Mempool Observer Topic

[NotATether]

Wow! Thank you. How do you create a hex transaction from TX id?

You can't. Transaction HASH cannot be reversed by design. However, bitcoin nodes store the txid along with the raw transaction itself, which you can query from the RPC console by using getrawtransaction <txid> on a node running with -txindex.

[1714799807]

1714799807

[1714799807]

1714799807

[1714799807]

1714799807

[FeeBuddy]

     

• fastestFee: 21 sat/vB
• halfHourFee: 20 sat/vB
• hourFee: 19 sat/vB
• economyFee: 10 sat/vB
• minimumFee: 5 sat/vB

[cryptosize]

It's good that fees are dropping, I guess the BRC-20 scam didn't last for too long.

I doubt we're gonna see 1 sat/vB, but I'll be glad if I can be proven wrong.

[paid2]

It's good that fees are dropping, I guess the BRC-20 scam didn't last for too long.

This recent phase did last a few months, imo it was very long. With this BRC20 bullshit, we should never speak too fast lol, we're not immune to a new wave that could congest the mempool again..

This has already happened a couple of times now

[franky1]

Wow! Thank you. How do you create a hex transaction from TX id?

luckily because blockchain.com still retained the tx in its mempool
i used the txid on this url
https://blockchain.info/rawtx/42105820754888a816820be27bd8670b5789e82ffd9f88cb68446c1afe414fa9?format=hex

with the ?format=hex so it shows the hex instead of json

then copied the hex(rawtx) to different sites like
https://live.blockcypher.com/btc/pushtx/

to rebroadcast it

oh look, it confirmed 3 blocks ago(time of this post minis 3 blocks of time).. seemed like it just needed a good push at the right time
you are welcome

but yea would have been easier for you to rebroadcast or try again from your own wallet if no other network node had it..

[fillippone]

I'm guessing if there is a new seasonality in the fee market.
Fees used to be higher in the early days, as nerds around the globe had more time to play with magic internet money.
Nowadays, fees are higher during weekdays, and Wall Street is trading the hardest currency in human history.

[stompix]

     

• economyFee: 10 sat/vB
• minimumFee: 5 sat/vB

One week and we're down by 240vMB in the mempool, it's still barely Saturday afternoon and the extra blocks keep being mined at the same 5%-10% extra rate.
So, does Feebudy has some extra safety features or will he crash when we hit 1sat/vb? 

Perfect time for me to inscribe my custom MIDI ringtone collection and release it as an Ordinals series. $$$$ here we come

At the rate you're going you might as well just rip the entire iTunes Store and put it on the blockchain 
Would like me some Nine Inch Nails whenever I broadcast a transaction.
Seriously though:
WTF is going on?
Why are Ordinals platforms lowballing the fee rates all of a sudden?

Fortunately it' still expensive to put full songs , assuming we keep some quality you will still have to pay close to $5000 per block so we're a bit too early for that. Even it at 1sat/vb and not 10sat/vb there is no danger of somebody uploading avatar2 in 4k on the chain...yet!
As for ordinals, probably out of a market and ideas, common, how many pixels resembling monkey/dog/cat memes  can you make?

[franky1]

I'm guessing if there is a new seasonality in the fee market.
Fees used to be higher in the early days, as nerds around the globe had more time to play with magic internet money.
Nowadays, fees are higher during weekdays, and Wall Street is trading the hardest currency in human history.

nah not wallstreet related.. a transaction doesnt care if it holds 1sat or 100,000btc. a transactions byte length for value is the same 4 bytes

the fee market is actually plagued by scammer nerds victimising and penalising bitcoiners with junk data

check out the "fee range" and "value range" charts on jan 15th:
https://www.blockchain.com/explorer/blocks/btc/825851

compared to feb 10th
https://www.blockchain.com/explorer/blocks/btc/829767

[FeeBuddy]

     

• fastestFee: 28 sat/vB
• halfHourFee: 27 sat/vB
• hourFee: 24 sat/vB
• economyFee: 8 sat/vB
• minimumFee: 4 sat/vB

[fillippone]

the fee market is actually plagued by scammer nerds victimising and penalising bitcoiners with junk data

Ok, thanks.
I thought the "spamming" of the net by ordinals attack nonsense had exhausted their funds and are actually Wall Street-related users (whale included) keeping demand space high.
I was wrong, apparently.

[Jchris50]

     

• fastestFee: 27 sat/vB
• halfHourFee: 24 sat/vB
• hourFee: 23 sat/vB
• economyFee: 22 sat/vB
• minimumFee: 11 sat/vB

https://talkimg.com/images/2024/02/09/vJQ3l.gif

Oh, these are some estimated fees for different time periods and priorities. The "fastestFee" refers to the estimated fee for a transaction that needs to be confirmed as soon as possible, while the "hourFee" refers to the estimated fee for a transaction that is less time-sensitive. The "minimumFee" refers to the lowest possible fee that can be paid for a transaction to be included in the next block. Keep in mind that these fees are only estimates and can change depending on various factors.

[franky1]

the fee market is actually plagued by scammer nerds victimising and penalising bitcoiners with junk data

Ok, thanks.
I thought the "spamming" of the net by ordinals attack nonsense had exhausted their funds and are actually Wall Street-related users (whale included) keeping demand space high.
I was wrong, apparently.

well ordinal scammers are running out of victims. so they have less income to pay high fee's, but they are still making spam transactions of utxo's of undependable 330sat outputs, using lower fee's
but most transactions have not been lots and lots of whales buying whole bitcoins as value amounts.

funny thing is those that want bitcoin to remain annoying, who dont want effective fee formula's for tx selection or fixes or upgrades to deter spam.. dont want those making these unspendable utxos of 330sat to stop.. yet they dont want people creating utxos of value 0.0001000-0.01000000 (~$5-$500) because they want those values to preferably happen on their preferred other network.. which most of these annoyances of bitcoin are done to promote.. people needing to abandon using bitcoin and take value to other middlemen managed systems

[okorieemmanuel]

Wow! Thank you. How do you create a hex transaction from TX id?

luckily because blockchain.com still retained the tx in its mempool
i used the txid on this url
https://blockchain.info/rawtx/42105820754888a816820be27bd8670b5789e82ffd9f88cb68446c1afe414fa9?format=hex

with the ?format=hex so it shows the hex instead of json

then copied the hex(rawtx) to different sites like
https://live.blockcypher.com/btc/pushtx/

to rebroadcast it

oh look, it confirmed 3 blocks ago(time of this post minis 3 blocks of time).. seemed like it just needed a good push at the right time
you are welcome

but yea would have been easier for you to rebroadcast or try again from your own wallet if no other network node had it..

Thank you. I appreciate it. I got the funds now. I will use this method if this happens next time. I've learnt my lesson. I won't use low fees anymore. Either I wait for network congestion on Bitcoin transaction to reduce or use the recommended high fees.


Thank you all!

[FeeBuddy]

     

• fastestFee: 20 sat/vB
• halfHourFee: 19 sat/vB
• hourFee: 17 sat/vB
• economyFee: 6 sat/vB
• minimumFee: 3 sat/vB

[bitmover]

So, does Feebudy has some extra safety features or will he crash when we hit 1sat/vb? 

Just an extra emoticon 

     

• fastestFee: 20 sat/vB
• halfHourFee: 19 sat/vB
• hourFee: 17 sat/vB
• economyFee: 6 sat/vB
• minimumFee: 3 sat/vB

Minimum 3 satvB
 Almost there

[JayJuanGee]

     

• fastestFee: 27 sat/vB
• halfHourFee: 24 sat/vB
• hourFee: 23 sat/vB
• economyFee: 22 sat/vB
• minimumFee: 11 sat/vB

Oh, these are some estimated fees for different time periods and priorities. The "fastestFee" refers to the estimated fee for a transaction that needs to be confirmed as soon as possible, while the "hourFee" refers to the estimated fee for a transaction that is less time-sensitive.

I think that you are mostly correct here, except I would describe it a little bit differently.

Fastest: is an estimate for the lowest fee to pay to get the transaction included into the next block (so within the next 10 minutes)

1/2 hour and 1 hour would be an estimate for the lowest fee to pay to get the transaction within the next 3 blocks or within the next 6 blocks respectively.

economy: I am not sure.. maybe that is to get the transaction included within the next 24 hours or so?  Anyone else want to explain "economy?"

The "minimumFee" refers to the lowest possible fee that can be paid for a transaction to be included in the next block.

You are not describing minimum very accurately.

minimum: I am pretty sure that means the lowest fee to pay to be able to submit the transaction without having it get purged from the mempool

Keep in mind that these fees are only estimates and can change depending on various factors.

They are estimates based on recent history. .so sometimes we might manually be able to get some better estimate by looking at something like the jochen website.

https://jochen-hoenicke.de/queue/#BTC,30d,weight

[philipma1957]

Note the minimum fee here is 9sat/byte

that does not mean that blocks are grabbing all transactions 9sat up
it means SOME mining pools are selectively (pot luck lottery style) adding a couple random transactions outside the "highest fee first" policy just to seem reasonable.. the 9sat/b does not mean your 16sat/b has priority over say the 20sat/b ones nor means that your 16sat/b should come before the pot luck lottery of cheap fees outside the fastest first policy
you just have to be patient

yes its annoying, yes bitcoin is made using code. yes code can codify rules of acceptance to be more fair, yes transactions can be analysed into a formulae where coin-age and "first seen" can produce a priority order... but many people that want bitcoin to be annoying to promote offchain systems as solutions to the annoyances, dont want the annoyances fixed

using
https://jochen-hoenicke.de/queue/#BTC,2h,count

there is about 17,000 transactions waiting paying 14-17sat/b
so you are in a waiting list with 17k other transactions of about your fee rate

looking at latest block(fee range chart, highlighting transaction in the 15-16sat/b basket range)
https://www.blockchain.com/explorer/blocks/btc/829631


out of 1038 transactions in that block that miningpool only randomly selected 118 transactions from the basket of transactions 15-16sat/b
meaning only ~9% of a block selector chooses the lottery of your range. but your range has 17k other competitors

so math suggest if only ~120tx of your range are selected per block you have a 120 of 17k chance of being in next block(0.7%)

Ok.

Then it should DETECT THE TRANSACTION AT LEAST.I am aware of priorities. Higher preference would be given to higher bytes fees but at least DETECT IT.  Mempool says transaction not found. It is one thing to detect a transaction and it is another thing to process such transaction. This is an unfair treatment given to me and I believe it should be addressed properly

Basically you were too cheap and are now complaining about it. or am I wrong?

and after just an extra day or two it cleared.

Yeah don't be that cheap. I do a bit lower than normal but never do low.

[FeeBuddy]

     

• fastestFee: 19 sat/vB
• halfHourFee: 17 sat/vB
• hourFee: 15 sat/vB
• economyFee: 4 sat/vB
• minimumFee: 2 sat/vB

[FeeBuddy]

     

• fastestFee: 20 sat/vB
• halfHourFee: 16 sat/vB
• hourFee: 14 sat/vB
• economyFee: 4 sat/vB
• minimumFee: 2 sat/vB

[FeeBuddy]

     

• fastestFee: 13 sat/vB
• halfHourFee: 13 sat/vB
• hourFee: 13 sat/vB
• economyFee: 2 sat/vB
• minimumFee: 1 sat/vB