Ouch, today someone made a transaction with over $500k fee. - page 6.

satscraper

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Quote from: albert0bsd on September 10, 2023, 04:06:53 PM

Quote from: philipma1957 on September 10, 2023, 03:57:15 PM

Assuming its a legit mistake only a major pool would fix this. A small pool would likely keep it.

It was mined by F2Pool

Seems like an human errror but i don't know what to think.

Is there any chance that "human error" was intentionally made as a part of money laundering scheme used by F2Pool? I understand that it is very risky way to cleanse dirty money as the transaction with such enormous fee could be mined by other pool but they might have no option other than to lose money or mine it be themselves.

albert0bsd

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Nobody is mentioning that the address (bc1qr35hws365juz5rtlsjtvmulu97957kqvr3zpw3) is very active and it looks like all those TX are automated

So based on this personally i only can think that it was caused by a code error, some exception that was not correctly handled, but that is also very unlikey, as developer i don't see a case where it can fail like this.

if you see all TX the Change address is the firsts (Same wallet) and all of them are handled it correctly

avp2306

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Quote from: pawel7777 on September 10, 2023, 03:48:18 PM

The bitcoin fees market is getting out of control. Someone must've been really in a hurry as they paid BTC19.82 (~$511,000) fee just to send $2k worth.
Jokes aside, probably a very painful mistake. I wonder how's it going to unfold and whether the miner will return it to the unlucky sender.

Source:
Explorers: https://twitter.com/whale_alert/status/1700920065934213256
Blockstream: https://blockstream.info/tx/d5392d474b4c436e1c9d1f4ff4be5f5f9bb0eb2e26b61d2781751474b7e870fd?expand
Blockchain.com: https://www.blockchain.com/explorer/transactions/btc/d5392d474b4c436e1c9d1f4ff4be5f5f9bb0eb2e26b61d2781751474b7e870fd

He or She must be drunk will setting up that transaction since imagine how huge the fee he set up then for sure he is now so bothered with the money he lost out of that transaction. He should at least check the mempool to see what is the recommended fee to make his transaction fast but crazy things happen I guess this serves a lesson for him and for people which read his story since this is really a painful mistake done by holder.

Outhue

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That's a lot of money, I have made similar mistake before with one of the old popular Bitcoin wallet, I use 90$ to send 5$ worth of Bitcoin and it was a lot to me at the time because I couldn't even afford 100$ back then, I couldn't remember the name, but the wallet was out when JAXX wallet was newly released, oh yes it's Samorai wallet, I couldn't believe how it happened, because I have used Coinomi and Copay wallet before this wallet so I am very familiar with how to make Bitcoin transaction.

I just uninstalled the wallet and never look back, rushing to make transactions could make you do some costly mistakes, take your time, relax, and check the wallet you are sending Bitcoin to very well before clicking on the SEND button.

Doan9269

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Quote from: pawel7777 on September 10, 2023, 03:48:18 PM

The bitcoin fees market is getting out of control. Someone must've been really in a hurry as they paid BTC19.82 (~$511,000) fee just to send $2k worth.
Jokes aside, probably a very painful mistake. I wonder how's it going to unfold and whether the miner will return it to the unlucky sender.

Honestly there might just have been a mistake from either the sender making a mistake of adding an additional figure when he intends to press just only one or maybe the mining pool used broadcasred his transaction across other addresss who's transaction fees are higher making it appears that way, but since it's an open transaction we don't know which miner will claim this to add as their block reward, the error that happened could be traced down to the sender and not the network.

retreat

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It was quite surprising to see 1 bitcoin transaction with fees that big and most likely that it was the sender's error because it was a public broadcast. I don't know what the sender was thinking, whether he was sleepy or what, because a sane person would not be able to arrange fees of that size for just one transaction worth $2K USD. Hopefully F2Pool can return the fees to the sender or not at all because it's not their fault.

o_e_l_e_o

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Quote from: adaseb on September 10, 2023, 09:37:39 PM

I think this person instead of using a wallet, they probably wrote out the transaction by hand and got the miner fee mixed up with the transaction fee.

There is no "miner fee" and "transaction fee". These refer to the same thing. Bitcoin transactions pay a single fee, which goes to whichever miner includes that transaction in a block.

When a transaction is written out in raw hex, there is actually no field to specify the fee at all. You specify the inputs you want to spend, you specify the outputs you want to send money to, and you specify how much money you are sending to each output. You don't specify the fee. The fee is worked out from the sum of the inputs minus the sum of the outputs. It is essentially "whatever is left over". In previous transactions like this the error has been the creator not realizing this, forgetting to include a change address, and therefore everything that they didn't specify being used as a fee. What is unusual here is that the transaction involved does include a change address (the same address the coins are sent from), so the person who made this transaction has made some other mistake.

Zlantann

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Quote from: pawel7777 on September 10, 2023, 03:48:18 PM

The bitcoin fees market is getting out of control. Someone must've been really in a hurry as they paid BTC19.82 (~$511,000) fee just to send $2k worth.
Jokes aside, probably a very painful mistake. I wonder how's it going to unfold and whether the miner will return it to the unlucky sender.

Source:
Explorers: https://twitter.com/whale_alert/status/1700920065934213256
Blockstream: https://blockstream.info/tx/d5392d474b4c436e1c9d1f4ff4be5f5f9bb0eb2e26b61d2781751474b7e870fd?expand
Blockchain.com: https://www.blockchain.com/explorer/transactions/btc/d5392d474b4c436e1c9d1f4ff4be5f5f9bb0eb2e26b61d2781751474b7e870fd

I just don't know what to think in this case. Was the owner drunk or having some health issues? Maybe the wallet and funds were inherited by someone who has little knowledge about Bitcoin and was trying to make his first transaction. It could also be a human error from someone knowledgeable. I think is ethical for the F2Pool to refund the funds after deducting some expenses, doing that will make their reputation rise in the industry. As the story unfolds I just hope it has a good ending and that the funds are returned to the owner.

bittraffic

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Such a huge loss.
It happens every near bull market. It seem like every bull market there is a newcomer in crypto who is very rich and doesn't know how to send with the minimum transaction fee.

I Wouldn't want to laugh at someone's misery but someone somewhere is going to be like the miners in F2pool.

Upgrade00

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Quote from: BitMaxz on September 10, 2023, 06:29:41 PM

I think it was not a human mistake if it was mined from F2pool maybe the transaction was made by someone who mines in F2pool and withdraws his mined BTC.

But in this case the transaction was broadcasted publicly and any miner would have been able to claim the block rewad. If anyone was looking to send money this way they will have only limited the transaction to their miner or directly minednit themselves but this was open for everyone.

Quote from: BitMaxz on September 10, 2023, 06:29:41 PM

Because people nowadays are smart it's impossible that he didn't double-check the transaction fee before the transaction was broadcasted.

People nowadays are far from smart and it is improbable (considering the amount) but not impossible that they didn't double check before sending.
One theory on Twitter, sorry X, is that the user mixed up the amount to send and transaction fees.

adaseb

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Yeah I was on Jochen earlier trying to find what is the optimal fee to use to send a transaction and noticed the huge spike which skewed the entire chart,
https://jochen-hoenicke.de/queue/#BTC,24h,fee

See that high peak, yeah that was the transaction.

I think this person instead of using a wallet, they probably wrote out the transaction by hand and got the miner fee mixed up with the transaction fee. This is the only way I can see this happening since its most likely not laundering funds since it was mined by a large pool and not an unknown miner.

Darker45

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People are talking about this and speculating a lot on social media. It seems there isn't any word from the one who made the transaction himself/herself. Some are saying this is a way to donate to the miners. I don't think that's really what happened. It's probably an error. I read of a possibility that he/she might have typed the amount to send in the space intended for fees and the fees in the space intended for amount to send.

Either way, Bitcoin's system exhorts us to double, even triple, check transaction details before confirming it. Finders keepers, losers weepers couldn't be more true in such a system.

sheenshane

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Unfortunately, if the doubt above was right, miners are not obligated to return the fee from a technical or protocol perspective.
So there's no assurance of being refunded.

IMO, this was what I was thinking of, it might be because of the miners themselves.
Some miners, including mining pools, might create transactions to send cryptocurrency from one of their own addresses to another. Maybe by attaching a high fee to this transaction, they ensure it's included in the next block they mine, effectively paying themselves a higher fee but that's only my assumption.

Whatever it is, it's a huge amount of fee, looking for an update of it.

terrific

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Ouch, that's a lot.

Code:

Amount
0.07405440BTC • $1,912.94

Fee
1,982,108,632SATS • $512,008

Well, hopefully that F2Pool will return but if they don't, they'll just justify that it's not their fault in the first place to put that kind of fee for a few thousand of transaction. Maybe, whoever the owner is can just have some dialogue and give a part of it back to F2Pool while returning some hefty amount of the fee, lol just some negotiation by having this mistake.

BitMaxz

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I think it was not a human mistake if it was mined from F2pool maybe the transaction was made by someone who mines in F2pool and withdraws his mined BTC.
Since F2pool withdrawal is free I believe that the transaction was created by them and included in the block to mine. F2pool can manually choose transactions so there is no problem if they create a transaction with a large fee they can just include the transaction later in the block they mine.

Because people nowadays are smart it's impossible that he didn't double-check the transaction fee before the transaction was broadcasted.

philipma1957

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'The right to privacy matters'

Quote from: pawel7777 on September 10, 2023, 04:13:23 PM

Quote from: Zenp on September 10, 2023, 04:02:23 PM

I doubt it's an act of carelessness, anyone with that kind of a balance would at least know how and where to input the appropriate fees. It could be a way to donate a large sum to the bitcoin miners.

Here's a tx from 2016 that paid a 291.24 btc fee: https://www.blockchain.com/explorer/transactions/btc/cc455ae816e6cdafdb58d54e35d4f46d860047458eacf1c7405dc634631c570d this fee was worth 130k USD at that time as the BTC price was close to $441. Looking back now, this fee is worth 7.5m USD.

Thanks, the one from 2016, although much greater in BTC terms, was around 4 times lower in USD terms than today's one.
The 2016 transaction was widely reported as a sender's error, so not sure why would you dismiss the possibility of someone making a similar mistake today. I can't imagine anyone willing to send a "donation" to a random mining pool this way. Just sounds way less probable than a human error.

And if my memory serves me well, I think in 2016 the pool agreed to return the fee (but I may be thinking about yet another situation).

I remember ant pool returning a large mistake maybe 99 btc

hatshepsut93

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Quote from: Zenp on September 10, 2023, 04:02:23 PM

I doubt it's an act of carelessness, anyone with that kind of a balance would at least know how and where to input the appropriate fees.

You assume that all mistakes come from the lack of knowledge or experience. But there's a wide variety of other reasons that can force someone to make a mistake, like being tired, sleep-deprived, distracted, etc. I don't see anything strange about a supposedly experienced a wealthy user making such mistake.

If anything, it shows how dangerous Bitcoin can be, because it allows such things to happen. So this should be a reminder that with Bitcoin you are your own bank, meaning you are responsible for checking your transactions and no one else.

panganib999

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Confirmed to be a human mistake. Publicly broadcasted, most likely since this is mined from F2Pool the money could be returned to the user since that is a huge amount of money, and it's a huge mining pool to boot. it's either the money's going to be returned, or the money won't be. Either way the user already paid for it, but something that presses me so much about this is why didn't the guy who made this transaction kept his mouth shut about it? Why is it that he decided to not tell anyone, not even F2Pool if I'm not mistaken, about this stuff?

Smelling some money laundering shit going in here, I know i sound like a fucking conspiracy theorist but at the same time the lines meet and if he kept his mouth shut about it it might just mean that he's not really keen about keeping the money one way or another.

Artemis3

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Good luck having f2pool return the money, i hope the affected person knows Chinese...

Can you imagine if this was found by a solo miner? lol, talk about winning the lottery: 26 bitcoins... above the reward given in 2013...

RocketSingh

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Quote from: Zenp on September 10, 2023, 04:02:23 PM

Quote from: pawel7777 on September 10, 2023, 03:48:18 PM

The bitcoin fees market is getting out of control. Someone must've been really in a hurry as they paid BTC19.82 (~$511,000) fee just to send $2k worth.
Jokes aside, probably a very painful mistake. I wonder how's it going to unfold and whether the miner will return it to the unlucky sender.

Source:
Explorers: https://twitter.com/whale_alert/status/1700920065934213256
Blockstream: https://blockstream.info/tx/d5392d474b4c436e1c9d1f4ff4be5f5f9bb0eb2e26b61d2781751474b7e870fd?expand
Blockchain.com: https://www.blockchain.com/explorer/transactions/btc/d5392d474b4c436e1c9d1f4ff4be5f5f9bb0eb2e26b61d2781751474b7e870fd

I doubt it's an act of carelessness, anyone with that kind of a balance would at least know how and where to input the appropriate fees. It could be a way to donate a large sum to the bitcoin miners.

Here's a tx from 2016 that paid a 291.24 btc fee: https://www.blockchain.com/explorer/transactions/btc/cc455ae816e6cdafdb58d54e35d4f46d860047458eacf1c7405dc634631c570d this fee was worth 130k USD at that time as the BTC price was close to $441. Looking back now, this fee is worth 7.5m USD.

There are actually many such stories...

In 2013, Friedcat refunded 200 BTC.

In 2014, BTC Guild refunded 30 BTC.

Details @ https://news.bitcoin.com/mining-pool-btc-com-80-btc-fee-refund/

Its thrilling to watch & verify all these on chain. The beauty of Bitcoin. Roll Eyes

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