Gavin Andresen [ARCHIVE] on Nostr: š
Original date posted:2014-10-28 š Original message:I think Alex's approach is ...
š
Original date posted:2014-10-28
š Original message:I think Alex's approach is better; I don't think we can know how much
better until we have a functioning fee market.
We don't have a functioning fee market now, because fees are hard-coded. So
we get "pay the hard-coded fee and you'll get confirmed in one or two or
three blocks, depending on which miners mine the next three blocks and what
time of day it is."
git HEAD code says you need a fee of 10,0000 satoshis/kb to be pretty sure
you'll get confirmed in the next block. That looks about right with Alex's
real-world data (if we take "90% chance" as 'pretty sure you'll get
confirmed'):
Fee rate 100000 Avg blocks to confirm 1.09 NumBlocks:% confirmed 1: 0.901
2: 1.0 3: 1.0
My only concern with Alex's code is that it takes much longer to get
'primed' -- Alex, if I started with no data about fees, how long would it
take to be able to get enough data for a reasonable estimate of "what is
the least I can pay and still be 90% sure I get confirmed in 20 blocks" ?
Hours? Days? Weeks?
--
--
Gavin Andresen
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Published at
2023-06-07 15:26:56Event JSON
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Original date posted:2014-10-28\nš Original message:I think Alex's approach is better; I don't think we can know how much\nbetter until we have a functioning fee market.\n\nWe don't have a functioning fee market now, because fees are hard-coded. So\nwe get \"pay the hard-coded fee and you'll get confirmed in one or two or\nthree blocks, depending on which miners mine the next three blocks and what\ntime of day it is.\"\n\ngit HEAD code says you need a fee of 10,0000 satoshis/kb to be pretty sure\nyou'll get confirmed in the next block. That looks about right with Alex's\nreal-world data (if we take \"90% chance\" as 'pretty sure you'll get\nconfirmed'):\n\nFee rate 100000 Avg blocks to confirm 1.09 NumBlocks:% confirmed 1: 0.901\n2: 1.0 3: 1.0\n\nMy only concern with Alex's code is that it takes much longer to get\n'primed' -- Alex, if I started with no data about fees, how long would it\ntake to be able to get enough data for a reasonable estimate of \"what is\nthe least I can pay and still be 90% sure I get confirmed in 20 blocks\" ?\nHours? Days? Weeks?\n\n-- \n--\nGavin Andresen\n-------------- next part --------------\nAn HTML attachment was scrubbed...\nURL: \u003chttp://lists.linuxfoundation.org/pipermail/bitcoin-dev/attachments/20141028/2c748d73/attachment.html\u003e",
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