Have estimatesmartfee return the max of estimate and mempool min rate #19699

1. 
   instagibbs commented at 7:54 pm on August 11, 2020: member

   Seems a bit odd that you can query the block target, get a rate, make a transaction and get surprised at a 10x markup.

   #16072 (comment)

2. instagibbs added the label Bug on Aug 11, 2020
3. 
   whitslack commented at 7:55 pm on August 11, 2020: contributor

   This could be good. Then front-ends that query the estimator to show a fee rate to the user would have a more accurate idea about what will happen when they actually submit a transaction using sendtoaddress/sendmany.

   My concern would be for Lightning nodes, which need to agree with their peers about the current state of the fee market. If the responses from Bitcoin Core’s fee estimator are being influenced by mempool memory constraints, this could trigger mass unilateral channel closures, which is VERY expensive.

4. fanquake added the label RPC/REST/ZMQ on Aug 12, 2020
5. 
   instagibbs commented at 1:43 pm on August 31, 2020: member

   @whitslack Any idea how your block estimator ended up giving you estimates lower than your set min mempool feerate? Seems to me this requires you to change your min rate after your estimator builds these estimates?
6. MarcoFalke added the label Mempool on Aug 31, 2020
7. MarcoFalke added the label Wallet on Aug 31, 2020
8. MarcoFalke added the label Brainstorming on Aug 31, 2020
9. 
   whitslack commented at 4:02 pm on August 31, 2020: contributor

   Any idea how your block estimator ended up giving you estimates lower than your set min mempool feerate? Seems to me this requires you to change your min rate after your estimator builds these estimates? @instagibbs: As I understand it, the fee estimator in Bitcoin Core uses statistical analysis of previous transaction confirmation times to build up its estimates. The mempoolminfee reacts to current mempool conditions.

   Suppose that there is a sudden spike in transaction traffic. Fees had been low for a while; the mempool had been close to empty. Suddenly, someone drops a million transactions onto the network. This will have no immediate effect on Bitcoin Core’s fee estimator (sadly), but it will absolutely bump up mempoolminfee immediately.

10. meshcollider referenced this in commit b55232a337 on Sep 28, 2021
11. sidhujag referenced this in commit efce452c82 on Sep 28, 2021
12. 
    adamjonas commented at 2:26 pm on August 4, 2022: member

    closed by #22722
13. adamjonas closed this on Aug 4, 2022

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14. bitcoin locked this on Aug 4, 2023

Contributors
instagibbs whitslack adamjonas

Labels
Brainstorming Bug Wallet RPC/REST/ZMQ Mempool