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Author Topic: Another High Transaction Fee Again(about 25BTC)  (Read 1427 times)
justforbtc
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June 01, 2015, 05:17:06 AM
 #1

In Block #358850



The previous high transaction fee: https://bitcointalk.org/index.php?topic=1038484.msg11200556
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June 01, 2015, 05:21:50 AM
 #2

Here is the TX[1] for it. Looks very odd to me. esp. since one of the outputs is fee sized and some of the inputs could have been kept unused.


[1] https://blockchain.info/tx/d86dabd72fe756d054bfbe51f152b1b7e2f45e3ca77506c93f0682f02fadce1c

justforbtc
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June 01, 2015, 05:37:40 AM
 #3

Here is the TX[1] for it. Looks very odd to me. esp. since one of the outputs is fee sized and some of the inputs could have been kept unused.


[1] https://blockchain.info/tx/d86dabd72fe756d054bfbe51f152b1b7e2f45e3ca77506c93f0682f02fadce1c

I think 25BTC is actual amount to transfer not fee, while the transfer amount 0.001259BTC should be fee
bitbaby
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June 01, 2015, 05:41:39 AM
 #4

This seems like another mistake CMIIW, I think the user meant to send 25 BTC with 0.001259 fee and instead of doing that he/she entered different values in amount/fee fields.

Don't know what client they use I tried sending a transaction the other day using electrum and I entered a bit high fee trying to get it confirmed fast but electrum gave me a warning before pushing it out.

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June 01, 2015, 05:57:36 AM
 #5

This seems like another mistake CMIIW, I think the user meant to send 25 BTC with 0.001259 fee and instead of doing that he/she entered different values in amount/fee fields.

Don't know what client they use I tried sending a transaction the other day using electrum and I entered a bit high fee trying to get it confirmed fast but electrum gave me a warning before pushing it out.

I sincerely hope that it was not a mistake of that magnitude.  This is a good reason to lock up your ledger in a vault before you start drinking.  Otherwise if it was a real transaction fee that is a really strange number.
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June 01, 2015, 06:08:10 AM
 #6

It's definitely a mistake.

I doubt anyone would pay roughly $5750 in fees just to send $0.29
It just doesn't make sense.

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June 01, 2015, 06:33:13 AM
 #7

Yup definitely a mistake, no doubt about it.

The same exact thing has happened a few times before despite the fact that most clients are now able to detect cases where the transaction fee is too high. Sometimes it happens because of a technical glitch, or when someone accidentally manages to swap the "amount" and "fee" fields around and they either miss the warning message or are using a third-party client that doesn't check for these situations. Or alternatively, it might happen when someone attempts to sign a raw transaction but they do it incorrectly.

Here is another case where someone accidentally sent 200 BTC as their transaction fee:

http://www.reddit.com/r/Bitcoin/comments/1l92bu/some_poor_person_just_paid_a_200btc_transaction/

Fortunately for him, the fee was returned by the pool that mined it (ASICMiner):

http://www.reddit.com/r/Bitcoin/comments/1lb5my/asicminer_refunds_the_accidental_200_btc/
Bitware
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June 01, 2015, 06:40:36 AM
 #8

Is there any way someone can know the recipient of a transaction fee when they spend bitcoins?
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June 01, 2015, 06:52:15 AM
 #9

It's definitely a mistake.

I doubt anyone would pay roughly $5750 in fees just to send $0.29
It just doesn't make sense.

there was a 89 fee once, it could be the same drunk guy who is confusing fee with the actual amount to send
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June 01, 2015, 07:20:37 AM
 #10

Is there any way someone can know the recipient of a transaction fee when they spend bitcoins?

If they only give the transaction to one miner, and that miner doesn't forward the transaction, they can be reasonably sure that miner will get the fee.

So these high transaction fees could be an attempt to clandestinely funnel bitcoins to miners "off the book", so to speak?

Say, for instance, as bribes to run a certain Bitcoin version, or something else?
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June 01, 2015, 07:50:00 AM
 #11

In Block #358850



The previous high transaction fee: https://bitcointalk.org/index.php?topic=1038484.msg11200556

0.00001 btc/kb right? and i see the size is 926.xxx(lets we round it off to 927), 0.00001 * 927 = 0.00927.


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June 01, 2015, 10:41:35 AM
 #12

Is there any way someone can know the recipient of a transaction fee when they spend bitcoins?

The miner that solved the block which the transaction is in is the one that gets the fee. Usually this is a pool.
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June 01, 2015, 01:00:25 PM
 #13

Unfortunately these mistakes happen quite often, and none of us is free from having it happen sometime... It's quite an expensive mistake.

It's a reminder that we should know our software in order to use it.
alch1mista
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June 01, 2015, 02:05:25 PM
 #14

Maybe it was a paper wallet, if you do import just a key and try to spend a part of the holdings there the rest goes away as tx fee, because you didn't specify a change address.

Right?

Arguing that you don't care about the right to privacy because you have nothing to hide is no different than saying you don't care about free speech because you have nothing to say.
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June 01, 2015, 02:17:44 PM
 #15

Unfortunately these mistakes happen quite often, and none of us is free from having it happen sometime... It's quite an expensive mistake.

It's a reminder that we should know our software in order to use it.

It's quite a costly mistake of sending 25 BTC. I think wallets should have a build-in protection, something like "are you sure you want to do this?". Do you think there is another way to resolve this?

ragi
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June 01, 2015, 02:19:12 PM
 #16

Did someone mixed up the two again?

no.
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June 01, 2015, 02:24:08 PM
 #17

I wonder how fast that transaction went with that huge fee. The miners will be really happy I guess.

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June 01, 2015, 02:27:08 PM
 #18

I wonder how fast that transaction went with that huge fee. The miners will be really happy I guess.

I think it was only 1 milisecond Cheesy
And that 25BTC goes to BTCChina

It will be difficult to retrieve these bitcoin back, especially from chinise miner
Expect, they are good person

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June 01, 2015, 03:01:11 PM
 #19

very generous  Smiley

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June 01, 2015, 08:35:15 PM
 #20

And the winner is... me.

Who would guess that an early adopter who has sent thousands of Bitcoin transactions since 2011, can make this type of mistake? Well, it can happen.

I wasn't drunk, I was just careless. I was using the Blockchain wallet for this transaction, made a custom transaction and fucked up. The wallet does warn of this but it doesn't say anything about fees. It said something about outputs or inputs and I cancelled it the first time but I didn't notice the error and tried again and decided to go with it.

Well, let's just say that I was very lucky that the pool that mined the transaction was a legit pool. I contacted BTC China immediately and they were quite professional about it. With a digital signature I was able to prove I own the Bitcoin addresses in question and they refunded me the full amount.

This is the only time I've screwed up with a Bitcoin transaction and sometimes it can be that one time which amounts to a very expensive mistake. To my luck I didn't lose anything but I did gain a lesson.

On the other hand I also believe the Blockchain wallet UI needs work to stop these from happening. It's not the first time I mistake the fields but it's the first time I didn't notice it and was careless. I've also researched that this same thing has happened to others with the Blockchain custom transaction.

Anyway, be careful when making any type of custom Bitcoin transactions.

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