What's up with Coinomi fees?

[Bttzed03]

I was trying to compare recommended fees set by Coinomi and I noticed something odd.

Low: 0.00016
Medium: 0.000069
High: 0.00021

As you can see, "low fee" is higher than the "medium fee".  I even resynchronized but the result is the same. Is it just me or is that a bug? I tried to check for updates on google play but it appears I have the latest version (v1.16.5).

I haven't noticed it until now because I always customized the fees when sending.

[HCP]

Possibly their algorithm works on a rolling average of X/Y/Z blocks for the three different fee levels... and it might just be that at "Low" it is looking at a slightly different grouping of blocks which have ridiculously high fees compared to the "Medium" set of blocks.

But yes, that would appear to be pretty broken, there should never be a situation where "Low" fee is higher than "Medium", that's just silly

[Lucius]

If the data is correct then it is a mistake of their algorithm that calculates the fee, I do not see any other logical explanation. However, for those who do not use custom fees, this can be a problem if they choose the medium fee that is actually the lowest, which means that their transaction will have the lowest priority.

Have you tried contacting Coinomi support perhaps?

[bitmover]

I was trying to compare recommended fees set by Coinomi and I noticed something odd.

Low: 0.00016
Medium: 0.000069
High: 0.00021

As you can see, "low fee" is higher than the "medium fee".  I even resynchronized but the result is the same. Is it just me or is that a bug? I tried to check for updates on google play but it appears I have the latest version (v1.16.5).

I haven't noticed it until now because I always customized the fees when sending.

Are you sure are you making those simulations with the same address type and same amounts?

It is possible that you the total value transacted (and then changing the number of inputs). This can have a great impact over total fees. Actually, number of inputs is the greater variable that controls total fees.

Additionally, you can just set custom fees (much better imo).

[BitMaxz]

Did you set the TX fee under "Advanced settings"?

If not and you still have this issue try to adjust the TX fee under Advanced settings and try to make a transaction fee again.

Let's see if there are changes in the fee if it will show the correct fee on both low and medium.

It might be a bug or maybe there are some Coinomi files corrupted so reinstalling the app might solve the issue or try to use the "reconnect button" under overview.

[Bttzed03]

Thanks for the feedback everyone. I tried again a few hours later and the order was correct that time ("low" was the lowest fee etc.). Other than resynchronize, I haven't done anything else. I'll try your suggestions @BitMaxz if I encounter the same issue.

~
Are you sure are you making those simulations with the same address type and same amounts?

It is possible that you the total value transacted (and then changing the number of inputs). This can have a great impact over total fees. Actually, number of inputs is the greater variable that controls total fees.

Address type and amount should be the same. Everything was all set and all that's left to do was choose the transaction fee. All I did was switch tabs from low to high priority.

[hugeblack]

Thanks for the feedback everyone. I tried again a few hours later and the order was correct that time ("low" was the lowest fee etc.). Other than resynchronize, I haven't done anything else. I'll try your suggestions @BitMaxz if I encounter the same issue.

I read in one of the responses to their problems that fee algorithm may be affected by changing the time on the phone so if you have modified the date or time (manually) you may encounter this problem.
also somtimes these problems remained related to Clear cache, back-end servers maintenance or too many unspent deposits.

[bitmover]

you can safely reduce the recommended fees a little if you think they are too expensive.
those algorithm to predict fees are very conservatives and always overestimate

[Charles-Tim]

you can safely reduce the recommended fees a little if you think they are too expensive.
those algorithm to predict fees are very conservatives and always overestimate

Only what I do not like about Coinomi is that it a wallet that has open source codes before that turned to close source. Aside that, it is a good wallet, but I can not recommend anyone to use close source wallet though. About fee estimation, Coinomi fee estimation is not overestimated, I checked fee some estimator sites now and I saw it to almost the same as Coinomi fee estimator. But, someone can still have the option to even reduce the satoshi/vbyte if he wants or wait for mempool to be less congestor for low fee.

[bitmover]

you can safely reduce the recommended fees a little if you think they are too expensive.
those algorithm to predict fees are very conservatives and always overestimate

About fee estimation, Coinomi fee estimation is not overestimated, I checked fee some estimator sites now and I saw it to almost the same as Coinomi fee estimator. But, someone can still have the option to even reduce the satoshi/vbyte if he wants or wait for mempool to be less congestor for low fee.

Those estimators sites always overestimate fees as well. I have been following the mempool closely since I was working in an App with mempool data, and I have seen those websites and electrum suggesting 100 sat/byte when the mempool was empty and you could get a confirmation with 1 sat/byte

As I said, those estimators are very conservative. As nobody know when the next block is going to be mined (it could take 1minutes, 10 minutes or even 30 minutes)  they overestimate fees to make sure you will get into the next block.

Even though blocktime is calculated to have an average 10minutes, a block may be found almost instantly or take even more than 30minutes (as it is hashing is completely random)