The fees are crazy, 420 satoshis/byte, WHY? - page 6.

MingLee

hero member

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Quote from: pooya87 on May 16, 2017, 10:43:08 PM

Quote from: Schuyler on May 16, 2017, 10:37:50 PM

This is because miners also need to make money but I think they have gone too far with that. With what they are doing, they are inadvertently (or otherwise) stunting the growth of bitcoin and just trying to squeeze as much profits from their day to day operations. And if you don't pay premium, expect to get your patience tested.

miners are currently earning about 21,000 USD from each block they mine from the block reward of 12.5BTC on top of that they are earning ~3BTC from transaction fees equal to ~$5000 and that $5000 is not something they deserve.

It's definitely not something that they deserve, but they're getting it nonetheless and there's not a lot that can be done to stop them beyond just not making transactions, forcing the queue to empty more and making it so that they can't keep forcing these fees through spam attacks.
While they do mine, and should be rewarded, getting an additional 25% of what they should be earning is stupid.

elite3000

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Quote from: pooya87 on May 16, 2017, 10:43:08 PM

Quote from: Schuyler on May 16, 2017, 10:37:50 PM

This is because miners also need to make money but I think they have gone too far with that. With what they are doing, they are inadvertently (or otherwise) stunting the growth of bitcoin and just trying to squeeze as much profits from their day to day operations. And if you don't pay premium, expect to get your patience tested.

miners are currently earning about 21,000 USD from each block they mine from the block reward of 12.5BTC on top of that they are earning ~3BTC from transaction fees equal to ~$5000 and that $5000 is not something they deserve.

transactions fees were not a significant source of income, now they are, at least during the congestion times.

things changes in bitcoinland

pooya87

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Quote from: Schuyler on May 16, 2017, 10:37:50 PM

This is because miners also need to make money but I think they have gone too far with that. With what they are doing, they are inadvertently (or otherwise) stunting the growth of bitcoin and just trying to squeeze as much profits from their day to day operations. And if you don't pay premium, expect to get your patience tested.

miners are currently earning about 21,000 USD from each block they mine from the block reward of 12.5BTC on top of that they are earning ~3BTC from transaction fees equal to ~$5000 and that $5000 is not something they deserve.

Schuyler

hero member

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This is because miners also need to make money but I think they have gone too far with that. With what they are doing, they are inadvertently (or otherwise) stunting the growth of bitcoin and just trying to squeeze as much profits from their day to day operations. And if you don't pay premium, expect to get your patience tested.

RoommateAgreement

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Bazinga!

i don't think this is all because of spam attack (at least not until i see some proof). this one has lasted a very long time, the spam attacks have always been ending soon to restart again not just last above 10K (currently 200K)!

are they trying to kill bitcoin with this?!!

The One

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Quote from: Silberman on May 16, 2017, 08:35:54 PM

Quote from: The One on May 16, 2017, 08:30:31 PM

Quote from: kvlolo on May 16, 2017, 07:42:17 PM

According to https://bitcoinfees.21.co/, it needs 420 satoshis/byte to get fast confirmations. Anyone know why the fees are going higher and higher?

Because of Bitcoin Core developers incompetence.

This is unfair, the developers already developed a solution that they think will help alleviate this problem, but it has not gained traction with the miners, this is more an issue of politics and economic interests than an issue of technology.

Subjective.

Sorry this has been going on for over two years. The 1mb blocksize limit is the problem. In life when there is a stalemate, one simply change strategy to gain the best result. Being stubborn doesn't help at all.

OROBTC

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Quote from: freedomno1 on May 16, 2017, 09:20:13 PM

Quote from: joe101 on May 16, 2017, 08:33:19 PM

Why are there so many transactions? is it because bitcoin is getting more popular?

I sent 100 bucks and the fee was $2.70, i thought it was too high so i changed it to 0.50cents, and now its been 2 days and my transaction is unconfirmed,

it seems it wont go thorough,

im thinking its time to cash out half my bitcoins, and take home some profit in case it crashes

I can't say I blame you I had a transaction stuck for weeks a month or so ago from a site that didn't update the fee since they just started spiking and were caught off guard, after that I decided to come back and lurk on the forum to see what was up. Then that got me addicted to Bitcoin news again ^^. And as long as your coins are in profit its fine to take profits.

Agree with the two of you. The lunacy of the SW v. BU (etc?) is wearing on me. Lately I have been paying about $1.50 for simple transactions and/or speeding up trx at ViaBTC's service.

Maybe I'll take some profits as well by buying gold. No worries about changing fees, long confirmation times, drama, and so on.

It is certainly OK to take profits. I would rather hodl for awhile longer, as the BTC technology may get fixed and become big. Really change things?

White sugar

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Quote from: Wind_FURY on May 16, 2017, 09:45:30 PM

Quote from: freedomno1 on May 16, 2017, 07:43:51 PM

Quote from: kvlolo on May 16, 2017, 07:42:17 PM

According to https://bitcoinfees.21.co/, it needs 420 satoshis/byte to get fast confirmations. Anyone know why the fees are going higher and higher?

Wow 420 time for the weed references.
But to answer your question too many transactions occurring and not enough space to process the transactions at 1mb.
https://en.bitcoin.it/wiki/Block_size_limit_controversy

Yes and I would like to add that the cause of this is network spamming. There is someone out there who is constantly spamming and flooding the mempool to slow Bitcoin transactions down. Some say it is Roger Ver the others say it is Core's doing.

Whoever it is I can imagine him doing the evil villain laugh everytime he starts spamming.

Core people want to keep the status quo with 1MB blocks, spam the network would work against them

Wind_FURY

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Quote from: freedomno1 on May 16, 2017, 07:43:51 PM

Quote from: kvlolo on May 16, 2017, 07:42:17 PM

According to https://bitcoinfees.21.co/, it needs 420 satoshis/byte to get fast confirmations. Anyone know why the fees are going higher and higher?

Wow 420 time for the weed references.
But to answer your question too many transactions occurring and not enough space to process the transactions at 1mb.
https://en.bitcoin.it/wiki/Block_size_limit_controversy

Yes and I would like to add that the cause of this is network spamming. There is someone out there who is constantly spamming and flooding the mempool to slow Bitcoin transactions down. Some say it is Roger Ver the others say it is Core's doing.

Whoever it is I can imagine him doing the evil villain laugh everytime he starts spamming.

kvlolo

full member

Activity: 134

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Quote from: bL4nkcode on May 16, 2017, 08:50:50 PM

Quote from: kvlolo on May 16, 2017, 07:42:17 PM

According to https://bitcoinfees.21.co/, it needs 420 satoshis/byte to get fast confirmations. Anyone know why the fees are going higher and higher?

Core developers must be focused on this issue, 200k unconfirmed transaction base here https://blockchain.info/unconfirmed-transactions is really intimidating.
And maybe before the price reach 2k, the price will be more than 500 satoshis/byte to get faster confirmation. And of course, Fees will be more high and higher until... I don't know what will happen soon.

200k unconfirmed transaction, it's crazy, no wonder the fees are so high.

freedomno1

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Learning the troll avoidance button :)

Quote from: joe101 on May 16, 2017, 08:33:19 PM

Why are there so many transactions? is it because bitcoin is getting more popular?

I sent 100 bucks and the fee was $2.70, i thought it was too high so i changed it to 0.50cents, and now its been 2 days and my transaction is unconfirmed,

it seems it wont go thorough,

im thinking its time to cash out half my bitcoins, and take home some profit in case it crashes

I can't say I blame you I had a transaction stuck for weeks a month or so ago from a site that didn't update the fee since they just started spiking and were caught off guard, after that I decided to come back and lurk on the forum to see what was up. Then that got me addicted to Bitcoin news again ^^. And as long as your coins are in profit its fine to take profits.

Gunna01

sr. member

Activity: 306

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So i've been monitoring for a while and the rate of unconfirmed transactions exceeds the number of transactions being processed so it is always going to climb.

How can you be sure it is a spam attack and what's the benefit if it is?

Karpeles

legendary

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Another spam attack. The mempool jumped from normal levels to 150k unconfirmed transactions in less than 24 hours

I don't know what are THEY trying to accomplish with this, surely is costy and can't be maintaned forever.

jonald_fyookball

legendary

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Core dev leaves me neg feedback #abuse #political

Quote from: ?? on ??

Quote from: jonald_fyookball on May 16, 2017, 08:20:28 PM

Quote from: kvlolo on May 16, 2017, 07:42:17 PM

According to https://bitcoinfees.21.co/, it needs 420 satoshis/byte to get fast confirmations. Anyone know why the fees are going higher and higher?

Supply and demand. There is a natural market for fees based on what people are willing to pay and how much space there is in the blocks.
Demand has been rising but the block space is still 1mb.

Fees will keep increasing until they are so high that most people will not pay more. At that point, Bitcoin will stop growing.

SAD.

Bullshit, it just won't be used for small transactions as much, a fee market would push in and you know it. It would just level off to a mix of how much people are willing to pay and how many BTC that is worth paying for. This doesn't stop growth at all, Bitcoin isn't for buying chewing gum, you don't need an entire network to keep that transaction for forever.

Depends what you mean be growth sure. It will stop the number of transactions.

The total amount transacted could still grow. However, I think you are crazy if you believe
a limit on the number of transactions won't hurt Bitcoin.

bL4nkcode

copper member

Activity: 2142

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Limited in number. Limitless in potential.

Quote from: kvlolo on May 16, 2017, 07:42:17 PM

According to https://bitcoinfees.21.co/, it needs 420 satoshis/byte to get fast confirmations. Anyone know why the fees are going higher and higher?

Core developers must be focused on this issue, 200k unconfirmed transaction base here https://blockchain.info/unconfirmed-transactions is really intimidating.
And maybe before the price reach 2k, the price will be more than 500 satoshis/byte to get faster confirmation. And of course, Fees will be more high and higher until... I don't know what will happen soon.

imeetup

newbie

Activity: 27

Merit: 0

Quote from: SaShiRaJaVu on May 16, 2017, 08:45:31 PM

Things are really getting crazy as transactions are not getting through even with higher fees as the average fees keeps on increasing , i am still waiting for a transaction made a couple of days back with 0.0018 btc still pending and still i could not see one confirmation which is really crazy and this is really bad for the growth of bitcoin. I am not sure when we will see a solution for these issues,something has to be done to counter this issue as it is a flaw in the current design.

The fees also increase because of the value increase of BTC itself. These high fees make alt coins more attractive. It's not surprising that all altcoins combined now have surpassed btc in total marketcap at 52.5%.

SaShiRaJaVu

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Activity: 1694

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Things are really getting crazy as transactions are not getting through even with higher fees as the average fees keeps on increasing , i am still waiting for a transaction made a couple of days back with 0.0018 btc still pending and still i could not see one confirmation which is really crazy and this is really bad for the growth of bitcoin. I am not sure when we will see a solution for these issues,something has to be done to counter this issue as it is a flaw in the current design.

Silberman

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Activity: 2534

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Quote from: The One on May 16, 2017, 08:30:31 PM

Quote from: kvlolo on May 16, 2017, 07:42:17 PM

According to https://bitcoinfees.21.co/, it needs 420 satoshis/byte to get fast confirmations. Anyone know why the fees are going higher and higher?

Because of Bitcoin Core developers incompetence.

This is unfair, the developers already developed a solution that they think will help alleviate this problem, but it has not gained traction with the miners, this is more an issue of politics and economic interests than an issue of technology.

joe101

member

Activity: 74

Merit: 15

Why are there so many transactions? is it because bitcoin is getting more popular?

I sent 100 bucks and the fee was $2.70, i thought it was too high so i changed it to 0.50cents, and now its been 2 days and my transaction is unconfirmed,

it seems it wont go thorough,

im thinking its time to cash out half my bitcoins, and take home some profit in case it crashes

The One

legendary

Activity: 924

Merit: 1000

Quote from: kvlolo on May 16, 2017, 07:42:17 PM

According to https://bitcoinfees.21.co/, it needs 420 satoshis/byte to get fast confirmations. Anyone know why the fees are going higher and higher?

Because of Bitcoin Core developers incompetence.

Topic: The fees are crazy, 420 satoshis/byte, WHY? - page 6. (Read 5479 times)