Post
Topic
Board Development & Technical Discussion
Re: Who is paying very very large fees when not needed and why?
by
o_e_l_e_o
on 17/07/2021, 07:39:53 UTC
Looking through the last few blocks, there are still a lot of large fees paid when they don't need to be.
It's at time like these, when the mempool is emptying out with each block, which really highlights just how stupid people are being with their fees.

Look at the mempool activity since the last block was mined and the mempool totally emptied out. 5 minutes later, and the mempool is still only 0.3 vMB in size, however we have almost 70 transactions paying upwards of 100 sats/vbyte, and over 300 paying upwards of 10 sats/vbyte. Ridiculous. The mempool has emptied out with almost every block for the last 12 hours, meaning 1 sat/vbyte has always been enough for a fast confirmation. Which algorithms/user see this, see a total mempool of under 0.3 vMB, of which more than half is paying less than 3 sats/vbyte, and decide up fees of over 100 sats/vbyte? What a waste of money.

Every single one of those users could pay 1 sat/vbyte, get confirmed in the exact same length of time, and save >90% on their fees.