fee reached 500 BTC. | Bitcointalksearch.org

Oralmat

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Quote from: n691309 on May 18, 2016, 03:33:32 PM

Quote from: spanky3 on May 16, 2016, 12:12:34 PM

https://blockchain.info/unconfirmed-transactions

fee reached 500 BTC.

I accessed this link now and i see that the fees are ~1BTC+, but i have read in the past that a single transaction had 200BTC+ in fees so it is possible to see these enormous fees(but it is not usual)

Pretty scary looking figures; but I think it’s quite reasonable given that the mining process need to be paid and such. I can only wait and hope that the bitcoin value increase then I can make a profit soon.

n691309

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Quote from: calkob on May 19, 2016, 04:37:54 PM

i really dont get what you are talking about? fee reached 500btc? what does that mean?

It means that from 7,500 unconfirmed transaction 500BTC are spent only on transaction fees which is pretty much. At the moment there are 3,700+ unconfirmed transaction and 4,863BTC+ are spend on fees, Unbelievable!

calkob

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i really dont get what you are talking about? fee reached 500btc? what does that mean?

n691309

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Quote from: spanky3 on May 19, 2016, 03:18:08 PM

Quote from: n691309 on May 18, 2016, 03:33:32 PM

Quote from: spanky3 on May 16, 2016, 12:12:34 PM

https://blockchain.info/unconfirmed-transactions

fee reached 500 BTC.

I accessed this link now and i see that the fees are ~1BTC+, but i have read in the past that a single transaction had 200BTC+ in fees so it is possible to see these enormous fees(but it is not usual)

is hard fork can be the cause of this happened ?

I'm not sure about this, knightdk shorena or others who have pretty good knowledge about this can answer you, btw the total fees now are ~320BTC, what's happening?

spanky3

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Quote from: n691309 on May 18, 2016, 03:33:32 PM

Quote from: spanky3 on May 16, 2016, 12:12:34 PM

https://blockchain.info/unconfirmed-transactions

fee reached 500 BTC.

I accessed this link now and i see that the fees are ~1BTC+, but i have read in the past that a single transaction had 200BTC+ in fees so it is possible to see these enormous fees(but it is not usual)

is hard fork can be the cause of this happened ?

The Arcitect

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So that is 50 btc lost from these unconfirmed transactions Shocked

Unbelievable. It just seems like it was a taxation of some sort.

n691309

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Quote from: spanky3 on May 16, 2016, 12:12:34 PM

https://blockchain.info/unconfirmed-transactions

fee reached 500 BTC.

I accessed this link now and i see that the fees are ~1BTC+, but i have read in the past that a single transaction had 200BTC+ in fees so it is possible to see these enormous fees(but it is not usual)

rizzlarolla

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Quote from: numismatist on May 18, 2016, 09:14:11 AM

Quote from: alyssa85 on May 18, 2016, 08:29:48 AM

People can always use alts to move money, they don't have to use BTC. For example the fee when using doge is 1 Doge which is about 50 satoshis. I expect this development will hasten the move into alts.

I do prefere Litecoin for exactly that reason. Fast, unexpensive, does the job.

Lauda, another alt coin thread?
We'll have RealBitcoin here in a minute pushing nxt.

Quote from: Lauda on May 18, 2016, 01:19:12 PM

It is a self regulating cycle: Mining is not profitable -> some miners leave -> mining becomes profitable for the remaining entities -> new miners join -> mining is not profitable.

That is how it was designed but no chance of that happening ATM, IMO.
Mining is profitable -> segwit doesn't come into effect for months/ever -> mempool overload -> fees spike -> mining becomes even more profitable.

Lauda

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Terminated.

Quote from: alyssa85 on May 18, 2016, 10:03:02 AM

You are assuming that people only do one transaction a year - in which case 5 cents is indeed cheap. If you do thousands or tens of thousands of transactions (or millions like a normal business), then it becomes expensive.

Again, compared to existing infrastructure Bitcoin is really cheap. Nobody really needs fees that are 1 cent. Without Bitcoin these 'businesses' would be stuck with insane fees from traditional systems.

Quote from: panju1 on May 18, 2016, 10:08:56 AM

Bitcoin will still work out cheaper than bank transactions, especially for international transactions.

Exactly. Just imagine trying to transfer a few million with the existing infrastructure. Compare that fee to the fee needed with Bitcoin.

Quote from: Kprawn on May 18, 2016, 10:12:37 AM

I always wonder if we reach a stage, where Bitcoin mining is not profitable anymore and the fees are not high enough to cover the loss, if people would be willing to pay higher fees to keep miners mining.

It is a self regulating cycle: Mining is not profitable -> some miners leave -> mining becomes profitable for the remaining entities -> new miners join -> mining is not profitable.

Kprawn

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We are still worlds away from a scenario, where the fees will be able to replace the miners reward, so this is not something we should be worried about for now. I always wonder if we reach a stage,

where Bitcoin mining is not profitable anymore and the fees are not high enough to cover the loss, if people would be willing to pay higher fees to keep miners mining. I know, we all think the

adoption will increase and the transactions will increase too... but what if it did not... Will you pay higher fees as a incentive to make up for miners losses?

panju1

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Quote from: alyssa85 on May 18, 2016, 10:03:02 AM

Quote from: Lauda on May 18, 2016, 09:52:37 AM

Quote from: alyssa85 on May 18, 2016, 09:12:17 AM

In your opinion maybe. But others may disagree - if fees are too much when moving bitcoin, then the rational economic thing to do is to switch to an alt with a lower fee. It is the price mechanism at work. There is no monopoly in cryptocurrency, that is the beauty, instead there is plenty of choice. If there is a failure point in bitcoin, the market will simply move to the next best alt.

If you want to be a cheap person and need fees that are < 5 cents, sure. Otherwise, no. Besides, you probably pay a fee at converting so you lose out most of the benefit anyways. Altcoins are not even worth my time as a means of transfer. The only thing that could be useful are the rare features such as found in Monero (some of the anonymity).

You are assuming that people only do one transaction a year - in which case 5 cents is indeed cheap. If you do thousands or tens of thousands of transactions (or millions like a normal business), then it becomes expensive.

What matters is the percentage fees.
Bitcoin will still work out cheaper than bank transactions, especially for international transactions.

alyssa85

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Quote from: Lauda on May 18, 2016, 09:52:37 AM

Quote from: alyssa85 on May 18, 2016, 09:12:17 AM

In your opinion maybe. But others may disagree - if fees are too much when moving bitcoin, then the rational economic thing to do is to switch to an alt with a lower fee. It is the price mechanism at work. There is no monopoly in cryptocurrency, that is the beauty, instead there is plenty of choice. If there is a failure point in bitcoin, the market will simply move to the next best alt.

If you want to be a cheap person and need fees that are < 5 cents, sure. Otherwise, no. Besides, you probably pay a fee at converting so you lose out most of the benefit anyways. Altcoins are not even worth my time as a means of transfer. The only thing that could be useful are the rare features such as found in Monero (some of the anonymity).

You are assuming that people only do one transaction a year - in which case 5 cents is indeed cheap. If you do thousands or tens of thousands of transactions (or millions like a normal business), then it becomes expensive.

Lauda

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Quote from: alyssa85 on May 18, 2016, 09:12:17 AM

In your opinion maybe. But others may disagree - if fees are too much when moving bitcoin, then the rational economic thing to do is to switch to an alt with a lower fee. It is the price mechanism at work. There is no monopoly in cryptocurrency, that is the beauty, instead there is plenty of choice. If there is a failure point in bitcoin, the market will simply move to the next best alt.

If you want to be a cheap person and need fees that are < 5 cents, sure. Otherwise, no. Besides, you probably pay a fee at converting so you lose out most of the benefit anyways. Altcoins are not even worth my time as a means of transfer. The only thing that could be useful are the rare features such as found in Monero (some of the anonymity).

Quote from: topiOleg on May 18, 2016, 09:23:27 AM

Maybe Bitcoin sidechains could work much better than highly volatile altcoins.

Yes, they are going to be the right 'option' and you can practically say 'bye' to these altcoins. An interesting example of that would be Rootstock.

Quote from: Cuidler on May 18, 2016, 09:41:37 AM

Normally the fee of public unconfirmed transactions is just few Bitcoins, but sometimes someone can mistakely send 0.0001 BTC wih 100 BTC fee, or with spam attack the fees of public unconfirmed transactions might go higher.

Again, someone needed to confirm whether this actually happened as blockchain.info can show the wrong information at times. I haven't noticed the thread in time, else I would have verified it on other explorers.

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Quote from: ?? on ??

Quote from: numismatist on May 18, 2016, 09:14:11 AM

Quote from: alyssa85 on May 18, 2016, 08:29:48 AM

People can always use alts to move money, they don't have to use BTC. For example the fee when using doge is 1 Doge which is about 50 satoshis. I expect this development will hasten the move into alts.

I do prefere Litecoin for exactly that reason. Fast, unexpensive, does the job.

That's true, but what if that altcoin price suddenly raise/drop in short time or you want to exchange it to bitcoin or other altcoin?
It would be complicated unless you only use that altcoin.

You can just use an alt that is stable. Doge moves within a narrow range - about 49-52 sats. Litecoin moves within a fairly narrow range. And there are always alts like Nubits which are pegged to the $.

Cuidler

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Quote from: ?? on ??

500BTC? I just went there and i saw Total Fees reached 31,404.8614729 BTC Shocked

Maybe they mistaken total fees with total unconfirmed bitcoin or total fees of all time Roll Eyes

Anyway, we can see blockchain.info became unreliable now Sad

Normally the fee of public unconfirmed transactions is just few Bitcoins, but sometimes someone can mistakely send 0.0001 BTC wih 100 BTC fee, or with spam attack the fees of public unconfirmed transactions might go higher.

But the fee of confirmed transactions can be any value as miners might mine their own transactions with huge fees paid to themselves by not publictly send such high fee unconfirmed transactions (so no one else can mine these high fee transactions).

~Bitcoin~

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I think OP is trying to say fee to transact those all unconfirmed transaction is 500 btc. However thread title is quite misleading.

topiOleg

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Quote from: alyssa85 on May 18, 2016, 08:29:48 AM

People can always use alts to move money, they don't have to use BTC. For example the fee when using doge is 1 Doge which is about 50 satoshis. I expect this development will hasten the move into alts.

Maybe if you have some ballance on altcoin exchange you might choose altcoin to move to another altcoin exchange, but for other cases when you hold Bitcoins then you must send Bitcoins, and holding altcoin is very risky in my opinion. Maybe Bitcoin sidechains could work much better than highly volatile altcoins.

numismatist

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Quote from: alyssa85 on May 18, 2016, 08:29:48 AM

People can always use alts to move money, they don't have to use BTC. For example the fee when using doge is 1 Doge which is about 50 satoshis. I expect this development will hasten the move into alts.

I do prefere Litecoin for exactly that reason. Fast, unexpensive, does the job.

alyssa85

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Quote from: Lauda on May 18, 2016, 09:00:42 AM

Quote from: alyssa85 on May 18, 2016, 08:29:48 AM

I expect this development will hasten the move into alts.

This is not any kind of development. There is no reason to use alts.

In your opinion maybe. But others may disagree - if fees are too much when moving bitcoin, then the rational economic thing to do is to switch to an alt with a lower fee. It is the price mechanism at work. There is no monopoly in cryptocurrency, that is the beauty, instead there is plenty of choice. If there is a failure point in bitcoin, the market will simply move to the next best alt.

pereira4

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Quote from: alyssa85 on May 18, 2016, 08:29:48 AM

People can always use alts to move money, they don't have to use BTC. For example the fee when using doge is 1 Doge which is about 50 satoshis. I expect this development will hasten the move into alts.

Lol no one cares about DOGE, Dogecoin was great to get some extra BTC off fool hands, just like most alts if not all of them.
Sometimes people put big fees by accident, or because they are stupid and are using BTC while drunk or something (I can't find any other explaination) and when this happens the average fee can go higher than it naturally is.

Topic: fee reached 500 BTC. (Read 1352 times)