5 ms·

They overpaid big time, fees of approximately $33 would've been sufficient for the transaction to confirm just as fast.

by FDSGSG 7y ago

nodesocket 7y ago
Big time?? Who cares about a few hundred dollars when it’s a billion dollars.
gruez 7y ago
yeah if you look at https://jochen-hoenicke.de/queue/#0,1w https://jochen-hoenicke.de/queue/#0,1w , you'd see that anything above 20 satoshis/vByte would be overpaying[1]. the transaction in question paid 400 satoshis/vByte. [1] ie. anything at that rate or greater would confirm in the next block, so there's no difference in paying more
legohead 7y ago
do they have to pay anything? or let's assume they just want to pay $1, and they don't care about how long it takes. would it eventually happen?
- flyingfences 7y ago
  It might. It depends on the status of the network at the time. If there is a significantly large unconfirmed transaction pool backlog and a transaction is made with a low enough fee then the miners may simply ignore the transaction for long enough that they let it expire and drop it completely. Theoretically, that transaction still could be confirmed at any time in the future, but, practically, it won't be. So, most wallet software will stop displaying an unconfirmed transaction after a number of days, returning to a pre-transaction available balance.
  - legohead 7y ago
    This got me thinking. I believe I saw last year where there was something like over 200k unconfirmed transactions on the blockchain. Right now it says 5000. So, what is the minimum amount you could send with a proper transaction fee? Could someone flood the network with millions of unconfirmed transactions?
    - cdiddy2 7y ago
      you could but if you wanted them to stop others from using the chain it would be pretty costly. if you didnt provide a fee then they go to the bottom of the list to get mined and some miners might not even bother
- FDSGSG 7y ago
  Yeah, looks like $1 would've probably been enough fees for this transaction to be confirmed within a reasonable timeframe (less than 10 blocks, ~a few hours).

They overpaid big time, fees of approximately $33 would've been sufficient for the transaction to confirm just as fast.

by FDSGSG 7y ago

They overpaid big time, fees of approximately $33 would've been sufficient for the transaction to confirm just as fast.

nodesocket 7y ago

Big time?? Who cares about a few hundred dollars when it’s a billion dollars.

gruez 7y ago

yeah if you look at https://jochen-hoenicke.de/queue/#0,1w https://jochen-hoenicke.de/queue/#0,1w , you'd see that anything above 20 satoshis/vByte would be overpaying[1]. the transaction in question paid 400 satoshis/vByte. [1] ie. anything at that rate or greater would confirm in the next block, so there's no difference in paying more

legohead 7y ago

do they have to pay anything? or let's assume they just want to pay $1, and they don't care about how long it takes. would it eventually happen?

flyingfences 7y ago
It might. It depends on the status of the network at the time. If there is a significantly large unconfirmed transaction pool backlog and a transaction is made with a low enough fee then the miners may simply ignore the transaction for long enough that they let it expire and drop it completely. Theoretically, that transaction still could be confirmed at any time in the future, but, practically, it won't be. So, most wallet software will stop displaying an unconfirmed transaction after a number of days, returning to a pre-transaction available balance.
- legohead 7y ago
  This got me thinking. I believe I saw last year where there was something like over 200k unconfirmed transactions on the blockchain. Right now it says 5000. So, what is the minimum amount you could send with a proper transaction fee? Could someone flood the network with millions of unconfirmed transactions?
  - cdiddy2 7y ago
    you could but if you wanted them to stop others from using the chain it would be pretty costly. if you didnt provide a fee then they go to the bottom of the list to get mined and some miners might not even bother
FDSGSG 7y ago
Yeah, looks like $1 would've probably been enough fees for this transaction to be confirmed within a reasonable timeframe (less than 10 blocks, ~a few hours).