Author: Jeremy 2021-05-01 00:11:42
Published on: 2021-05-01T00:11:42+00:00
In an email exchange between Jeremy Rubin and Prayank, Rubin shared a link to a post on Bitcoin-dev related to background services. Rubin highlighted the long-term potential of using a separate fee-only wallet to arrange bumps in transaction fees without disturbing on-chain dependents. He also suggested that it could be cheaper than using the Replace-By-Fee (RBF) mechanism, which is subject to the feerate improvement rule. Rubin expressed interest in a system where one could make a market for someone to get their transaction included by a particular date, abstracting the whole system so that users can fee bump without creating direct on-chain traffic. In a separate email, Prayank discusses different estimations used in wallets, explorers, and other Bitcoin projects, such as `estimatesmartfee` in Bitcoin Core. He questions whether these estimations are misleading and affect the way fees are used in Bitcoin transactions. Prayank suggests that sharing mempool stats and allowing users to decide the fee rate accordingly could be a better approach. He includes a comparison between mempool stats and BTCUSD order book to illustrate his point. Prayank proposes using RBF algos instead of predicting something that is difficult or doesn't make sense. He also suggests a basic algorithm for automated bidding and wonders if there was a way to achieve this even if the user goes offline.
Updated on: 2023-06-14T20:37:03.926817+00:00