Mempool Observer Topic

[Betwrong]

fastestFee: 15 sat/vB
halfHourFee: 14 sat/vB
hourFee: 13 sat/vB

I still don't understand what the matter is. Currently, the fee is under 15 sat/vb, but someone still sends a transaction paying 351 sat/vB https://blockchair.com/bitcoin/transaction/636c08bafb3c171ae968ce50ca11596bcada56e02ed5d2fe9a3f97fa6d0f5a38
Is there any reasonable explanation why the fee is so much overpaid even in this "quiet" time?

Bad wallet? Some wallets have terrible fee estimation...

I agree that this is very weird.

But regardless of their estimation, we can always set the fee manually, no?

I personally before making a transaction look at https://mempool.space/ and set a couple of sats higher than High Priority and it works for me perfectly. Maybe that guy transferring over 1 BTC didn't care about losing 76.39 USD? It's indeed a small amount comparing to what he transferred.

[ABCbits]

fastestFee: 15 sat/vB
halfHourFee: 14 sat/vB
hourFee: 13 sat/vB

I still don't understand what the matter is. Currently, the fee is under 15 sat/vb, but someone still sends a transaction paying 351 sat/vB https://blockchair.com/bitcoin/transaction/636c08bafb3c171ae968ce50ca11596bcada56e02ed5d2fe9a3f97fa6d0f5a38
Is there any reasonable explanation why the fee is so much overpaid even in this "quiet" time?

Bad wallet? Some wallets have terrible fee estimation...

I agree that this is very weird.

But regardless of their estimation, we can always set the fee manually, no?

Only if wallet you use let you do that. Few wallet simply doesn't let you do that or only let you choose between few fee rate choice.

Maybe that guy transferring over 1 BTC didn't care about losing 76.39 USD? It's indeed a small amount comparing to what he transferred.

You might be right. But even if you live in developed country, that money still could get you few lunch.

[bitmover]

But regardless of their estimation, we can always set the fee manually, no?

Only if wallet you use let you do that. Few wallet simply doesn't let you do that or only let you choose between few fee rate choice.

This could be also some custodial service.  For example  withdrawal from an exchange/casino/other payment system.

Bad software exists everywhere...


Should I change feebuddy to 12hours interval, or keep 8?

I see lots of pages without comments, just fee buddy

[examplens]

But regardless of their estimation, we can always set the fee manually, no?

Only if wallet you use let you do that. Few wallet simply doesn't let you do that or only let you choose between few fee rate choice.

This could be also some custodial service.  For example  withdrawal from an exchange/casino/other payment system.

Bad software exists everywhere...

Even if it's bad software, it looks to me like a complete noob who doesn't know much about the Bitcoin network. Still, he uses it for his ordinals and the same shit.

Should I change feebuddy to 12hours interval, or keep 8?

I see lots of pages without comments, just fee buddy

At a time when the network is calm and the fee is within normal limits, it does not pay so much attention. It's ok for me every 8 hours but if you were to think about going back to 12 hours, maybe you could add more info to the chart so that it would be easier to see how much the fee was in the last period.

[FeeBuddy]

     

• fastestFee: 12 sat/vB
• halfHourFee: 12 sat/vB
• hourFee: 12 sat/vB
• economyFee: 8 sat/vB
• minimumFee: 4 sat/vB

[JayJuanGee]

Should I change feebuddy to 12hours interval, or keep 8?

I see lots of pages without comments, just fee buddy

I personally like 8 hours, and I doubt that it is really hurting anything to have 3 feebuddy posts per day as opposed to your proposed 2 posts per day... also it is a dynamic area, so sometimes that extra post per day could provide some useful information that might alert someone into looking further into the question of what is going on with the mempool and/or fees.. so I have already noticed that sometimes if I see that feebuddy changed a lot in a recent period of time, then it may well trigger me to go look at mempool space or jochen-hoenicke.

[stompix]

Should I change feebuddy to 12hours interval, or keep 8?
I see lots of pages without comments, just fee buddy

I think 12 hours would be better, there is little movement in the fees, as finally, it has hit the spot where consolidation happens en masse, the fomo of runes has died down, and there is simply nothing to move it that much up, and a shitton waiting below 10sat/b so no extreme action in sight for now, and most won't care if it changes from 8sat/vb to 10sat/vb.

I personally like 8 hours, and I doubt that it is really hurting anything to have 3 feebuddy posts per day as opposed to your proposed 2 posts per day... also it is a dynamic area, so sometimes that extra post per day could provide some useful information that might alert someone into looking further into the question of what is going on with the mempool and/or fees.

There are so many spikes happening during the day that not even a post on the hour would be able to catch them, a lot because of a dump of transactions, some others because blocks are late by half an hour, the snapshot at the moment it does so might be completely irrelevant 1 hour later, it's the graph that is showing a better picture what to expect and 2 posts a day is enough to give you an idea. 

[ABCbits]

But regardless of their estimation, we can always set the fee manually, no?

Only if wallet you use let you do that. Few wallet simply doesn't let you do that or only let you choose between few fee rate choice.

This could be also some custodial service.  For example  withdrawal from an exchange/casino/other payment system.

Bad software exists everywhere...

Many custodial service charge high withdraw fee to it's customer, but only use some of it to pay on-chain TX fee though. That means they still earn some profit, although they either don't know or don't bother optimize it further.

Should I change feebuddy to 12hours interval, or keep 8?

I see lots of pages without comments, just fee buddy

IMO 12 hours interval sounds better, considering fee recommendation was lower than few months ago.

[FeeBuddy]

     

• fastestFee: 15 sat/vB
• halfHourFee: 13 sat/vB
• hourFee: 12 sat/vB
• economyFee: 10 sat/vB
• minimumFee: 5 sat/vB

[FeeBuddy]

     

• fastestFee: 10 sat/vB
• halfHourFee: 10 sat/vB
• hourFee: 10 sat/vB
• economyFee: 6 sat/vB
• minimumFee: 3 sat/vB

[FeeBuddy]

     

• fastestFee: 14 sat/vB
• halfHourFee: 12 sat/vB
• hourFee: 11 sat/vB
• economyFee: 8 sat/vB
• minimumFee: 4 sat/vB

[FeeBuddy]

     

• fastestFee: 13 sat/vB
• halfHourFee: 12 sat/vB
• hourFee: 11 sat/vB
• economyFee: 10 sat/vB
• minimumFee: 5 sat/vB

[FeeBuddy]

     

• fastestFee: 13 sat/vB
• halfHourFee: 12 sat/vB
• hourFee: 11 sat/vB
• economyFee: 8 sat/vB
• minimumFee: 4 sat/vB

[FeeBuddy]

     

• fastestFee: 11 sat/vB
• halfHourFee: 11 sat/vB
• hourFee: 11 sat/vB
• economyFee: 6 sat/vB
• minimumFee: 3 sat/vB

[FeeBuddy]

     

• fastestFee: 12 sat/vB
• halfHourFee: 11 sat/vB
• hourFee: 11 sat/vB
• economyFee: 4 sat/vB
• minimumFee: 2 sat/vB

[FeeBuddy]

     

• fastestFee: 13 sat/vB
• halfHourFee: 12 sat/vB
• hourFee: 11 sat/vB
• economyFee: 4 sat/vB
• minimumFee: 2 sat/vB

[FeeBuddy]

     

• fastestFee: 14 sat/vB
• halfHourFee: 13 sat/vB
• hourFee: 12 sat/vB
• economyFee: 6 sat/vB
• minimumFee: 3 sat/vB

[Synchronice]

@bitmover, I also think that 12 hours interval sounds better. I think that even one is enough but I also think that it will be good if bot automatically posts here more than once or twice a day if transaction fee significantly increases.

Can someone explain this transaction? https://mempool.space/tx/bf7169d7e91016c164153e7ba63b0be07251f8a1bc0a9f7b245b261fdcb56ed1
It started with 4,888 sat/vByte, then within 6 seconds increased up to 5,046 sat/vByte, then within 7 seconds up to 5,205 and finally after some seconds it went up to 8,149 sat/vByte while 14 sat/vByte was absolutely enough to get this transaction included in the next block.

Is this a badly configured bot? Well, if yes, then I want to remind you that owner has made many transactions like that one and I believe it would significantly affect the owner's wallet. I don't understand what this phenomenon is.

[FeeBuddy]

     

• fastestFee: 9 sat/vB
• halfHourFee: 9 sat/vB
• hourFee: 9 sat/vB
• economyFee: 4 sat/vB
• minimumFee: 2 sat/vB

[joker_josue]

Can someone explain this transaction? https://mempool.space/tx/bf7169d7e91016c164153e7ba63b0be07251f8a1bc0a9f7b245b261fdcb56ed1
It started with 4,888 sat/vByte, then within 6 seconds increased up to 5,046 sat/vByte, then within 7 seconds up to 5,205 and finally after some seconds it went up to 8,149 sat/vByte while 14 sat/vByte was absolutely enough to get this transaction included in the next block.

I don't know if you noticed, but that was an internal movement, from the same address to the same address. And it doesn't even seem like it was to consolidate UTXO.

In other words, it was intended to pay this fee, and I can't understand why. Or it was a very big mistake, from someone with years of experience in Bitcoin, as the address has been active since 2014.