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Author Topic: Satoshis left on exchanges  (Read 2335 times)
MissionPhailed
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February 04, 2016, 04:13:46 PM
 #41

If you want to get the BTC-dust out of an exchange, you could transfer a (slightly) larger amount to the exchange so the total amount becomes transferable, then withdraw all of it. The downside of this is you'll pay more fees than the amount you want to 'rescue' is worth.

I've left a few thousand vague altcoins on Cryptsy that might be worth several cents. Maybe even less, as those were utterly failed altcoins.

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February 04, 2016, 10:18:59 PM
 #42

I just don't bother with those, those are small amounts.
Maybe if one day in next 20 years from now, if price rocket ...I will be sorry!
     Who can tell?
I'm much more concerned for the future of certain exchanges, and my money there! Grin

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February 04, 2016, 10:24:03 PM
 #43

Not really,I'm answering the question in regards to a situation where the transaction fees are paid by the exchanges or they're considerably low.If the transaction is completed with few satoshi's left,you can always initiate new transactions with addition of the fees and redeem those or atleast use it for as the service fees.Speaking of satoshi's ,there are lot of faucets which have minimum limits on payouts like 50,000 satoshi's.There are people who make it till 30,000 sats and the either stop with the faucet or just forget about it.I'm not saying everybody but few of them ,which makes a bigger loss and giving website the profits  and this seems like a bigger picture we should be caring about.

 

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February 04, 2016, 10:27:08 PM
 #44

What do you think? Should exchanges be responsible for the fees and return every satoshi to their owners?

I do not think that exchanges have high bitcoin withdraw fees at all, these fees are paid in the transaction fees so they do not take it for themselves.
If you have less than .0002 in an exchnage and you want to withdraw this small amount, buy an altcoin that has a small withdraw fees then you will get your cents
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February 04, 2016, 10:28:10 PM
 #45

I just don't bother with those, those are small amounts.
Maybe if one day in next 20 years from now, if price rocket ...I will be sorry!
     Who can tell?
I'm much more concerned for the future of certain exchanges, and my money there! Grin


Just search and see how many transactions are made every second. And then just imagine that just 1000 satoshi are lost with each of one. If I'd be able to gain 1000 satoshi every second I'd be more than happy.

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February 04, 2016, 10:32:19 PM
 #46

I already have a lot of satoshis lost around several bitcoin exchanges. I can't withdraw those satoshis because they don't even worth the fees.
Like me there's thousands of others in the same situation which would make a lot of BTC. So I take it that exchanges keep these satoshis for them.

What do you think? Should exchanges be responsible for the fees and return every satoshi to their owners?

I think that there are situation where exchange "decide" to take high fees and take satoshi of users...
For some point of view I think is a normal choice, because there are some expense to send a payment (a worker / computer / wifii) .


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February 05, 2016, 03:14:48 AM
 #47

Since your argument revolves around the dust, which is worth less than the transaction fee, currently around 0.0001 BTC or about 4 cents, let me ask you if you would pick up 4 cents laying on the ground in a parking lot.

You know the pennies laying under a empty beer bottle in a corner covered in soot, dirt, vomit, possibly urine or feces.

If so, than you would be better off picking up the 4 cents, investing them into bitcoin, than worrying about the dust left on exchanges. If BTC is ever worth $10,000/btc, your 4 cent investment you are fretting over would only be worth about $1.



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February 05, 2016, 03:15:21 AM
 #48

I already have a lot of satoshis lost around several bitcoin exchanges. I can't withdraw those satoshis because they don't even worth the fees.
Like me there's thousands of others in the same situation which would make a lot of BTC. So I take it that exchanges keep these satoshis for them.

What do you think? Should exchanges be responsible for the fees and return every satoshi to their owners?

Good question.  If one Satoshi would ever become valuable then people would deeply regret keeping even a few satoshis on an exchange.  There would be no recourse because I am sure there is an agreement made when using the exchanges service that there is a fee. Maybe if exchanges had a pop up, prior to depositing, that there is a withdraw fee because for some you dont know until you have to withdraw.
If one bitcoin is worth $1,000,000 someday, and you have 1,000 satoshis lying around in a bunch of different accounts in multiple exchanges, you will have lost $10.
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March 28, 2016, 01:26:55 AM
 #49

If one bitcoin is worth $1,000,000 someday, and you have 1,000 satoshis lying around in a bunch of different accounts in multiple exchanges, you will have lost $10.

It took five years to get from $1 to it's current $ 415 - by the time BTC gets to $ 1M - $10 won't buy you the wrapper on chewing gum.

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March 28, 2016, 02:06:59 AM
 #50

It's not worth trying to take out every single satoshi you have lying around at every exchange you have an account at because you will pay more in fees than what the dust amounts to most of the time. If they pay the transaction fees themselves then you have a chance to withdraw everything to the last drop  Wink But to be honest I sometimes don't even pick up the small change in real life because I don't like to have a lot of small coins jingling in my pockets.

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March 28, 2016, 04:40:43 AM
 #51

A few satoshi left in exchange is not yours anymore. Many exchange has limits on order size, you can not exchange them to anything meaningful. As you said, you will not transfer them out. In the end, they are not yours any more.
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March 28, 2016, 09:34:43 AM
 #52

A few satoshi left in exchange is not yours anymore. Many exchange has limits on order size, you can not exchange them to anything meaningful. As you said, you will not transfer them out. In the end, they are not yours any more.

Thats not true. It can be made yours by adding up some bitcoins to the wallet and withdraw completely without leaving some satoshi in the wallet.

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ctlaltdefeat
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March 28, 2016, 10:38:37 AM
 #53

I already have a lot of satoshis lost around several bitcoin exchanges. I can't withdraw those satoshis because they don't even worth the fees.
Like me there's thousands of others in the same situation which would make a lot of BTC. So I take it that exchanges keep these satoshis for them.

What do you think? Should exchanges be responsible for the fees and return every satoshi to their owners?
no,exchange have no responsibilty about satoshi left on your account because exchange have own fee,the only one to witdraw your coins is pay that fee,and so far exchange have big fee for witdrawing,just poloniex consistent with small fee,about 0.0001 for bitcoin.
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March 28, 2016, 10:56:07 AM
 #54

I already have a lot of satoshis lost around several bitcoin exchanges. I can't withdraw those satoshis because they don't even worth the fees.
Like me there's thousands of others in the same situation which would make a lot of BTC. So I take it that exchanges keep these satoshis for them.

What do you think? Should exchanges be responsible for the fees and return every satoshi to their owners?

The exchanges haven't kept your satoshis. They're waiting for you to add more and then you can withdraw them. It's the protocol's fault that it costs so much to move them.

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March 28, 2016, 10:57:50 AM
 #55

I already have a lot of satoshis lost around several bitcoin exchanges. I can't withdraw those satoshis because they don't even worth the fees.
Like me there's thousands of others in the same situation which would make a lot of BTC. So I take it that exchanges keep these satoshis for them.

What do you think? Should exchanges be responsible for the fees and return every satoshi to their owners?

I`m not sure if you are a bitcoin classic shill Cheesy

What do you mean fees are too big? Does 4 cent /transaction is too big for ya?

Then abandon bitcoin and go to your bank, they will charge you 2% + 10 $.

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March 28, 2016, 12:41:39 PM
 #56

A few satoshi left in exchange is not yours anymore. Many exchange has limits on order size, you can not exchange them to anything meaningful. As you said, you will not transfer them out. In the end, they are not yours any more.

Thats not true. It can be made yours by adding up some bitcoins to the wallet and withdraw completely without leaving some satoshi in the wallet.
It simply isn't worth it. The dust amount would be less than the fees. If one were to deposit, they would gain nothing since the fees (0.0001BTC) would be deducted from the dust.


Since the amount is dust, the exchange cannot send them to a specific address since it would not fit the dust threshold set by nodes to relay transactions. The amount would be rather miniscule. There is very little use for most users.














 

 

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March 28, 2016, 04:31:58 PM
 #57

I already have a lot of satoshis lost around several bitcoin exchanges. I can't withdraw those satoshis because they don't even worth the fees.
Like me there's thousands of others in the same situation which would make a lot of BTC. So I take it that exchanges keep these satoshis for them.

What do you think? Should exchanges be responsible for the fees and return every satoshi to their owners?
you're so funny,its not exchange problem,its your problem,exchange have fee standard,and its must be follow by all exchange user,i just suggest you to sell that satoshi to altcoin,and then witdraw it,some exchange have little fee for other altcoin,dont witdraw on satoshi.

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