5.70 fee on a 70 BTC transaction? - page 2.

goatpig

legendary

Activity: 3766

Merit: 1364

Armory Developer

Quote from: barbarousrelic on June 03, 2011, 09:46:47 AM

I was under the impression you could send any size transaction with any size fee or no fee, and it would depend on which miner processes the next block whether it would be confirmed in that block or not. (And that if the next miner didn't accept it, it would then have a chance of being confirmed in the next block, and so on.)

That assumption is true. It is up to miners to integrate any transactions they wish to the blocks they're attempting to solve. I think that warning is an implemented (but not enforced) guideline about transaction fees in the standard client. He can still try to submit the tx for free, and chances are one of the miners that integrate tx regardless of fee will take care of it(~99% of the network right now).

What this warning shows is how much you'd be expected to "tip" in order to have that tx processed in the late future.

Also, the message gets me thinking the guy is using a 0.005 BTC/kb fee client and that his tx is actually 1,180kb wide, which is why the client is bitching about "size limit", which is currenctly capped at 1mb per block.

mestar

sr. member

Activity: 407

Merit: 250

I thought the same, but this is not possible with the 3.21 client, and it was the same with the 3.19.

If you click "No" in the "Would you like to pay this fee?" dialog, the transaction is simply canceled/discarded.

Gandlaf

newbie

Activity: 59

Merit: 0

Quote from: mestar on June 03, 2011, 09:44:00 AM

This is the transaction http://blockexplorer.com/address/14L8qNvBPBLax1rkDawZBHay6wDvHryeSC

Does anybody know how does the 'suggested' amount for the transaction work? (Or should I try to find it myself in the source code.)

It's really unintuitive, I've tried it a couple of times, each time getting a different suggested fee amount, even for 7 BTC, then I finally managed to get it trough for 0.59, which comes to something close to 0.9%. Weird.

Isn´t this a bit of a problem in the long run. I do(more or less) get the technical issues that lead to the differences in transaction fees. But is this really a way to run a monetary system? Shouldn´t transfers of the same amount incur the same fee, regardless of how the bitcoins behind it are structured? Won´t completely arbitrary fees make the system unusable for commercial transactions(after all the main purpose bitcoin was invented for)?

barbarousrelic

hero member

Activity: 675

Merit: 502

I was under the impression you could send any size transaction with any size fee or no fee, and it would depend on which miner processes the next block whether it would be confirmed in that block or not. (And that if the next miner didn't accept it, it would then have a chance of being confirmed in the next block, and so on.)

Could someone please correct me?

mestar

sr. member

Activity: 407

Merit: 250

This is the transaction http://blockexplorer.com/address/14L8qNvBPBLax1rkDawZBHay6wDvHryeSC

Does anybody know how does the 'suggested' amount for the transaction work? (Or should I try to find it myself in the source code.)

It's really unintuitive, I've tried it a couple of times, each time getting a different suggested fee amount, even for 7 BTC, then I finally managed to get it trough for 0.59, which comes to something close to 0.9%. Weird.

Alex Beckenham

full member

Activity: 154

Merit: 100

Quote from: wumpus on June 03, 2011, 08:55:36 AM

Huh that's crazy. This is worse than paypal Huh

When did the fees change from 0.01 ?

That's per kb. So perhaps he's sending a 570kb transaction, which if it's 70 BTC could mean he's consolidating a truckload of incoming 0.01 transactions.

wumpus

hero member

Activity: 812

Merit: 1022

No Maps for These Territories

Huh that's crazy. This is worse than paypal Huh

When did the fees change from 0.01 ?

Edit: If it's still 0.01/kB, this means your transaction is 590kB? How could a transaction become that big?

SomeoneWeird

hero member

Activity: 700

Merit: 500

It goes towards the nodes the are processing the transactions, but I agree, 5.70 for that is a bit over the top. Nothing we can do though.

mestar

sr. member

Activity: 407

Merit: 250

I want to send 70 bitcoins:

"This transaction is over the size limit. You can still send it for a fee of 5.90,..."

What is that, like 8% fee?

Topic: 5.70 fee on a 70 BTC transaction? - page 2. (Read 4411 times)