Topic: Another High Transaction Fee Again(about 25BTC) (Read 1567 times)

Happy ending too! Good to know

It's good to hear that you were able to settle the issue and get your coins back luckily it wasn't a costly mistake but it does remind users to be careful to read the warnings and also maybe make it more clear that you are sending a high transaction fee to the network.

Must be some really bad wallet to not warn user about it

Indeed. I also made a full disclosure post to Reddit: http://www.reddit.com/r/Bitcoin/comments/384s2n/mining_a_50_btc_block_one_last_time/

You're very lucky to get your coins back! BTC China also deserves round of applause for that.

And the winner is... me.

Who would guess that an early adopter who has sent thousands of Bitcoin transactions since 2011, can make this type of mistake? Well, it can happen.

I wasn't drunk, I was just careless. I was using the Blockchain wallet for this transaction, made a custom transaction and fucked up. The wallet does warn of this but it doesn't say anything about fees. It said something about outputs or inputs and I cancelled it the first time but I didn't notice the error and tried again and decided to go with it.

Well, let's just say that I was very lucky that the pool that mined the transaction was a legit pool. I contacted BTC China immediately and they were quite professional about it. With a digital signature I was able to prove I own the Bitcoin addresses in question and they refunded me the full amount.

This is the only time I've screwed up with a Bitcoin transaction and sometimes it can be that one time which amounts to a very expensive mistake. To my luck I didn't lose anything but I did gain a lesson.

On the other hand I also believe the Blockchain wallet UI needs work to stop these from happening. It's not the first time I mistake the fields but it's the first time I didn't notice it and was careless. I've also researched that this same thing has happened to others with the Blockchain custom transaction.

Anyway, be careful when making any type of custom Bitcoin transactions.

very generous 

I wonder how fast that transaction went with that huge fee. The miners will be really happy I guess.

Did someone mixed up the two again?

It's quite a costly mistake of sending 25 BTC. I think wallets should have a build-in protection, something like "are you sure you want to do this?". Do you think there is another way to resolve this?

Maybe it was a paper wallet, if you do import just a key and try to spend a part of the holdings there the rest goes away as tx fee, because you didn't specify a change address.

Right?

Unfortunately these mistakes happen quite often, and none of us is free from having it happen sometime... It's quite an expensive mistake.

It's a reminder that we should know our software in order to use it.

The miner that solved the block which the transaction is in is the one that gets the fee. Usually this is a pool.

0.00001 btc/kb right? and i see the size is 926.xxx(lets we round it off to 927), 0.00001 * 927 = 0.00927.


~iki

So these high transaction fees could be an attempt to clandestinely funnel bitcoins to miners "off the book", so to speak?

Say, for instance, as bribes to run a certain Bitcoin version, or something else?

there was a 89 fee once, it could be the same drunk guy who is confusing fee with the actual amount to send

Is there any way someone can know the recipient of a transaction fee when they spend bitcoins?

Yup definitely a mistake, no doubt about it.

The same exact thing has happened a few times before despite the fact that most clients are now able to detect cases where the transaction fee is too high. Sometimes it happens because of a technical glitch, or when someone accidentally manages to swap the "amount" and "fee" fields around and they either miss the warning message or are using a third-party client that doesn't check for these situations. Or alternatively, it might happen when someone attempts to sign a raw transaction but they do it incorrectly.

Here is another case where someone accidentally sent 200 BTC as their transaction fee:

http://www.reddit.com/r/Bitcoin/comments/1l92bu/some_poor_person_just_paid_a_200btc_transaction/

Fortunately for him, the fee was returned by the pool that mined it (ASICMiner):

http://www.reddit.com/r/Bitcoin/comments/1lb5my/asicminer_refunds_the_accidental_200_btc/

It's definitely a mistake.

I doubt anyone would pay roughly $5750 in fees just to send $0.29
It just doesn't make sense.

I sincerely hope that it was not a mistake of that magnitude.  This is a good reason to lock up your ledger in a vault before you start drinking.  Otherwise if it was a real transaction fee that is a really strange number.