwed if it
never gets confirmed.

This tx has such a low fee that it is basically treated as tx spam and deserves to never be confirmed. What wallet are you using?

[VC George]

Problems are keeping up...
https://blockchain.info/tx/785cc496c9bd7c61a0d42b278134259cb5735fc7a4807552430b74af4cce8c96
I mean is it normal for a transaction to take so long, even if the blocks are clogged or something?
And if so since this transaction is actually a payment from a hot wallet I think am a bit screwed if it
never gets confirmed.

This tx has such a low fee that it is basically treated as tx spam and deserves to never be confirmed. What wallet are you using?

It's just a regular payment from Purse.io and was sent to blockchain.info
Since this never happened before (I've cashed out more than 95BTC from them) I'll just bash them if it doesn't get confirmed and they
will send another one or something. G night and ty for all the answers                                          

[JayJuanGee]

[edited out]

.......The $66 value, or whatev, has absolutely zero impact on the priority of a transaction, JJG might be surprised to hear.

[/quote]

Why do you seem to feel some kind of insecurity in that you want to try to battle with me regarding some point that I did not make?

For your edumacation, BMBG, that's referred to as a strawman argument, which by definition is a creature of your own creation.

I would like to point out, however, that frequently folks raise the issue of transaction amount and fee amount in the same sentence in order to clarify the current fee situation within bitcoin in which, as you pointed out BMBG, largely the fee amounts are not synchronized with the transaction amount - and so a transaction will receive a very similar levels of priority in processing based on the pure fee amount (which could be anywhere between $.02 and $.20), yet the value of of the transaction could be $66 or $66,000 .. yet people still like to disclose the value of the transaction in order to consider the value of the bitcoin network and to compare fees that may exist in mainstream fiat institutions or some kinds of attempts to electronically transmit value outside of mainstream fiat institutions.

[JayJuanGee]

Problems are keeping up...
https://blockchain.info/tx/785cc496c9bd7c61a0d42b278134259cb5735fc7a4807552430b74af4cce8c96
I mean is it normal for a transaction to take so long, even if the blocks are clogged or something?
And if so since this transaction is actually a payment from a hot wallet I think am a bit screwed if it
never gets confirmed.

This tx has such a low fee that it is basically treated as tx spam and deserves to never be confirmed. What wallet are you using?

That's a bit harsh to suggest that "no fee" transactions should "never" be confirmed.  Maybe sometime in the future bitcoin will evolve to such a state in which no fee transactions are not confirmed, yet at this point, that seems to be a long way into the future.

[Killerpotleaf]

Problems are keeping up...
https://blockchain.info/tx/785cc496c9bd7c61a0d42b278134259cb5735fc7a4807552430b74af4cce8c96
I mean is it normal for a transaction to take so long, even if the blocks are clogged or something?
And if so since this transaction is actually a payment from a hot wallet I think am a bit screwed if it
never gets confirmed.

This tx has such a low fee that it is basically treated as tx spam and deserves to never be confirmed. What wallet are you using?

That's a bit harsh to suggest that "no fee" transactions should "never" be confirmed.  Maybe sometime in the future bitcoin will evolve to such a state in which no fee transactions are not confirmed, yet at this point, that seems to be a long way into the future.

i wonder when was the last 0fee TX that was confirmed ( and not generated by the miner himself )
anyway...
1cent isn't half bad for 226 bytes...
considering 5cents for 226 bytes TX is high priority  1 cents doesn't  "deserves to never be confirmed"

[beastmodeBiscuitGravy]

.......The $66 value, or whatev, has absolutely zero impact on the priority of a transaction, JJG might be surprised to hear.

Why do you seem to feel some kind of insecurity in that you want to try to battle with me regarding some point that I did not make?

For your edumacation, BMBG, that's referred to as a strawman argument, which by definition is a creature of your own creation.

I would like to point out, however, that frequently folks raise the issue of transaction amount and fee amount in the same sentence in order to clarify the current fee situation within bitcoin in which, as you pointed out BMBG, largely the fee amounts are not synchronized with the transaction amount - and so a transaction will receive a very similar levels of priority in processing based on the pure fee amount (which could be anywhere between $.02 and $.20), yet the value of of the transaction could be $66 or $66,000 .. yet people still like to disclose the value of the transaction in order to consider the value of the bitcoin network and to compare fees that may exist in mainstream fiat institutions or some kinds of attempts to electronically transmit value outside of mainstream fiat institutions.

Go home JJG, ur drunk.

https://bitcointalk.org/index.php?topic=994.msg12168#msg12168

[luckygenough56]

Nice cup and handle

800 soon

[pennywise]

Hmmmm
This really looks like it. May your words be true!
https://snag.gy/Idl7Vz.jpg

[Hunyadi]

It's pretty quiet nowadays...