I recently started up and synced this coin client when reviewing some old coins I have installed. Last run in 2015.
I sent a test deposit of 10 IFC... the fee is 200 IFC!
Sending 101 IFC - fee still 200 IFC
Then if I try to send 10001 IFC, the transaction fails and the client complains that I need a fee of at least 8300 IFC to send my 10001. WTF? An 83% transaction fee?
The last mined blocks in my wallet are at least 2 years old - so I don't know why it's demanding such a high tx fee - but I can't view the unspent outputs, because 'listunspent' returns a blank list.
What a strange coin....
I sent a test deposit of 10 IFC... the fee is 200 IFC!
Sending 101 IFC - fee still 200 IFC
Then if I try to send 10001 IFC, the transaction fails and the client complains that I need a fee of at least 8300 IFC to send my 10001. WTF? An 83% transaction fee?
The last mined blocks in my wallet are at least 2 years old - so I don't know why it's demanding such a high tx fee - but I can't view the unspent outputs, because 'listunspent' returns a blank list.
What a strange coin....
The fee is not 83%, rather it's based on how complex the transaction. If you had a lot of 'dust' inputs (small amounts), it's a lot of work/complexity to collect them all into your target amount, so the fee gets multiplied. I think even 2 years ago the block reward was small enough, that it would take dozens or hundreds of inputs to make 10001.
Note that transaction amounts like 101 or even 10001 are relatively microscopic in IFC. It's like sending BTC 0.000001 amounts or smaller, which has similar problems.
The default fee base, before multiplying, was set to 100 IFC, and you can send millions for that very low fee, if you have large inputs (ie. you mined or received large amounts). It's quite reasonable actually.
You should also be able to override the default base fee in the UI,
or by setting in the .conf file
paytxfee=
or at cmdline via
infinitecoind settxfee
I believe all these settings refer to the base unit (before multiplying for complexity), not the total fee. So if the default 100 that multiplied to 8300 is too high for your txn, can set it to another amount, say 10 or 5. (which should multiply to 830 or 415)
Bear in mind, a core issue for this coin was that people have been chiseling the fee via those settings, even setting it down to 1, which is ridiculous and counter-productive. (I believe even some of the exchanges are doing this!) Then folks wonder why the coin looks dead and losing miner interest.
As the *first txn-supported coin*, IFC InfiniteCoin has been facing in advance issues that will eventually also affect the others like btc, ltc, etc
So for now, try to work within the economic scale of IFC, moving Thousands to Millions, for fees of just a couple 100, which is actually fairly cheap. When the price/marketcap merits, those relative numbers can be re-addressed.
So, anyone whose wallet is full of 'dust' amounts that need consolidation, just set the fee to a smaller amount (temporarily!), to assemble a big transaction to some exchange, then withdraw your amounts as larger lump sums in future.
(And try to keep your base fee at default 100, to support the IFC miners)
ps. If anyone doesn't want their IFC coins, or wants to tip for this info, I'll accept. I put a lot of work into supporting this coin, and lost a big chunk at Cryptsy.
IFC: iNTDpSKXVNN7i48P9HNdSxQaghjUrXBC6Q
BTC: 13xN2MvG9RcvWY92HeMpMFgBbGq9RLW64z
