Bitcoin Forum

Today I saw that someone paid a huge amount of fees for a little transection.

Here is the topic: Someone just paid $2,6M in fees while sending just $133 in ETH (https://bitcointalk.org/index.php?topic=5254606.0)

I know this topic was previously described but I want to know how it can be prevented?

I also faced like this problem last year where I paid almost 4$ fees for only 1$ transfer.I know then Gas price was high.And my transection was delaying for a long time so I sent it by using a higher gas fees and almost 4$ of Eth cut down.

Put your opinions about how to prevent.

If you are talking about ETH, this thread belongs into the altcoin section (move-button in the bottom left of this page).



Check your fees before sending and be sober enough to distinguish between the "amount" and the "fee" field.

Better to know the gas rate of ETH before you are sending transaction if you are that cautious on spending too much on transaction fee. That quoted mistake that you quoted are very rare to happened unless the ETH blockchain is too clogged just like what happened when crypto kitties introduced.

You can use this site to have idea on the current gas price:
https://ethgasstation.info/

Like what the OP of that thread says, the 10K+ eth for fee is most likely a fat finger. One way to prevent that is to not change the default fees.

In your case, you really have no option but to wait until the network is less congested.

Yes, this is recommended if you plan to set the fees manually.

 

There is another one here with the same sender address and this time he sent 355 ether but like the one on your link still have a huge 10keth gas fee.

https://etherscan.io/tx/0xc215b9356db58ce05412439f49a842f8a3abe6c1792ff8f2c3ee425c3501023c

I think the guy is very well sober and sending twice using these tx fee is not about error but something suspicious to dig about. Like hell how can he be drunk every night to input unbelievable gas fee.

Just familiarize yourself on inputting gas fee. What platform are you using to send ether? Most services have an advance option where you could manually put the gwei value. Regarding fee they already mentioned it. Always refer to https://ethgasstation.info/

Are there any ways that senders can make personal smart contracts and get his transaction fees back, at half-split of whatever rate?

The transaction is suspicious and shady and only experts can dig and investigate it.

From my mind, I only think of the warning on services, platforms, wallets whenever one person make a transaction. A warning like that
"Your transaction fee exceeds the amount you will send out for this transaction. Please double-check to make sure that you already set up your sent amount and your fees correctly!"

I just got astonished what is going on? Is there any burning on going? Maybe someone from Eth team member burning Eth ?

I think the process they want is faster transactions so they increase the gas limit to make faster receiving the funds but they have a problem on the transaction fee because there is a chance to increase the transaction fee and more expensive than the funds you are trying to transfer but if they use the default gas limit of 21000 there is a chance they will get a low transaction fee.

For more info you can visit the Ethereum.org (https://ethereum.org/whitepaper/)

If you are talking about the ethereum I highly recommended moving this into our altcoin discussion because it's not related to the beginners and help instead of a question that is good at our altcoin discussion. If you want to learn more is going to the ethereum.org
Peanutswar already has given the link and I just want to elaborate some of the things in the platform those are included about the questions and facts the use of the ethereum if you are looking at the transaction fee it's higher than the funds they want to transact and one of the reason is the gas limit we have the 21000 gas limit and this is the default value and if you want to make your transaction faster and just transfer the funds in just a minute only you will increase the gas limit at the same time the transaction fee may increase one of the got gives me doubt why they make a transaction over a million just for a hundred dollars funds only is there is a story behind of it like they rush to have money but still it's million vs a hundred dollars. I will back on it and make another research about this kind of transaction if it is ever recorded.

You can easily set transaction fee easily using coinomi wallet or trust wallet, I haven't seen any users that use large transaction fee using these wallets, I think the culprit to this is the wallet that the victim used

It is very simple, if the transaction fee is higher than the amount you'll be sending there's no sense of paying the fee and proceeding the transaction.

You have to cool down and wait until the fees goes down. The reason why fees are increasing is because of the networks congestion and you have to wait a little bit until it gets smooth.

Double check your amounts. Use a QR code payments rather than typing the amount wherever possible. Become more careful when it's about money.
It's your money and you should be careful about what you are doing. People also make mistakes on calculating the fees as satoshi per byte or gwei per byte are not the actual fees.

Is it not better to use a wallet where you can already see the amount of fees you can input to send, I think such mistakes can be easily avoided with wallet which can calculate transaction fees, I think the common mistake should be sending to a different wallet but not inputting high transaction fee.

You can reduce the chance to commit mistakes like this by either by control yourself, don't do transactions when drunk, high,etc, and make sure your GUI wallet is user-friendly with clear indication for you.

Same thing with me I never find any , another thing that I was thinking about is why they need to paid fees many times  if it's just normal accident or an error in transaction. It make me confused what that owner motive for making it many times and paid million dollar of fees for smaller transactions.

There should still be limit to the level fees can be increased to prevent such things from ever happening again, otherwise changing fees could be a gamble to people who aren't in their right state of mind during such congestion or aren't very familiar with crypto and its fee tools. What makes this worse is that the mistake can't be undone once transaction is complete.

Given how transaction fees could go from $.10 to $10 in cases where networks becomes heavily congested, don't expect someone to set a "maximum limit". Such is the nature of decentralized networks that no one could completely control transaction fees. It is for this same reason why you only see wallets set a "recommended" or "optimal" fee.

What you are asking could be done in a centralized set up.

There is another thread talking about this particular transaction and I have the feeling that it is intentional. You can read some good insights on this thread, why this tx might not be an error but why the owner intentionally allocated very huge amount for transaction fee.

https://bitcointalk.org/index.php?topic=5254606

I am also still confused as to why this could happen whether this is indeed the fault of the sender who maximizes the gas cost limit or holds the network again so that gas is not centrally controlled.
Millions of dollars is not small money. I am sure this is a fatal error that occurred, but after I saw the early address of so many ETHs around 28k, is it intended to be faster in transactions.

I fail to comprehend how has this even happened. Surely, if you're about to send a transition across the blockchain but the cost of the transaction fee is >2x the initial amount you'd probably looks some where else and stop that transaction midway, right? At least that's what I'd do. Even if this still manage to go through there surely must be a mistake  ??? as this insane amount of gas is going to put future transactors off, even if its ETHER.

high shipping costs when the transaction is solid before there is a transaction you can see the gas price first at https://ethgasstation.info, if the costs are too high you should postpone until the transaction starts to be quiet.

Has anybody here read this post of DarkDays-

https://bitcointalk.org/index.php?topic=5254606.msg54594534#msg54594534

I think this specific transaction is not a mistake at all.
There's more to this than meets the eye. What do you think?
I don't believe that person mistakenly put such huge amount for transaction fee.

Yes I saw the post of about someone paying up to $2.6 million as transaction, and I’m just seeing it on Decrypt, I was doubting the story at first. Damn that’s a huge amount of money to lose, how can someone even pay that lol? Whoever it is, they will be going crazy right now over losing $2 million for an ordinary hundred dollars sending.

There is nothing like ways to prevent this kind of thing. It’s already an easy thing to avoid. Just look at your fees when you’re about to send money. I don’t know the wallet you’re using, but it they are not showing you how much you’re paying for fees, then it’s best to drop that wallet and look for something else, before you make a mistake like this. The wallet I am using, immediately you enter how much you’re sending, it shows the fees you’re paying for it in dollars, so that you will be sure of what you’re paying. If the fees are high, then leave it and wait for the right time to send for less. Simple.

According to my experience most centralized wallets do have auto fee that is reasonable and we do not need to modify it although some wallets do offer to modify it, while decentfalized  wallets do have open option to increase or decrease gas and gwei which apparently is mishandled by many users, i mean if you do not know how it works lets just use the default values showing and never try to change it.

It's a way to monitor how much gas needed to create a prioritized transaction to be broadcasted into the network. We should remember if we are double-checked our tx before try to send it and this problem can be avoided easily by us.

That laundering angle raised by @DarkDays is plausible. If that is the case, I'm curious why would the owner still use the same wallet after that transaction?

I also checked the recent sent transactions and it is now back to its "regular programming" with gas price at 60 gwei. Let's see if he/she does the same again after collecting more eths.
 
You did not even read the link provided by @TimeTeller did you?

As fas as ethereum blockchain is concerned, the gas fees fluctuates depending on the volume of transactions that goes into the network. That also means it's the free market who dictates what the transaction fee will be. Thus, there can be no fixed fee. It's just coded that way.

I don't know if it's the same case with other blockchains though.

Please check the Gas charges carefully before making transactions. If at that time the charge is too high, you can wait for another time to send. I believe the price will be low again when the network is not congested

It's just clear old stupidity. Look, If you have let's say $2.5M worth of ETH at your wallet. You MUST double check hell, even triple check your transaction before hitting enter. But of course. the blockchain must be fixed for these high fees to stop.

Such fees are due to errors in project software. An ordinary user will not be able to set an overcharge in his wallet.
Most people worry about what they don’t have.When you make a few million dollars, you will be interested in completely different issues.

Before we solve the problem, we face the problem. These are big mistakes, not stupidity. Actually now Ethereum transactions cost much higher than before. We are using blockchain for low transaction cost but now ERC tokens cost over 0.35 cents. This could be a bug issue because always transaction costs automatically adjust.

The above example is now clear that it was not an accident but did that on purpose as the same address sent multiple transactions with high fees. You can always use online calculators to determine the gas you wanted to input according to urgency you need the funds. Sending small amounts of dust during rush hours is not a smart move.

Here is a ETH gas calculator site (https://ethgasstation.info/calculatorTxV.php) if it helps anyone.

if when we want to send an ethereum transaction the fees are really high we have to postpone the transaction until the fees go down, before making a transaction we have to take a look at the ethgasstation site to see how much the average fees are currently...

That's right, you even need to check 30 times before sending. Obviously this is a blackmail case and it has been clarified, no one will be foolish enough to mistake $ 2,5M for transaction fee.