this guide is impractical and full of utopian dream
for these reasons
a. 'withdrawing' means your taking out of an exchange meaning you got no control of their fee structure.
Yeah, the thread is to advocate for people to use their own wallets and stop overpaying stupid fees from exchanges
b. if the guide meant spending from own wallet. well then you come into the problems of not everyone only has one UTXO to spend. many have many UTXO's they need to combine when spending.
Doesn't matter, the point of this guide is to pay the LEAST to get on the NEXT block. For sure, you can set your tx to 1sat/vbyte and wait days/weeks, but if you want to get on the next block asap, this guide is what you are looking for
c. also trying to suggest people shouldnt just buy what they want when they want it. but to wait patiently for weeks or months for a low mempool day, totally negates the purpose of the utility of a currency..
I didn't say that. I just said how to pay the least to get your tx in the next block.
d. the change of any minority of the community paying less. just then fills in the crowd of those already paying less. thus causing those paying less to have to pay more to compete at their bottom level.
EG a train could have 2 carriages. one for first class and one for second class.. by telling everyone to get off the first class carriage and try squeezing into the second class carriage. does not keeo the second class carriage running cheaply. instead the fight over seats makes people end up paying more for the privilege of seating in the second class carriage or waiting even longer. thus average train fee's rise
You are misunderstanding. This guide is to pay the least to get in that "first class carriage". I'm not saying to just pay 1 sat/vbyte and be done with it. I'm just saying to look at the mempool to see how much you need to barely get the tx on the NEXT block.
e. the end result is although when seeing the fees go from $2->$0.50
$2.00/\ /\
$1.50 \ /
$1.00 \ /
$0.50 \/
and choosing to wait for that 'bottom' . if everyone done this guess what the end result of the next fee correction
$2.50 /\
$2.00/\ /
$1.50 \ /
$1.00 \_/
$0.50
yep. the bottom moves up because more are then competing at those times. thus the usual rise in competition then raises the overall price of the competition window
I think you are misunderstanding me. I'm not saying to wait until 1sat/vbyte gets you on the next block. I'm saying to look at mempool to see what's the minimum to get you on the next block.
For example, take a look at the mempool right now:
As you can see, right now even 1sat/vbyte can get you on the next block. And you can see there are A TON of transactions that are OVERPAYING anywhere from 3 sats/vbyte up to 251 sats/vbyte which is INSANE!!
My guide is about how much one would need to pay to get BARELY on the NEXT mined block. And in this case, right now 1sat/vbyte will get you on the next block!
The goal of this guide is that people stop paying 3sats/vbyte or 251 sats/vbyte per transaction!
Look at the pic above and see teh distribution of fees! People are overpaying 3sats/vbyte up to 251 sats/vbyte!
Now, let's take a few minutes later and the mempool got clogged a little bit and now it looks like:
So, let's say that your tx you set it at 1sat/vbyte, but it didn't confirm and the mempool got a little bit clogged, so what you now see is that you would need to bump the fee to around 1.8sats/vbyte or even 2sats/vbyte with the rbf feature and that will get you in the next block.
Sure, you can also leave the tx at 1sat/vbyte but that will probably take a little more time due to the mempool size increasing.
an easier solution is this..
stop letting the devs put cludgy code into bitcoin that causes a 4x of tx fee's, stop the devs from removal of old fee formulae, then insist the devs put in cleaner stuff that actually helps make bitcoin more useful day to day(on the bitcoin network), without all the stupid politics of making bitcoin far more worse to use daily just to promote other networks as things people should use instead
Yeah, that's the best solution. I agree.