Raise the minimum transaction fee

[marecek666]

why this is still doing? It seems like somebody really want to force people to use much higher fees than it should be! Somebody is hunting fees for his pool! It was common to use fee 0.0001 and tx was confirmed in several tens minutes. This is incredible, BTC is getting very bad reputation this way.
this tx is marked as high priority but it is waiting for confirmation 14 hours now!


I am reading blockchain twitter now and there is a tweet about using BTC at tavern in Greece on holiday. Do you really believe that they were able to pay for their lunch? now where network is rejecting thousands of txs? This tweet is only a part of propagation that there is nothing bad and in fact everything is fine, but no! there is nothing fine and something is going wrong.

The last stress test was mabe only the window for somebody - how to do it, how to break BTC network. Why did not you use test network for the last stress test??? Nobody would not be able to learn this kind of "attack" if you did so!
You are telling us that network is rejecting only dust/spam txs, but as you can see network is rejecting proper txs too. And not only several, but several thousands of them. Hurry up and do something! Why people run their BTCCore for supporting network if you are breaking it?

[twister]

Miners are getting greedy and though we pat ourselves that BTC is decentralized and is not dependent on others like Banking systems are but without confirmations no one would accept any transaction and we ultimately rely on them to get our transactions confirmed.

And today we are thinking of raising the fee to 0.0005, tomorrow even that might not be enough for hungry mining farms and then we raise it 0.001 .. 0.002 .. and so on. And when the reward halves, what will be the fee then??

[ranochigo]

-snip-

Tracing back to the original output, it is unconfirmed with a fee of 0.00000671BTC. Your transactions won't be confirmed till all the transactions that the input originated from confirms. No matter how much fees you pay, the initial transaction has to confirm first. This isn't a problem with the Bitcoin network.

Miners are getting greedy and though we pat ourselves that BTC is decentralized and is not dependent on others like Banking systems are but without confirmations no one would accept any transaction and we ultimately rely on them to get our transactions confirmed.

And today we are thinking of raising the fee to 0.0005, tomorrow even that might not be enough for hungry mining farms and then we raise it 0.001 .. 0.002 .. and so on. And when the reward halves, what will be the fee then??

Miners are raising their TX fees to reduce the possibility of including spam transactions in their blocks. This would only make attacks much more costly while allowing non-spam transactions to pay a reasonable fee. If the smaller pools decide to raise to a higher fee, it wouldn't make much impact if they don't generate blocks often. If the bigger pools does this, people would simply be leaving the pool for another.

[d4n13]

Tracing back to the original output, it is unconfirmed with a fee of 0.00000671BTC. Your transactions won't be confirmed till all the transactions that the input originated from confirms. No matter how much fees you pay, the initial transaction has to confirm first. This isn't a problem with the Bitcoin network.

Not entirely true.  Some miners (Eligis) will allow dependencies and sweep transactions together (CPFP).  So linking a high fee and low fee transaction can help, but only by about 4% (Eligis share).

[marecek666]

-snip-

Tracing back to the original output, it is unconfirmed with a fee of 0.00000671BTC. Your transactions won't be confirmed till all the transactions that the input originated from confirms. No matter how much fees you pay, the initial transaction has to confirm first. This isn't a problem with the Bitcoin network.

sorry but it is a problem of BTC network. It should handle this txs original output with so low fee as it did many times and you can see it is doing right now too. There are txs with 0 fees and they are getting confirmations easy. And that is the problem of BTC that it is able to spend unconfirmed coins. And I did not do this tx, it is tx from the exchange where I bought this small amount via fiat. So the exchange website takes a part in this situation, because they have sent me BTCs which were not confirmed before. It is whole day and still propagation via 0 node, but high prio 

what the hell I should do ? I am really sorry, but maybe LTC or other alts are better for such txs as mine. Going to try the litebit eu for direct purchase alts via fiat. Forget to buy BTC and then exchange it for alts!

[countryfree]

I want the network to work! So I give full support to the idea of a raise in the minimum transaction fee, and to the minimal amount which could make a transaction. I suggest 0.005 BTC as the smallest allowed transaction. I understand many will be against the idea, but we need to find a solution to the current problem.

[jbreher]

I want the network to work! So I give full support to the idea of a raise in the minimum transaction fee, and to the minimal amount which could make a transaction. I suggest 0.005 BTC as the smallest allowed transaction. I understand many will be against the idea, but we need to find a solution to the current problem.

The solution is to voluntarily include a high enough fee to get your transaction included in one of the next few blocks to be mined. Nothing need be done about the 'minimum transaction fee' (what, pray tell, is that exactly?).

[ranochigo]

-snip-

Tracing back to the original output, it is unconfirmed with a fee of 0.00000671BTC. Your transactions won't be confirmed till all the transactions that the input originated from confirms. No matter how much fees you pay, the initial transaction has to confirm first. This isn't a problem with the Bitcoin network.

sorry but it is a problem of BTC network. It should handle this txs original output with so low fee as it did many times and you can see it is doing right now too. There are txs with 0 fees and they are getting confirmations easy. And that is the problem of BTC that it is able to spend unconfirmed coins. And I did not do this tx, it is tx from the exchange where I bought this small amount via fiat. So the exchange website takes a part in this situation, because they have sent me BTCs which were not confirmed before. It is whole day and still propagation via 0 node, but high prio 

what the hell I should do ? I am really sorry, but maybe LTC or other alts are better for such txs as mine. Going to try the litebit eu for direct purchase alts via fiat. Forget to buy BTC and then exchange it for alts!

Bitcoin isn't designed to handle every transaction that pays a low fee. Your tranasaction can be considered as a free transaction as your fee is too low so we will look at the 50kb of free transaction. Your transaction has a priority of 6,116,086 which is very low. It would be ranked at the bottom of the free transaction anyway.

If you consider using alts, you might have faster confirmation but the adoption rate would be low and the price would be highly violatile. Bitcoin fees is only $0.03 and you would have a confirmation is a second or two.

[marecek666]

Bitcoin fees is only $0.03 and you would have a confirmation is a second or two.

that is the problem, it should be so but it is not. $0.03 is not enough these days, and TX is not confirmed with so small fee.

[ranochigo]

Bitcoin fees is only $0.03 and you would have a confirmation is a second or two.

that is the problem, it should be so but it is not. $0.03 is not enough these days, and TX is not confirmed with so small fee.

Nah. Yesterday I sent a transaction and it as confirmed at the first block thereafter. Note that transactions are ranked by TX fee so I have reasons to believe that it is easy for a 0.0001BTC/KB fee transaction to be confirmed at a few blocks after. If it is urgent, go for $0.06, it is significantly faster.

[izanami]

I want the network to work! So I give full support to the idea of a raise in the minimum transaction fee, and to the minimal amount which could make a transaction. I suggest 0.005 BTC as the smallest allowed transaction. I understand many will be against the idea, but we need to find a solution to the current problem.

lol man with faucet i cant get sweet amount a day ,yeahhh people working faucet for couple weeks just to pay fee, it's bad man

[scarsbergholden]

I wouldn't raise the minimum transaction fee just because of transactions spammers, people should be well aware of manual fees and how the network confirmation works.

[daddybios]

One advantage of Bitcoins are micropayments. With the Commission 0.0005 they simply disappear.
Everyone has to decide how much to pay commission.

[BTCat]

It looks the fee's are already well overthought. Any change in current transaction fee has a massive influence in the future. Satoshi sure must have conciddered this part well. Basically he says that one day the transaction fee is surpassing the value of a mined block... That's how it is designed.

https://en.bitcoin.it/wiki/FAQ
"If no more coins are going to be generated, will more blocks be created?
Absolutely! Even before the creation of coins ends, the use of transaction fees will likely make creating new blocks more valuable from the fees than the new coins being created. When coin generation ends, these fees will sustain the ability to use bitcoins and the Bitcoin network. There is no practical limit on the number of blocks that will be mined in the future."

[Ingatqhvq]

Why not just raise the transaction fee to .0005 per transaction?? That will make the attack way more costly and the cost is still negligible to typical bitcoiners.

Bad idea, if the price going up, even current minimum transaction fee is too high for people.
                                                       

[Herbert2020]

Why not just raise the transaction fee to .0005 per transaction?? That will make the attack way more costly and the cost is still negligible to typical bitcoiners.

there is a lot of micro transactions being done using bitcoin, if the fee were to be risen they would simply not worth sending anymore.
besides you can increase it for your transactions but it should not be forced, and i am sure a lot of bitcoin users are against increasing amount of fees .

[horace0812]

Why not just raise the transaction fee to .0005 per transaction?? That will make the attack way more costly and the cost is still negligible to typical bitcoiners.

there is a lot of micro transactions being done using bitcoin, if the fee were to be risen they would simply not worth sending anymore.
besides you can increase it for your transactions but it should not be forced, and i am sure a lot of bitcoin users are against increasing amount of fees .

in fact, the transation fees is forced to be increase now,
if you giving a low transation fee, you will take ages for your confirmation.

[countryfree]

I want the network to work! So I give full support to the idea of a raise in the minimum transaction fee, and to the minimal amount which could make a transaction. I suggest 0.005 BTC as the smallest allowed transaction. I understand many will be against the idea, but we need to find a solution to the current problem.

Do you think the fee was not too big? 

I think that fee will be troublesome for the newbie, Because some newbie play in faucets and minimal withdrawal in faucets is less than 0.005. 

Some people who play faucets spend time just to pay fees, So I think this is not good idea to increase the smallest allowed transaction fees.

I want the network to work! So I give full support to the idea of a raise in the minimum transaction fee, and to the minimal amount which could make a transaction. I suggest 0.005 BTC as the smallest allowed transaction. I understand many will be against the idea, but we need to find a solution to the current problem.

lol man with faucet i cant get sweet amount a day ,yeahhh people working faucet for couple weeks just to pay fee, it's bad man

That's very precisely what I want. I want all faucets to disappear, I've already written about that subject in this discussion:

https://bitcointalk.org/index.php?topic=980573.0

BTC hasn't been created for faucets, cam girls nor online gambling. BTC is a new currency for people to make business with.

[BTCat]

BTC hasn't been created for faucets, cam girls nor online gambling. BTC is a new currency for people to make business with.

What? Camgirls should get discount. People can use it for whatever they want.

[AtheistAKASaneBrain]

Miners are getting greedy and though we pat ourselves that BTC is decentralized and is not dependent on others like Banking systems are but without confirmations no one would accept any transaction and we ultimately rely on them to get our transactions confirmed.

And today we are thinking of raising the fee to 0.0005, tomorrow even that might not be enough for hungry mining farms and then we raise it 0.001 .. 0.002 .. and so on. And when the reward halves, what will be the fee then??

Hopefully by then the price will be high enough, otherwise BTC would start losing one of its main charms which is the ridiculously low fees.