Is there any way to avoid this low-value fee?Or to increase my priority? My concept is based on sending small amounts, but not in a spammy way..
Other then batch up your sends, probably not. See this thread: - http://bitcointalk.org/index.php?topic=80000. |
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Again every published article I have ever come across describing FBI involvement in crime supports the fact that their intellectual level is far below the required metric for that level of comprehension. Special agent Johnson is probably pulling your file right about now.  From the [Update: alleged] FBI Report (PDF): "All Bitcoin transactions are published online and Internet Protocol (IP) addressses are linked to the public Bitcoin transactions. If a user does not anonymize his or her IP address, an interested party can identify the individual's physical location. (13, 14)"
Reference #14 ... Jason Mick. Not the first inaccuracy from the media. Won't be the last. - http://www.dailytech.com/Cracking+the+Bitcoin+Digging+Into+a+131M+USD+Virtual+Currency/article21878.htm |
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since it generally requires a minimum of 6 confirmations for turnover;
If running the local client or Blockchain.info, for instance, the coins can be spent after just one confirmation. Ten minutes. After all, an hour after you pay for your groceries in bitcoin at wal-mart, they could be paying a cashier in Bangladesh with those same coins, I used that as the basis for a question on Quora: But consider someone who doesn't have access to credit and is short on funds. As soon as those funds are received the money often goes right back out for purchases or for repayment of debts. For instance with "Food Day" where the parking lot is full at WalMart at 11:30 pm on the last day of the month ( http://communities.washingtontimes.com/neighborhood/making-change/2011/nov/29/food-day-rivals-black-friday-and-cyber-monday/ ). The turnover of that money in that first hour, on an annual basis, is astronomical! Can these electronic payment systems that work like cash (including same-day bank transfers such as the U.K.'s Faster Payments scheme) cause the velocity of existing money to rise to where price inflation is the result? - http://www.quora.com/Inflation/Are-PayPal-Dwolla-M-Pesa-and-Bitcoin-responsible-for-inflation |
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When Sending funds from an online wallet again the funds are deducted from your account then sent from their wallet, any transfers sent back to the sending address they have no pending deposit so the site takes it as a "donation".
Exactly. And that's the reason you can't use a hosted (or shared) wallet with SatoshiDice.com (or with BitLotto and certain others). From the BitLotto home page: Using BitLotto Compatible Software
If it is not listed here assume it is not compatible!
Note: Any method that sends BTC using only your own private keys is compatible!
Bitcoin
Electrum
Armory
BitcoinJ
MultiBit
Blockchain.info
Strongcoin
Blockchain (Android)
BitcoinSpinner (Android)
Bitcoin Wallet (Android)
Blockchain (iOS)
Will NOT work: Any Shared Wallets such as BitPay, Mt.Gox, or Instawallet.
If you are unsure, sending some BTC to Blockchain.info, then buying the tickets with it, is quick and easy. |
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Could someone with experience with liberty reserve clarify what exactly they are? How do you receive them/spend them? Details on Liberty Reserve in the Bitcoin wiki: - http://en.bitcoin.it/wiki/Liberty_ReserveI'm interested because it seems liberty reserve is the primary way to fund btc-e, which seems to have an average of 2% better rate than mtgox. There is a 1% fee with each move LRUSD. (e.g., someone sends you $100 you receive $99). This might help to explain part of that price differential. |
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So we don’t need to worry about this kind of spam having an effect on fees quite yet but eventually it will.
Yup. But keep in mind that 250KB (where it starts to matter), and 500KB (hard limit) are arbitrary limits that technically can be increased (as a revision to the protocol, i.e., not just new software but a whole process). |
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I watched this site http://satoshidice.com/ for a while yesterday and there were 10+ small transactions a minute happening. What effect would this have on fees? On fees that you would pay for one of your transactions? No effect today. If blocks are getting full, you will pay more to get yours included. I have ignored those here, because I don't believe that transaction volume is high enough on the network to induce those. Worst case, your tx might be delayed a block or two until there is room for your standard-fee tx.
Looking at block sizes: - http://blockexplorer.com/The 250KB per block is the threshold where it starts to matter. Though we are a few multiples from reaching that. - http://en.bitcoin.it/wiki/Transaction_fees - http://bitcoin.stackexchange.com/questions/3400 |
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Cross-posting this from another thread: We know the culprit, Satoshi Dice! |
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Hi Stephen, does this mean it is possible to change the address sent from ?
Not with the Bitcoin.org client. There is a patched version that can be build used to manually choose the coins. My Wallet from Blockchain.info allows this: - http://Blockchain.info/wallet |
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Holy crap. In 8 months Seals has done 7398 transactions.
SatoshiDice appears to be doing more than that every 24 hours. - http://www.SatoshiDice.comUpdated: Here are some totals for these addresses: Wager BTC Trxs
lessthan 1 11 4,660
lessthan 2 1 163
lessthan 4 1 1,176
lessthan 8 1 94
lessthan 16 2 128
lessthan 32 2 86
lessthan 64 8 411
lessthan 128 45 1,051
lessthan 256 14 101
lessthan 512 15 462
lessthan 1000 22 458
lessthan 1500 22 291
lessthan 2000 31 246
lessthan 3000 49 283
lessthan 4000 42 274
lessthan 6000 125 585
lessthan 8000 65 720
lessthan 12000 93 907
lessthan 16000 250 1,912
lessthan 24000 1,538 4,520
lessthan 32000 2,003 12,238
lessthan 32768 2,121 8,237
lessthan 48000 2,382 6,156
lessthan 64000 1,285 2,194
Total BTCs wagered: 10,128 BTC
Total number of wagers (transactions): 47,353
Total transactions on the blockchain: 94,706 (*)
Average wager: 0.21 BTC* Roughly this number. Overcounts when more than one wager was sent per transaction. |
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absolutely yes, it is the default sending address which you cannot change - unless someone cares to enlighten me.
The bitcoin.org client has no concept of a default sending address. You can use the same address for receiving as many times as you wish, but the client doesn't send coins from it unless it has funds and the algorithm happened to choose it based on certain criteria. |
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Don't those cost a lot compared to the amount of BTC he's looking to buy?
A money order costs somewhere in the range of about a dollar. Add a stamp and envelope and mail it out. That's pretty inexpensive. The problem is the delay before you have your bitcoins. |
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Aurumxchange and CryptoXchange completely fit my needs.
Glad I was be able to help. What is fascinating is the network effect starting to occur. Previously there were all the niches, few of which had any sufficient volume where we'ld know about them, where they could be offered to a wide enough customer base, and where they could be offered at a price that was affordable. Bitcoin is the common denominator linking so many various niches and as a result each niche that connects to Bitcoin makes the network and Bitcoin ecosystem stronger. Bitcoin is starting to become quite a machine. |
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