Damn! TX Fee: 0.5 XMR on poloniex.
Can some dev talk to them to lower the fee?
I doubt they're doing it for profit.
That's what it costs them.
They didn't update for tx fee scaling, and large sized transactions require multiple blocks and multiple transactions of .1 XMR. Apparently that number adds up to .5 XMR, which would mean that they're dealing with an average user taking five transactions to withdraw. Likely the increase in fee is going to be because they're trying to implement a higher mixin withdraw feature.
Are people mining to their exchange addresses?Also, why don't you just go ahead and ask them to lower the fee? I'll ask too. Not sure if anything will come out of it, but it doesn't hurt to ask them directly.
Mining to poloniex address should be the reason for the 0.5 fee they had to set for mixing of 3. I just took a look at my last withdraw (with the lower fee and mixing of 1 few days ago) and there are a lot of 0.0005 - 0.7 inputs. Some of those could account to poloniex change when sending transactions, but most of it seems to be mining to poloniex. Maybe they could implement an internal procedure to consolidate their hot wallet from time to time and this could lower the fees. They could do the consolidation with mixing of 1 and fees could become even lower.
I would have to agree here .. without even looking at the blockchain, the only reason I can see for having to deal with .5 xmr tx fees is because of mining to the exchange address.
I might consider going the same route that bter did with dust btc deposits - don't credit them until a certain amount.
Only with monero, I wouldn't credit deposits under a certain amount.
If you need someone to hold on to a single penny worth of Monero more than one time a week, then I think it's insane to accomodate these people.
I'd keep any deposits of <1 XMR for myself, which right now is around a quarter, and not even count them toward an accumulation.
What's happening right now is that nobody wants to pay the transaction fees. Pools don't want to pay it, people don't want to pay it, and I'm guessing plx has been footing that bill, and miners aren't setting up and managing their own wallets.
Having a minimum deposit would economically motivate people to not deposit anything less than a quarter into a live trading account, which is not a bank account, even though it's been used that way.
Imagine walking into your bank and depositing a nickel every few hours.
I'd bet they'd get pretty pissed and probably tell you to shove off and come back when you've got more than a few dollars.
I went with this idea, because there's no way for them to reject the transactions, and no reason not to.
What I don't know is if it's legal for them to instate a minimum deposit that's not cumulative, if they're on that route.
Additionally, the additional wallet management by the miners would add to network security somewhat.
Or, possibly better: Stop subsidizing the same people that brought on the high fees anyways. assuming plx isn't also a mining syndicate, they're just passing all these tx fees right back to the miners who deposit 5 cents at a time anyways. Not bright. Rather than passing these costs onto the rest of the network and standard users, they should increase the trading fee for these types of accounts. If they want to use it as a bank account - charge them like it's a bank account and raise their trading fees up to 1 or 2%, rather than sub 1%. At least then they'd stand to profit. Again, not sure about legality.
