AskSN: What's the "fastest" way to confirm a transaction?
316 sats \ 4 comments \ @nullcount 27 Jun 2022 bitcoin
Suppose there was a well-known address with a timelocked "anyone can spend" condition.
Basically, after X block height, any signature can spend the UTXO.
Could you inspect the mempool in the days leading up to the prize block and outbid competing transaction's miner fee?
Would the mempools even propagate a tx if it's broadcast before the timelock?
What's are your tactics to spend it first?
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189 sats \ 3 replies \ @jeff 27 Jun 2022
Could you inspect the mempool in the days leading up to the prize block and outbid competing transaction's miner fee?
I doubt it, because you state that this is "well-known", so miners would know too. A miner would cherry-pick her own transaction to spend the UTXO. The only way it would be rational for the miner to mine your tx instead of her own, would be if you offered a fee worth more than the UTXO itself.
What's are your tactics to spend it first?
Assuming it's a large enough UTXO to justify it, I'd try to time the purchase of some cloud mining, and try extra hard to win that block, and include my own tx in the block.
Curious to hear the answer about propagating a "not-yet-but-soon-will-be"-transaction. I believe it would, or at least should, propagate.
Fun discussion.
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117 sats \ 0 replies \ @nullcount OP 27 Jun 2022
I didn't think about mining pools cherry picking. Still better get your tx in there just in case an oblivious miner misses it using default selection.
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0 sats \ 1 reply \ @Undisciplined 26 Jun
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0 sats \ 0 replies \ @Undisciplined 27 Jun
Two days in a row!
This comment was featured on This Day in Stacker News as the top comment of the day.
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