Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 17230. (Read 26607972 times)

WTF!

Talking about fees I have just made my first Monero transaction, from Kraken to Poloniex. As I always do to check everything is ok, I have sent one single XMR, before sending the rest.

Ok, here comes the shocking part:

XXXXX   05-17-17 XXXXXX +XXXX   Monero   ɱ0.95000   ɱ0.05000 Success
   
WTF again!? A 5% fee?

I have never had any problem with fees paid by Kraken (it doesn't let you specify it) with BTC or any other coins so I have to assume that there are other coins with MUCH WORSE transactions fees?

This is crazy.

P.S.: Considering XMR is now around 25€, that's 1.25€....

I got a distress email from an old friend today from Mexico. A severe storm ripped off her roof and flooded her electrical system. I wanted to help:


Here's her answer:


Cost $15CAD with Western Union. What a ripoff. 

High fees and a long transaction backlog indicate demand for block space. Personally I prefer using Bitcoin as a payment method because the experience is much better than using any analogous method. The situation we are in is not surprising. Bitcoin is far superior to any other payment method.

It is perfect for exactly the type of transactions I use it for: finding the best deal on Earth for a server and being able to pay for it, even if the company is overseas, or hiring someone from another country to do translation work, investing in a project, donating to a charity. The list goes on. None of these things come even close to paying for coffee and if I am limited to using the legacy banking institution for my morning coffee and afternoon lunch that's fine with me. If I truly wanted to I could easily use petty cash for local day-to-day purchases by turning Bitcoins into cash via an ATM or local traders within a block from where I live or where I work.

I have had issues with paying legitimate overseas companies with my credit card due to automatic fraud protection and I have had issues with eBay and other similar services regarding chargebacks, payment disputes, and other high-friction painpoints that simply do not exist in the context of Bitcoin (as long as you are an honest merchant).

I suspect I'm not alone in this case -- others are figuring out how much better Bitcoin is than traditional means of transmitting value -- and it is reflected in the price, volume, and transaction backlog. Would it be better if it were fixed? Yeah, probably. Is it affecting anyone who cares about *why* Bitcoin is effective? Probably not in any significant way.

Yes, and they will.

If you check the backlog, there are lots of transactions that are trying to spend unconfirmed funds, with fees so low that will never confirm, even with 0 fees... There are lots of clearly spammy ones, so they are and will keep unconfirmed because that's how they need to be.

Right now you can still get your transaction into the next block simpky by paying the right fee. So only problem that there is right now is if fees are or aren't too expensive. I, for one, think it is a too expensive fee for small transactions.

When LN is into place I wouln't mind to pay this fee for medium to big transfers of funds, and using LN for small/micro ones. But, anyway, it will also have the effect of reducing the fee also for blockchain txs. Maybe that's why some/most miners are against it.

Coins can be easily moved if you pay the right fee and don't do anything stupid like sending unconfirmed funds as input.

The people, even if them all combined, moving 0.1BTC to an exchange with an underpaid fee have no significant impact on prices.

The people moving bigger amounts, tens or hundreds of coins, sometimes even thousands, are the ones that can have an impact on the price.

If someone moving that amounts cannot pay 30cents-1dollar (those with bigger stashes don't need long tx's with multiple imputs) then the world is way fucked than I thought.

No, I don't think that's the cause of the price going up. In fact, it is the reason why price is not going higher.

New perspective on the whole situation...    


It just feels like we have been here before!

this transaction backlog is just getting insane. i mean really out of control. but i don't really see what we could do about it. what i mean is, even with segwit or BU's solution to scaling, couldn't these type of spam attacks just continue?

I do agree with the conclusion that these major back ups are largely caused by spam attacks, so yeah, delays and rising fees can piss people off, but also inability to move coins can also cause coin shortages and rising BTC prices because exchanges run out of coins (when the coins cannot be easily moved).

I can feel the concern trolling level rising....

^i noticed china is catching up to us in price  

No. This remains constant. Fee is determined by the size + recommended fee-rate. It always has been. That put aside, there is a massive spam attack again. Mempool jumped by over 100-150k in <24 hours.

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In case that TA isn't a lie. Source. https://pbs.twimg.com/media/C_tvXDnXcAA4G55.jpg:large

This is pissing me off.  I didn't mind when it was 220 satoshi/byte or so, but this is a step too far.  Any transactions under $10 equivalent or so are completely impractical because of the fees that you have to spend and the fees that the receiver has to spend in the future.  Any transactions below $500 equivalent or so still have large fees compared to VISA.  Bitcoin is not a millionaire club.

Even arguments about the size of the transaction are meaningless now.  The smallest transactions you could do still have a fee of >$1.

We're going to be at 400 sats/byte soon if we don't reach consensus. I wish we could just get along and reach consensus soon so we're all happy, but bitcoinland doesn't work like that. Combined with the current trend, we'll absolutely take off once Segwit or BU activates, but neither looks likely soon.

Getting out of hand.

Has anyone been taking note of the fees at the moment. Seem quite high.
https://bitcoinfees.21.co/

/\BTC $2OOO street price!! ... >.>

 ~> somewhere in Japan supergeek Mt Kerpeles buying?   #vice #bitcoin

A few hours ago, the sell wall on GDAX at $1,768.18 was over 600 coins, and now it is about 400 coins. 

Will the rest of that wall be eaten?  or pulled?

I think that it will be pulled, soon - maybe at around 200 coins remaining (in other words, the remaining half eaten and the other remaining half pulled).. anyone?

You also cannot by the entire company by their shares. E.g. if I had a GOOG share and I don't sell it, you can jump around as much as you want and you won't get it.

I just had a look on price.

Kraken    1603.21    

Bitcoin.de    1618.00    

BTC-e    1574.00


It seems that you can have a good profit only by having accounts and only buy-sell


EDIT: price is EUR not $

Uhhhhh...... Just redraw the line. It was too low.