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)
deleted by author
reply
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.
reply
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?
reply
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!
reply
reply
deleted by author