Someone just paid 83BTC for transaction fee, - page 3.

o48o

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Quote from: satscraper on November 23, 2023, 06:43:28 AM

It might be also a part of money laundering scheme. Pools are free to include into candidate block its own transactions which are "hidden" for other miners till that block is mined.

The pools with enough calculation power are even have capability to mine a few blocks that are not visible to other miners. This is cold a selfish mining.

Quote from: https://fc14.ifca.ai/papers/fc14_submission_82.pdf

I never even thought about this, but this is most plausible theory, and i do have to admit it's pretty clever way to launder money.
Although i am guessing that this isn't going to be efficient way for much longer if people are paying attention to this, and watching the money closely.

I am not sure if officials have yet enough resources to learn and track every new way though.

dothebeats

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I'll be damned if I ever see that high of a transaction fee in some of my transactions. If possible, I always go for the most economical route that gets the transaction confirmed within the next block. Call it as being frugal or skimping, but that's one of the selling points of crypto: cheap transaction fees. I'm surprised the sender didn't realize that he's putting an absurd amount of money just for fees, and if they're someone who has this amount of crypto, I'm pretty sure they know that something isn't right before they sign and broadcast that tranasaction.

rachael9385

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As we already know that based on the high fee rate a lot might have put their coins under a blanket because they don't want to make sure a hug mistake while selling of sending their coins out.
However, it is a good idea if we don't just selling our coins under pressure because most of these mistake are been caused while selling or sending out of pressure just because most of them just want to get profits.
Although, for an investor to have such an amount of BTC on his wallet, that means he or she has enough than what he used for transaction fee, moreover it is a sad story because such a thing is not done out of consciousness rather than a mistake.

Hyphen(-)

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Quote from: Upgrade00 on November 23, 2023, 11:59:11 AM

I normally will assume transactions like this are not mistakes, cause anyone who holds such amounts will be able to easily navigate making a transaction without losing millions of dollars mistakenly. This will suggest that there is a possible money laundering going on, but money laundering is not meant to be obvious or public, but a ridiculous amount for tx fee will attract lots of attention.

As ridiculous as it is, I will assume that the are mostly mistakes and if they are not, money laundering is not the purpose of the transaction.

This will be a mistake, but for person to hold such amount of Bitcoin, he/she should have enough knowledge to know how to customize transactions fee to avoid such mistakes because this is a costly mistake that no one will want to make.

Nevertheless, it also looks like money laundering, but even if it one, the fee is very high to make it obvious, unless if it is been done intentionally just to give the Bitcoin out to the miners.

jrrsparkles

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Quote from: Cookdata on November 23, 2023, 07:46:28 AM

Quote from: EL MOHA on November 23, 2023, 05:23:43 AM

A transaction that was in block 818087 had actually paid a whopping sum of 83 bitcoins as the transaction fee. I would say this is a costly mistake but for someone having that huge amount of bitcoin in their possession I don’t get it. The transaction was first broadcasted with a fee of 70 bitcoins and then later was replaced with that of 83 bitcoin as fees.

If that's is not money laundering, I don't know what else to call it. I will assume that's a miner transaction because I don't think this is a mistake but a deliberate one. The first time a 70 amount of bitcoin was use as fees and then replace it with a bigger fee, don't you think something is off. If it was a genuine mistake, he would have probably override the transaction to a lower fees the soonest he realized the mistake but bump the fee by +13 bitcoin, that's deliberate action.

I would say it is a kind of mistake and why we see the fee increase 70 btc to 83btc is the user tried RBF soon after acknowledging the mistake but he is not aware that with RBF the fee can be only increased not possible to decrease so while trying to correct the mistake he lost another 13BTCs. But we saw similar incidents and the pool returned the excess amount like in Paxos case so probably we can expect the Antpool to act in the same way.

Nwada001

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This is really a one-in-a-lifetime mistake, and if this is not reversed, this person will forever remain to live with this regret. It's obvious the person has more than enough BTC in that wallet, which makes it easier for the transaction to go without warning or insufficient balance.

And can this mistake also be linked with the one that happened in the pass, which was not up to two months well, and it was later recorded that the amount was returned back to the sender, which they claim was a mistake from the wallet?

But how can someone who has such an amount of money in their wallet make such a big mistake? It now seems as if we who have a lesser amount of money in our wallet seem to be taking some security measures very seriously than the others. If such an amount is sent to the wrong wallet and not used for transaction fees, what else do you think will happen, if not turn an innocent person into a wealthy person?

coupable

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Quote from: Coin_trader on November 23, 2023, 07:43:08 AM

Quote from: dzungmobile on November 23, 2023, 05:57:18 AM

This is not a new type of 'mistake' and after many times, I started to think it is not mistake at all.

Those overpaid transaction fee is like a plan from someone to fud the market. It can be used as news like Bitcoin is risky, you can lose money by mistake when broadcasting your transaction and Bitcoin blockchain is irreversible so you will not get your money back. Something like this is in my mind.

Yeah, The amount is too much for just a mistake no matter how huge his holding. Also the most shady thing on this news was the fee is originally set high with 70BTC which is too high not to be notice. Also this kind of huge fee surely be immediately included in the block since it’s above average.

I also do not think this happened by mistake because the number is too large to be mistakenly identified as a fee. The sender can ask the mining pool to return the money to him after proving his ownership of the sending address. Although this is not certain to happen, we should at least hear of an attempt.
The hypothesis that I find most logical is an attempt to launder money since miners can confirm their transactions themselves. It's a good deal for the miner to launder that huge sum in exchange for only paying a small percentage of it in taxes.

Fatunad

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Quote from: EL MOHA on November 23, 2023, 05:23:43 AM

As we all know the transaction fee continues to get high as the mempool remains congested for almost a month now due to reoccurring ORDI tokens on the bitcoin blockchain. This has left some people a bit furious and some newbies making costly mistakes of setting high transaction fees.

A transaction that was in block 818087 had actually paid a whopping sum of 83 bitcoins as the transaction fee. I would say this is a costly mistake but for someone having that huge amount of bitcoin in their possession I don’t get it. The transaction was first broadcasted with a fee of 70 bitcoins and then later was replaced with that of 83 bitcoin as fees.

My guess is the sender was probably trying to set is fee as 70 and 83Sats/vbyte and then mistakenly set out that high fee. The block was mined by Antpool, hopefully they would treat it as mistake and return the funds.

1. TXID for the 83 bitcoin fee: b5a2af5845a8d3796308ff9840e567b14cf6bb158ff26c999e6f9a1f5448f9aa

2. The replaced transaction ID: 0c35f3c8a0c38f45629940ee9ab2b1c93d408be113845a735043261ad20f3351

Advice to newbies check properly the amount your setting as fee and make sure you are looking at the right fees estimator, use wallets that allows bumping of fees in case you set a very low one

Really that hard to believe that those people who are owning tons of Bitcoin is really considered as a newbie or someone who doesnt even know about basic operations. It is really just that impossible to believe on.

Okay lets say that someone had stored up those coins in electrum, so bumping up fee could be possible but its really that impossible that you cant really be able to read up
that sat/byte thing before you would be sending out your coins but well if this is the case then it is really just that costly mistakes but we've seen similar
situations back in the past about passing up huge amount of fee or making use of it.

Pools that had able to confirm it out or such transaction would really be that basically be returning out those things. As long this one creates too much
noise then community would really be have that normal approach and making reaction then it is normal that they would be returning it out or
even something that ethical on doing so.

Upgrade00

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I normally will assume transactions like this are not mistakes, cause anyone who holds such amounts will be able to easily navigate making a transaction without losing millions of dollars mistakenly. This will suggest that there is a possible money laundering going on, but money laundering is not meant to be obvious or public, but a ridiculous amount for tx fee will attract lots of attention.

As ridiculous as it is, I will assume that the are mostly mistakes and if they are not, money laundering is not the purpose of the transaction.

iBaba

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Quote from: dzungmobile on November 23, 2023, 05:57:18 AM

This is not a new type of 'mistake' and after many times, I started to think it is not mistake at all.

Those overpaid transaction fee is like a plan from someone to fud the market. It can be used as news like Bitcoin is risky, you can lose money by mistake when broadcasting your transaction and Bitcoin blockchain is irreversible so you will not get your money back. Something like this is in my mind.

There are times mining pools allow senders of those overpaid transactions to provide proof of ownership and claim those bitcoin back.

20 BTC as transaction fee
Bitcoin Miner F2Pool Returns 19.8 BTC to Paxos After Overpaid Fee
80 BTC as transaction fee
Accidentally pay an 80BTC transaction fee? Please contact us for a refund!

While I will love to agree with you on this, I am still surprised that someone could take this bold take and assume it to be a mistake. I think regardless of whatever the aim was, which I will support you in this case, this is marvelously interesting. The thing is, if it was not some sort of deliberate act to FUD the market, how on earth will this wallet holder be careless to make this momentous mistake of pushing out Bitcoin worth of millions of dollars as a mistake.

I will be interested to read more information about your perspective and what could have really been the reason why such mistake or at least acclaimed mistake was made.

Lamkuthang

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Quote from: EL MOHA on November 23, 2023, 05:23:43 AM

2. The replaced transaction ID: 0c35f3c8a0c38f45629940ee9ab2b1c93d408be113845a735043261ad20f3351

Advice to newbies check properly the amount your setting as fee and make sure you are looking at the right fees estimator, use wallets that allows bumping of fees in case you set a very low one

Wow. It's quite a big deal if you cash it in. Yes. We have to be careful and not rush into transactions, especially if the amount is large. I also checked that the transaction seemed safe and the balance received and withdrawn also only reduced the fee slightly.

mvdheuvel1983

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Quote from: sheenshane on November 23, 2023, 06:36:33 AM

I heard a few cases like this which is a very costly mistake, I didn't know if this is a newbie or not.

A similar error occurred in September when Paxos paid around $500,000 transaction fee on a Bitcoin (BTC) transfer. It was an overpayment. Well, they were lucky that the miner who verified the transaction returned it. The best news on the internet will be if we read out the miner who would verify this overpayment return it. It is just some very silly mistake either made in the moment when the sender wasn't paying attention to details. That is why is it good to be in the moment when making transactions as this. Between overpaying transaction fees and sending bitcoin to the wrong bitcoin address, I wonder which is worse.

tranthidung

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Quote from: satscraper on November 23, 2023, 06:43:28 AM

It might be also a part of money laundering scheme. Pools are free to include into candidate block its own transactions which are "hidden" for other miners till that block is mined.

It can be money laundering if a mining pool return it to the original sender, I don't think so. Because both transaction hashes of the mistakenly transaction (with high fee) and the return transaction are all public on the blockchain. Everyone can see it and it will not be hidden if it's money laundering. Where the bitcoins come from can be easily traced.

Quote

The pools with enough calculation power are even have capability to mine a few blocks that are not visible to other miners. This is cold a selfish mining.

Big mining pools can mine two or three blocks consecutively, it's true and you can see it there.
BTC empty blocks (2009 - 5 May 2020): miners, size, daily, monthly,yearly stats.

The untrue is all blocks are public on blockchain and the public ledger. You can see it on block explorers and what do you mean by 'are not visible to other miners"?

Not only other miners but many Bitcoin full nodes can see it too.

Doan9269

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Quote from: EL MOHA on November 23, 2023, 05:23:43 AM

A transaction that was in block 818087 had actually paid a whopping sum of 83 bitcoins as the transaction fee. I would say this is a costly mistake but for someone having that huge amount of bitcoin in their possession I don’t get it. The transaction was first broadcasted with a fee of 70 bitcoins and then later was replaced with that of 83 bitcoin as fees.

Is this actually a mistake or being ignorant, even if he transaction being made is that huge, it shouldn't have occurred that one is paying this huge sum for making payments, I was shocked in the first place when i saw this, thinking that maybe it was $70 that was intended and not in btc, if this was actually true, then i also wonder how the fund in question was acquired, there's more to know about this incident.

Quote from: EL MOHA on November 23, 2023, 05:23:43 AM

My guess is the sender was probably trying to set is fee as 70 and 83Sats/vbyte and then mistakenly set out that high fee. The block was mined by Antpool, hopefully they would treat it as mistake and return the funds.

1. TXID for the 83 bitcoin fee: b5a2af5845a8d3796308ff9840e567b14cf6bb158ff26c999e6f9a1f5448f9aa

2. The replaced transaction ID: 0c35f3c8a0c38f45629940ee9ab2b1c93d408be113845a735043261ad20f3351

Advice to newbies check properly the amount your setting as fee and make sure you are looking at the right fees estimator, use wallets that allows bumping of fees in case you set a very low one

If from what you guess is right, then the sender is the one at fault from his mistake, we need to check ad always double check anything we are doing before making a confirmation for that.

PrivacyG

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Quote from: satscraper on November 23, 2023, 06:43:28 AM

It might be also a part of money laundering scheme. Pools are free to include into candidate block its own transactions which are "hidden" for other miners till that block is mined.

Sounds like that to me too. I doubt it was a mistake TWICE and even more costly. How in the world do you not notice over 70 Bitcoin is missing from your Wallet. TWICE!

The only answer is this. Some sort of scheme. Or stupidity at its finest.

Antotena

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Quote from: Awaklara on November 23, 2023, 08:51:08 AM

what is the state of mind of a person who commits such an unintentional mistake? I forgot a bit, but it seems a similar situation has also happened to Ethereum when transaction fees on the Ethereum network also soared.
The situation again gives us an idea to remain alert and always be careful and also double-check before agreeing to a transaction. not only the nominal but also the destination address.

The question we need to ask is, are there chances of making mistake twice? The transaction came from a segwit address which means that the person is knows everything that has been happening, if it was from a legacy address, I will have assume probably the person doesn't know much update about what has been happening on bitcoin but this person is a pro that paid 119980x of transaction fee, this is not a mistake to be honest. Look at the RBF transaction and see again

Quote

but has there been a similar case before and the sender received compensation or a refund?

Yes, there was this transaction that was done by Paxos company, they paid $500,000 for a transaction of $200 but the miners later return the fees. If you should compare that transaction with this one, you will understand the one that was a mistake and the other that was intentional.

Anguwa

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This is a mistake no one will want to make because it is a costly mistake that will take time to be forgotten.
83btc as transaction fee is very high, it is above my comprehension because I will never expect someone to loose such huge amount of bitcoins as transaction fee just to confirm a transaction that is not up to 100BTC.

This should serve as a lesson for newbies like us that are not taking learning serious before starting to do something related to bitcoin and crypto transactions, most of these transactions are irreversible so if we make mistakes with such huge amount, we just have to be patient.

CryptSafe

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I will assume that the transaction occurred as a mistake; otherwise, I was wondering what the nature of the transaction could be that would make one pay such a volume of BTC as a transaction fee. People are that wealthy, though, but looking at the monetary equivalent of the volume of BTC paid for the transaction, it is too real to be realistic. Such a mistake is very grave to make. Although people would make such mistakes, not in that tone.

Awaklara

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what is the state of mind of a person who commits such an unintentional mistake? I forgot a bit, but it seems a similar situation has also happened to Ethereum when transaction fees on the Ethereum network also soared.
The situation again gives us an idea to remain alert and always be careful and also double-check before agreeing to a transaction. not only the nominal but also the destination address.

but has there been a similar case before and the sender received compensation or a refund?

Text

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Wow, that's quite a hefty transaction fee! It's unfortunate to see such costly mistakes. It seems like a classic case of a simple error in setting the transaction fee. Fortunately, in my years of making transactions, I haven't made any mistakes in using fees. It's really necessary to double-check and verify the handling of transaction amount fees because if this happens to me, it would be a real headache. We should be resilient.

If this is indeed a genuine mistake, will AntPool recognize it as such and consider refunding the funds? But we know that they are under no obligation to do so; it is the sender's responsibility to ensure that they are setting the correct fee amount.

Topic: Someone just paid 83BTC for transaction fee, - page 3. (Read 713 times)