Another mistake in Bitcoin fees? - page 2.

GeorgeJohn

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Quote from: electronicash on November 18, 2020, 07:38:26 PM

i don't think it will be returned. even solo miner will not return it. not even a pool.

they wasted energy to keep mining transactions, they continue to do so when BTC price submerge that they hardly can't pay bills. this is just one instance that miners will have to breath good air that they at least get an amount they like. feel sorry for whoever made that mistake though.

So does it mean that if such mistake happen irrespective the amount or values of the btc the person transacting such can't retrieve he or her btc,so what should be advice to a novice in these type of transactions in case if things of this nature is about to occur via further transactions, i think they should be possible ways to make it to return if it happened.

abderrazak belkhir

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The bitcoin fees are high in the curent time but 47 is not a logic amount and its surly a mistake
Its better to double cheek everything before making a transaction because the mistakes cannot be fixed in the crypto transactions

stomachgrowls

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Quote from: meanwords on November 19, 2020, 03:44:13 AM

This guy is probably trying to hurry up to trade in a exchange, especially that Bitcoin is so volatile right now. Probably trying to catch something and swap transaction fee to transaction amount.

OR maybe it's like pooya87 said, it's probably money laundering too. Bribing doesn't make sense to me, so he's probably trying pay something from that miner (probably for drugs?).

Not really much on minding about money laundering on this part where i do saw that it is way too far off to presume with this situation but i cant deny that this is plausible or could really be a reason

but i do highly doubt that this was indeed a mistake by the sender and i do agree into the point that he might made up some swap of transaction amount and the fees that had been set.

Instead of sending 47k he accidentally set it up on the fees which is really a very costly mistake yet we cant be sure if the said miner who do pushed up that transaction would really return those funds
or would be completely lost forever.

Lizzylove1

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This is unmeticulous on the side of.the sender. It appears maybe there was a glitch in the wallet and he didn't check fee but just hit send button. This is frequent in ethereum network when interacting with DAPP. What I do is either customise or just logout and come back again.

oktana

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Quote from: livingfree on November 18, 2020, 09:31:01 PM

I don't think so too.

But that's just too much. Though the owner is to blame for not having looked well, I'd still consider it cruel if the miner takes all the money. Like that's just too much for a human's conscience to me.

catur123

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wow $ 47K !!
This is so scary.
This is a human error. Maybe the person making the transaction is too nervous or maybe sleepy. Grin

because in my opinion this is purely the person's own fault, I hope that you can be patient in dealing with this.

Lordhermes

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Quote from: meanwords on November 19, 2020, 03:44:13 AM

This guy is probably trying to hurry up to trade in a exchange, especially that Bitcoin is so volatile right now. Probably trying to catch something and swap transaction fee to transaction amount.

But someone can't set transaction fees on exchange, its only automatic, so basically the sender is not in a rush, it would have been the senders mistake if actually in a ruch to set transaction fee in some noncustodial wallets.
Regarding refund, it can only happen if the sender knows any miner to discuss that with.

aesma

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Bribery or money laundering doesn't make sense to me because of the inputs. 750 inputs means 750 ways to track who is doing that. It's an unnecessary risk, when you could first mix these inputs one way or another (mixer, or through an exchange) to get a more reasonable number of inputs, then do the high fee thing. Even then, I don't really see the advantage of doing it that way, just send the inputs to a mixer, give the output (or voucher, even better) to the person you're paying, and that's it.

I stick to my idea that this is a script, probably used by an exchange, that had a bug/isn't coded properly.

edit : OK my bad the laundering part, with exclusive mining, to pass illegal money as mining revenue, is possible. I'm not sure authorities looking at it would really be fooled, though.

meanwords

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This guy is probably trying to hurry up to trade in a exchange, especially that Bitcoin is so volatile right now. Probably trying to catch something and swap transaction fee to transaction amount.

OR maybe it's like pooya87 said, it's probably money laundering too. Bribing doesn't make sense to me, so he's probably trying pay something from that miner (probably for drugs?).

davis196

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Quote from: pooya87 on November 19, 2020, 02:21:58 AM

how do you know that this is a mistake and not intentional?

i am always skeptical about these cases being a "mistake". all wallets that i have seen already have a good way of warning the user of "absurdly high fees" to prevent mistakes like this one. they look more like bribes to miners or possibly even a money laundry case although a pretty bad one at that.

I kinda agree with that.The cryptocurrency exchanges are working with the coins deposited by their customers so they wouldn't care that much about high transaction fees,since all those coins aren't a property of the crypto exchange owner.However,the crypto exchange owner should "refund" such losses caused by picking a higher transaction fee.
I'm not sure that this is a way to "bribe the miners".What's the benefit for the crypto exchange to bribe some miners?Higher transaction speed?Probably,but I still can't believe this.

pooya87

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Quote from: BlackHatCoiner on November 19, 2020, 02:37:13 AM

~
I was thinking that too. Although, if I wanted to launder money, I wouldn't go through that way no matter my equipment. Maybe they didn't use a simple wallet. Could they possibly do a mistake through the command line?

yes, if it was an automated system that was doing something like consolidating the inputs automatically without any human intervention it could be possible to have some sort of bug that led to setting the fees this high.

crwth

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Just like what pooya87 said, there could be another reason for it. It's what I was thinking about when I read the article. I mean, how can you be so careless with your coins? Manual fees will be verified before sending the transaction, and I doubt that it's just an "honest" mistake towards it. Unless it's what Blockstream suggests, it's a self-transfer? There would probably no more follow-up on this in the future, and I hope no one gets to make an expensive mistake like that.

It does put the transaction on the radar already when there's a ridiculously high fee. So if some authorities look, they might find a way to launder it or something.

witcher_sense

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I agree with pooya87, it could have been a case of money laundering or any other fraudulent activity. Given that block containing this suspicious transaction was mined by unknown miners, it all makes me think it was done deliberately, the transactor had colluded with the miner and sent them a specific transaction.

Researchers Find New Way for Criminals to Launder Money Using Bitcoin

Either it was so-called "Exclusive mining" that took place here, or the sender was really uncautious.

BlackHatCoiner

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Quote from: pooya87 on November 19, 2020, 02:21:58 AM

how do you know that this is a mistake and not intentional?

i am always skeptical about these cases being a "mistake". all wallets that i have seen already have a good way of warning the user of "absurdly high fees" to prevent mistakes like this one. they look more like bribes to miners or possibly even a money laundry case although a pretty bad one at that.

I was thinking that too. Although, if I wanted to launder money, I wouldn't go through that way no matter my equipment. Maybe they didn't use a simple wallet. Could they possibly do a mistake through the command line?

pooya87

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how do you know that this is a mistake and not intentional?

i am always skeptical about these cases being a "mistake". all wallets that i have seen already have a good way of warning the user of "absurdly high fees" to prevent mistakes like this one. they look more like bribes to miners or possibly even a money laundry case although a pretty bad one at that.

Warkop

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I think this is the biggest mistake he has ever made for the amount of fees he's incurred, because he doesn't pay attention to the amount of fees he wants to spend on transacting there, this will be no tolerance or refund for the cost mistakes he made because it's not a miner wrong. So for that, consider this as a valuable lesson for all parties who wish to transact to remain careful and always pay attention to the amount of costs that must be incurred so that errors like this do not occur.

shinratensei_

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Quote from: electronicash on November 18, 2020, 07:38:26 PM

i don't think it will be returned. even solo miner will not return it. not even a pool.

That could be a reward for miners. I remember about someone was also mistakenly paying a huge tx fee in altcoin too.
The bitcoin fees will be divided among all of the miners. There's no way to get it back.

I guess, is he putting it manually? I meant when we are using electum or another bitcoin wallet and the fees were automatically calculated.

carlisle1

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Quote from: ?? on ??

Quote from: AhmadM on November 18, 2020, 04:48:22 PM

As of today looks like someone has just made another mistake on sending his/her Bitcoin, s/he has apparently paid around 2.66BTC ($47) in fees.
~

There will be $47K

This is really scary! that's why I didn't manually construct the transaction fees, I always try to use auto generated fees, just manually set high-low-medium option.
Hope a nice honest miner will refund this mistaken money to the owner. Cry

Even How generous and honest a Miner is still this is something a Sender must learn because this is cryptocurrency and we must be aware of irreversible transactions so each mistakes must be pay off.

And besides this happens sometimes but we have not hear any claims that there are refunding that be given so Just say Sorry for the sender and Congrats for the miner lol.

Kemarit

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Quote from: livingfree on November 18, 2020, 09:31:01 PM

Quote from: electronicash on November 18, 2020, 07:38:26 PM

i don't think it will be returned. even solo miner will not return it. not even a pool.

I don't think so too.

Whoever made that transaction don't look at the customization of the fee and didn't check the options, amount and size of his transaction. If this was made by an exchange, it isn't that much for them.

But if this was made by an individual, that sucks! a lot of money was wasted due to the fees. I remember the same thing that have made mistake but it's with Ethereum.

Yeah, I don't think the miners returning as it is not their fault. And I'm sure majority of us checks for the existing transaction fees and adjust accordingly.

It could be an exchange or some gambling site, but what are the chances of those services paying so much fees an making that huge mistakes in payment, they've been doing this for a long time, just weird if they make one costly mistakes specially in this bull run.

tbct_mt2

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Quote from: BayAreaCoins on November 18, 2020, 05:02:53 PM

Probably just someone paying what the Bitcoin wallet "estimates". Wink

What I know is good non-custodial wallets gave people warnings if they use high fees for their transactions. I don't know what happened when the person broadcasted that transaction and terribly ignored warning from the wallet. For their stupid ignorance, they can not blame it on any wallet or anyone else.

Stupid transactions with high fees on Ethereum network occured months ago and Etheremine pool decided to waive the high fee to all of their miners. What bitcoin mining pool that confirmed that transaction will do?

The mining pool is Huobit for the block 657535

Topic: Another mistake in Bitcoin fees? - page 2. (Read 551 times)