[Apr 2024] Fees are HIGH, wait for opportunity to Consolidate your small inputs

[jackg]

If anyone wants to consolidate their inputs into the same transaction then feel free to shoot me a pm.

How would that work?

You send me an address you want adding to the file and I make a transaction from it?

As in there'd be a wallet with a watching only style with all the addresses and you sign individual parts. It's supported in electrum (done it many times with myself). Even segwit and non segwit inputs are happy - I think they are anyway, it's been a while..

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[LoyceV]

As in there'd be a wallet with a watching only style with all the addresses and you sign individual parts. It's supported in electrum (done it many times with myself). Even segwit and non segwit inputs are happy - I think they are anyway, it's been a while..

I didn't know that possible! So it's like a manual Coinjoin:

The signatures, one per input, inside a transaction are completely independent of each other. This means that it's possible for Bitcoin users to agree on a set of inputs to spend, and a set of outputs to pay to, and then to individually and separately sign a transaction and later merge their signatures.

This would be fun to experiment with (in another topic).

[ABCbits]

If anyone wants to consolidate their inputs into the same transaction then feel free to shoot me a pm.

Are there are any noticeable difference between consolidate input alone and together with other people?

I didn't know that possible! So it's like a manual Coinjoin:

FYI, there's a BIP which allow manual CoinJoin, it's called Partially Signed Bitcoin Transaction Format.

More info :
https://github.com/bitcoin/bips/blob/master/bip-0174.mediawiki
https://bitcoinexchangeguide.com/bitcoin-improvement-proposal-bip-174-for-partially-signed-bitcoin-transactions-psbt/

[jackg]

If anyone wants to consolidate their inputs into the same transaction then feel free to shoot me a pm.

Are there are any noticeable difference between consolidate input alone and together with other people?

Yes. I can split the cost of 20 bytes between people (it's about 20 anyway, it's the part that contains information like whether the transaction is an rbf one or not). And I don't have to tell you that's half an output size approximately .

It also. Means less data is stored for the transaction in the block (like a lot less data is stored) based on how the merkle root system is utilised. 

[jackg]

Are there are any noticeable difference between consolidate input alone and together with other people?

Yes. I can split the cost of 20 bytes between people (it's about 20 anyway, it's the part that contains information like whether the transaction is an rbf one or not). And I don't have to tell you that's half an output size approximately .

It also. Means less data is stored for the transaction in the block (like a lot less data is stored) based on how the merkle root system is utilised. 

IMO it's not really noticeable, unless when fee per byte is high. Your idea would be brilliant when Schnorr MuSig is released though

It is kinda noticeable and worth doing. For every transaction consolidated into the same one it reduces the size needed in the block to store the transaction.

So if you put 4 transactions into 1 you save 1536 bytes.... Fees are also no longer low.

[jackg]

1 sat per byte doesn't seem possible atm but hopefully mine will confirm. It's been 3/4 days.

I also send a transaction with 13 sats per byte and it took 8 hours to confirm...

[longbtcdev]

1 sat per byte doesn't seem possible atm but hopefully mine will confirm. It's been 3/4 days.

I also send a transaction with 13 sats per byte and it took 8 hours to confirm...

I did a 1.5 sat per byte transaction yesterday and it got confirmed after around 10 hours   (even non segwit)

https://blockstream.info/tx/f97fcb8ab98986bc5d738958725a23e3e10a6f6c08bd8e4ab3309d47ef554b05

If you are not in hurry use 1-3 sat per byte

[jackg]

1 sat per byte is still possible! My transactions finally confirmed with 11 848 minutes lag. I don't even remember sending them it took so long...

[LoyceV]

1 sat per byte is still possible! My transactions finally confirmed with 11 848 minutes lag. I don't even remember sending them it took so long...

Mine took only 9,229 minutes, just under a week.
People should really stop using the default "best" fee, it only causes fees to quickly spiral up as everybody is competing for the same scarce blockspace.

[jackg]

My issue is apps like mobile electrum which don't allow you to set a fee below 25 sats per byte in these cases because that's still going to push everyone else up.

The miners must be enjoying this though...

And yeah mine was slower as it was a chain of two (I think)

[jackg]

1 sat per byte looks possible again!


Electrum was suggesting 5 sats per byte for within 25 blocks.

[o_e_l_e_o]

People should really stop using the default "best" fee, it only causes fees to quickly spiral up as everybody is competing for the same scarce blockspace.

Pretty much this. If you look at https://jochen-hoenicke.de/queue/#1,2w and compare last week to now - during the spikes last week, there were generally around 15k transactions with fees below 10 sats/byte. During this week's spikes, by the time you get 15k unconfirmed transactions, fees are up at 80-100 sats/byte. It's completely unnecessary, and if everyone manually calculated their fees, they would all end up paying around 80% less and yet still have their transaction confirm in the exact same amount of time. All it takes is a small minority to spiral things out of control, though.

On another note, I have some address consolidation I want to do, but I'm in no hurry, so I guess I'll be sitting twiddling my thumbs for a few days/weeks/months until we get back to 1 sat/byte every evening.

[mikeywith]

The miners must be enjoying this though...

indeed, i am loving the high fees , highest since July 2018 

Consolidate Bump!

It looks like Veriblock's Mainnet Launch is spamming blockchain.

true, but it's ranging between 5k to 20k transaction on mempool which is not bad at all, last week we got up to 65k unconfirmed.

[jackg]

There is only 200 to 300 transactions per block though on average soo this is going to take a while...

Probably one of those pseudo traffic jams where everyone slows down hours after an accident has been cleared.

[buwaytress]

I'm still stubbornly using 1sat/byte fees for all consolidations and non-critical txs. My last one happened earlier this month (4th April), and took over 72 hours (7th April when the pool cleared up). I don't mind at all really, since I can fall back on RBF. So, really, is this the best people can do? Throw it all at me, brother. Make me wait 1 week =P

@jackg Missed your post on using Electrum to combine txs from different people @jackg, very, very interesting. I might tap you for more help at some point if I want to attempt.

[AB de Royse777]

I think earlier this month I sent some transactions which cost me under 3 sat/B but from last few days (around a week now I feel) I even paid over 100sat/B LOL

Yes, miners are enjoying this traffic jam :-)

[LFC_Bitcoin]

**Bump**

I'm still stubbornly using 1sat/byte fees for all consolidations and non-critical txs...snip...

You tight bastard

Current best transaction fee only 9 sats per byte.

Get consolidating your small amounts of coin gentlemen.

Fee reference - https://btc.com/stats/unconfirmed-tx

[jackg]

They're still really high?

I got an estimate from elelctrum of 125 sats per byte earlier for a 25 block transaction.

[LoyceV]

They're still really high?

I got an estimate from elelctrum of 125 sats per byte earlier for a 25 block transaction.

I ignore those estimates based on my needs at the moment. Yesterday I made 2 transactions with 1.0x sat/byte, and they're confirmed now. As long as you're not in a hurry, it's totally unnecessary to join the "rat race" of highest fees.

Bitcoin Core's estimate "lags" a bit: It now recommends 23 sat/byte, while https://coinb.in/#fees says 1 sat/byte is enough for a fast transaction.

I accidentally edited my "bump post", this is for next time:

Code:

Consolidate Bump!<br /><img class="userimg" src="https://ip.bitcointalk.org/?u=http%3A%2F%2Fi64.tinypic.com%2F2enxbi1.jpg&amp;t=601&amp;c=N2Pz87JRzmjcFw" alt="Consolidate this small pocket change!" width="1000" height="488" border="0" /><br /><br />At some point last year, and also in the first week of April 2019, I saw recommended fees rise to more than 50 sat/byte, when blocks were full during large market fluctuations. Fees are low again! Consolidate your small inputs while you can, low fees won&#039;t last forever.<br /><br />Recently, fees are up again, so take your time consolidating inputs while you&#039;re not in a hurry. A few sat/byte is still possible!

[BitcoinGirl.Club]

In the past month, I saw recommended fees rise to more than 50-100 sat/byte, when blocks were full during large market fluctuations. Fees are low again! Consolidate your small inputs while you can, low fees won't last forever.

A few sat/byte is still possible!

I have a tx with 2 sat/B from yesterday. I am expecting this will confirm tonight sometimes. Right now the position in Mempool is 4.80MB from tip. Two or three days ago I had few 1 sat/B tx were confirmed.