Bitcoin Forum

So I just witnessed a poor chum paying $75 in fees to move 0.61 BTC (about $500)!
How can this happen? Tell me this is a wallet bug.

https://i.imgur.com/MnLiMlQ.png

This is what we(in the I.T. business) refer as to as a error 4.

The error is roughly 4 inches in front of the screen.

An old saying "A fool and his money are soon parted."

Guess what , tx is still unconfirmed.
https://blockchain.info/tx/0a7035e4a16cc873a91733fcc2ab24f11e61e69c852ffe75915a9cc27360ff89

Inputs and Outputs
Total Input    $ 567.56
Total Output    $ 495.38
Fees    $ 72.18
Estimated BTC Transacted    $ 20.05

Hahaha yep. He must have entered the fee manually and missed 1 or 2 (or 3) zeros.

You need to keep an eye on the Bitcoin client when doing transactions. I have caught my client making mistakes. Of course, they could have been my mistakes, or maybe I need a new keyboard or mouse, or a better OS, but the point is to double check everything all the way.

:)

Great piece of advice , I am new to bitcoining also and believe me i could've made a lot of mistakes if not for the fact that i decided to pay attention to whatever bitcoin payments i am making. The decimal system associated with Bitcoins can be very confusing at times :D

maybe he's just a very charitable guy  ;D

BTC fees don't go to any charity.
They support large mining business mostly,
said businesses are pretty well supported without fees.

Anyone mining with currently available hardware is mining at a loss.

The default fee for that transaction would either be 0 or 0.1 mBTC ($0.08) so this was selected by the user.

However I do think it would be a good idea if the client warned users before doing something that 99.9999999999% of the time is simply a mistake.  Paying a fee 100x what is required is almost always going to be a mistake and for the one in a million that it isn't the user could always override the warning.

Yes that would be a nice idea. It is not all about the technology, it is also about having a user friendly system and adoption

Most likely your own mistakes a program can't do what it is not told too it doesn't have a brain. Although, it's wise to always double check the entries you have input just in case you have made a mistake.


This should be put into place because we all make mistakes even if you do less than the default amount there should be a warning to prevent people from either losing Bitcoin or having to wait a long time.


Having something like this with the extra facts would be a pretty nice feature, people would be able to find a amount that they are happy with and know what others are doing also.


Although, if you  are using a older version of the software which had a lot higher fees then this could be a problem.

Umm wait, check source of these funds, every transaction paid 0.09 BTC as fees

https://blockchain.info/address/1KFLukhxubJw2bTV28G5QRzJSVcBQSTYA6

Incoming transaction
(Fee: 0.09 BTC - Size: 226 bytes) 2014-01-28 18:18:48

Outgoing transaction
(Fee: 0.09 BTC - Size: 226 bytes) 2014-01-29 17:24:36

Mistakes like this happen with fiat too. I have used $100 bill to pay for something at a store and had the cashier almost short change me by $20. Bitcoin is money people - pay attention!

bullshit, my miner is still profitable and i'm even using BFL (which is trash really)

oh and i live in europe, electricity is very expensive here because of the heavy taxes on electricity.

It's a wonder that you recieved it let alone make a profit if electric is so expensive in europe how are you making a profit?

One expensive mistake.  I wonder if they even noticed.

Haha I bet hes on the forum saying shit.

Shit!

Well... no. Probably it is the other way around. Anyone mining at a loss will cease mining immediately. (There are people mining out of enthusiasm, though.)

Basically, it was an operater malfunction.

Bro! Im sorry!  :D

Hahaha just kidding.

All ASICs are still profitable to run. Even the lowly original USB Block Erupters make more than they cost in electricity.  BFL units are more efficient than those, and several others are quite a bit more efficient than BFL's.

Derp.

Those block erupters are getting cheaper by the day. People finally catching on that they will not make back the $20 they paid for it any time soon.

ID 10 T error.

This would be a great idea.



 :D

PEBKAC

Its not profit if you havent gotten your investment back.

So yes the mining cost is more than just the operating cost (electricity).

You might be making more than the cost of electricity but you will never have ROI.

The word he used is "ASICs are still profitable to run", which is correct.
But too bad, I cannot get any ASIC for free.  ;)
If anyone send me a ASIC for free, I am more than happy to run it lol.

Greed everywhere.... Bitcoin was supposed to be an alternative to greedy bankers.... but now it seems to me that the Bitcoiners themselves are more greedy than the bankers.

What you call greed is driving force behind progress, inovation, industrial revolution and also behind reducing poverty and improving quality of life. Bitcoin is alternative to greedy bankers and governments because it is alternative to hyperregulated, politics influenced and involuntary redistribution based non-free-market we have today. Bitcoin is not an alternative to greed.
Alternative to greed is a local community of people sharing expenses and benefits on "I just feel this is right and appropriate" basis. This is wonderful model for a group of friends who know each other, trust each other and share similar values. It is very pleasant way to live in small group. It becomes hell of communism when forced onto larger groups who do not want to participate.
(There are alternatives to Bitcoin reflecting this idea and hope it can work in greater scope. For example Devcoin which (as I understand it) tries to redistribute coins not based on greed but based on "the ones who deserve it".)

May be... but I think it is immoral to steal 15% of the money from someone for just a single transaction.

On blockchain I've almost typed in the amount in miner fee many of times.

Looks like a manual mistake, ALWAYS pay attention when handling money

Maybe he is using an old version of the client which had higher fees?

Bitcoin-qt always asked me to confirm the fee or cancel, so I guess OP didnt used much attention when sending the Bitcoins

I've seen this happen with LTC on fees too where the guy accidentally sent eith 1000ltc fee instead of 0.001 ltc. The fee was all lf his LTC, sent out by litecoin qt. I think he managed to get it back somehow.

Maybe he's a kind soul or made a mistake hhahah