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0 sats \ 9 replies \ @343pg 31 Dec 2023 freebie \ parent \ on: On mempool.space, what is the difference between expected block and actual block bitcoin_beginners
That’s useful - thanks.
A question along the same lines - is it possible to see a summary or stats on each block of average fee paid as a proportion of the underlying transaction size?
Reason being, I figure this would give a reasonable indication of levels of degenerate (read - less sustainable over time?) use, vs using Bitcoin to transfer value)
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Hey thanks so much for your reply - it starts to get there, but as far as I can see it just shows fees rates paid rather than fees rates paid per bitcoin sent in the transactions.
So I just took a look at a recent block - take this transaction. Just scrolling around it I found this - and many like it - pretty quickly.
So this person is sending 20,000 sats in the transaction, and paying 14,700 sats as a transaction fee. From a payments point of view this is clearly nuts and unsustainable - of course they are using it for the purpose of something else, and probably in $ terms (they are probably thinking it's "worth" the $6 of value, somehow).
The reason for my question is to try to find a top down summary of this sort of activity - it might reveal when it's worth paying high fees (I don't mind competing with people wanting to send bitcoin purely as transactions) and when to wait it out.
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Don't think there is such a tool yet.
Not to say that couldn't be built. I'm guessing it would be tricky to work out what is and what is not a transaction which is a financial transaction versus something else.
I know that's already done in a way to highlight which transactions are ordinals or something else, inscriptions etc. It's not something I know much about at all. Just wanted to to reply to your question saying that :-)
One interesting resource I haven't had time to fully digest yet ..
https://blog.lopp.net/economically-unspendable-bitcoin-utxos/
https://jlopp.github.io/unspendable-utxo-calculator/?ref=blog.lopp.net
I imagine what you're asking fore would be some kind of calculation similar to this, married to some kind of graph / visualization?
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Cheers for your reply. One way of thinking about the question is I don't really care about defining a financial transaction vs something else. The data will do that by itself. In the example above, someone is "sending" 20,000 sats and spending 14,700 sats to do so - i.e. a fee of about 75% of the amount they are sending, it's clearly not a financial transaction anyway!
So what I am looking for is something like - for each block, every single transaction will have an amount sent and a fee rate paid to send it. From that we could work out a fee perecentage for every single transaction. By looking at the average (or other metrics) of all of those, I think it would start to get interesting. Perhaps it's difficult to pick up those numbers in practice.
I know people sometimes talk about total value sent over the network, so it's clearly aggregated at times from data. Interestingly though, I don't think you could look at total value sent per block and use that in combination with total fees in a block, as if a whale comes along and sends 1,000 BTC in on a transaction in one block and not the next, that would obviously distort the data.
I'll keep looking!
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