15btc transaction fee, big mistake

[RealBitcoin]

Probably there should be a warning message coded into all bitcoin wallets that warns users to not pay more than say 0.05 BTC as fee, and warn them twice if they try to send more.

That should help morons like this.


But there is the saying:  "A fool and his money are soon parted"

[AliceWonderMiscreations]

Probably there should be a warning message coded into all bitcoin wallets that warns users to not pay more than say 0.05 BTC as fee, and warn them twice if they try to send more.

That should help morons like this.


But there is the saying:  "A fool and his money are soon parted"

The protocol should just block absurdly high TX fees.

Count the fees for the last 20 blocks, divide that by the bytes used for transactions, multiply result by, say, 25. If the TX fee per byte is bigger than that, it isn't a valid transaction and a block that includes it is not a valid block.

Would be adaptive and would not be too difficult to implement and would protect users.

25 may not be the right number, I have no clue, would have to watch the chain for a few weeks to pick a multiplication factor that clearly indicates an absurdly high fee. Not just a high fee, absurdly high.

[RealBitcoin]

The protocol should just block absurdly high TX fees.

Count the fees for the last 20 blocks, divide that by the bytes used for transactions, multiply result by, say, 25. If the TX fee per byte is bigger than that, it isn't a valid transaction and a block that includes it is not a valid block.

Would be adaptive and would not be too difficult to implement and would protect users.

25 may not be the right number, I have no clue, would have to watch the chain for a few weeks to pick a multiplication factor that clearly indicates an absurdly high fee. Not just a high fee, absurdly high.

Thats too complex and needs manual adjusting, plus protocol changes need hard fork , and we wont do that for a few idiots.

It's just simple if you add a code in all wallets to warn you twice or even 3 times, if you want to send fee's larger than 0.05BTC, because it's likely that you wont need to send higher than that in the foreseeable future.

[AliceWonderMiscreations]

The protocol should just block absurdly high TX fees.

Count the fees for the last 20 blocks, divide that by the bytes used for transactions, multiply result by, say, 25. If the TX fee per byte is bigger than that, it isn't a valid transaction and a block that includes it is not a valid block.

Would be adaptive and would not be too difficult to implement and would protect users.

25 may not be the right number, I have no clue, would have to watch the chain for a few weeks to pick a multiplication factor that clearly indicates an absurdly high fee. Not just a high fee, absurdly high.

Thats too complex and needs manual adjusting, plus protocol changes need hard fork , and we wont do that for a few idiots.

It's just simple if you add a code in all wallets to warn you twice or even 3 times, if you want to send fee's larger than 0.05BTC, because it's likely that you wont need to send higher than that in the foreseeable future.

Not too complex and needs no manual adjustment, it would auto-adjust based on the last 20 blocks.

Yes it would require a hard fork, which is why it should be done at the same time as another issue being fixed by hard fork - say the block size.

Adding code to wallets assumes the wallet won't have bugs. Wallets have had serious bugs before. Protocol protects the users from wallets that have bugs. Or wallets that don't implement it.

Protocol level also removes one of the easiest methods of money laundering in bitcoin at the same time. Well easiest if you are a miner.

Have some malware that steals bitcoin? No problem. Stick them all in a transaction with a small fee to a burn address and a large TX fee. Now the money has been laundered and can't be traced through the blockchain. No need to trust mixers. That's what we have right now.

[Hugroll]

https://blockchain.info/tx/6fe69404e6c12b25b60fcd56cc6dc9fb169b24608943def6dbe1eb0a9388ed08

Woot unbelievable, someone just spent $6300 as fees!! I feel i missed something, anyway Lucky miners... 

its just a donation lol, im pretty sure it wasnt a mistake. as hard to believe as it sounds. people usually choose custom transaction fee just to support the bitcoin miners.

[P-Funk]

This is a raw transaction fuckup, no doubt about it.

Poor miners with F2Pool too, according to the Bitcoin wiki F2Pool doesn't share fees with them.

[setupbounds]

Wow I can't believe that someone spend 6300$ whorth of bitcoin on the transaction fee

[NorrisK]

The protocol should just block absurdly high TX fees.

Count the fees for the last 20 blocks, divide that by the bytes used for transactions, multiply result by, say, 25. If the TX fee per byte is bigger than that, it isn't a valid transaction and a block that includes it is not a valid block.

Would be adaptive and would not be too difficult to implement and would protect users.

25 may not be the right number, I have no clue, would have to watch the chain for a few weeks to pick a multiplication factor that clearly indicates an absurdly high fee. Not just a high fee, absurdly high.

Thats too complex and needs manual adjusting, plus protocol changes need hard fork , and we wont do that for a few idiots.

It's just simple if you add a code in all wallets to warn you twice or even 3 times, if you want to send fee's larger than 0.05BTC, because it's likely that you wont need to send higher than that in the foreseeable future.

Not too complex and needs no manual adjustment, it would auto-adjust based on the last 20 blocks.

Yes it would require a hard fork, which is why it should be done at the same time as another issue being fixed by hard fork - say the block size.

Adding code to wallets assumes the wallet won't have bugs. Wallets have had serious bugs before. Protocol protects the users from wallets that have bugs. Or wallets that don't implement it.

Protocol level also removes one of the easiest methods of money laundering in bitcoin at the same time. Well easiest if you are a miner.

Have some malware that steals bitcoin? No problem. Stick them all in a transaction with a small fee to a burn address and a large TX fee. Now the money has been laundered and can't be traced through the blockchain. No need to trust mixers. That's what we have right now.

Easiest way to do this would be for the wallet software to start rejecting too large transactions. Ofcourse, the big boys could easily compile their own version and go around this, but atleast it would filter out the real accidental large sends.

Also, I don't believe for 1 second a transaction like this is accidental. Even if they would've switched the amount and the transaction fee, they still wouldve sent 6 btc as a fee..

I don't think it is the most effective way for money laundering, as the tx fees are split through all the miners on the pool. Even if you ensure the tx ends up in a block you mine, you still share it unless you are the sole miner on the pool.

[richmcrich]

I'm rather surprised someone that has that much made a mistake like that, even with brain wallets sending the remaining balance as fees that would be awful mistake not knowing about the wallet you are using... few thousands dollars more for the miners for free.

[Nandiwal]

Oh God. its shocked. why this happened ? is there any solution for this mistake or he will serve with it?

[--Encrypted--]

I'm rather surprised someone that has that much made a mistake like that, even with brain wallets sending the remaining balance as fees that would be awful mistake not knowing about the wallet you are using... few thousands dollars more for the miners for free.

having large amount of btc or any kind of money does not mean that they know what they're dealing with. the one who sent that tx could be a newcomer fresh out of the ignorance phase.

[bob123]

That hurts a lot.
Any informations on how this happened?
Users fault or some technical/software issue?

[honeyhtet]

it look annoying even for someone not involved with the transaction, check the fees field better....

[Amadues]

Oh God. its shocked. why this happened ? is there any solution for this mistake or he will serve with it?

Ah this is a really good question!
But how we can reply to this? Because it's a anonymous protocol and we can't ask to sender.

[jackg]

Oh God. its shocked. why this happened ? is there any solution for this mistake or he will serve with it?

Ah this is a really good question!
But how we can reply to this? Because it's a anonymous protocol and we can't ask to sender.

You could use the geolocator on the whois and blockchain to find it.

You can rule out everyone on the forum (if it was them they would say).

[zsobro]

the sending app should always alert people if they write too high value into the fee.

[AliceWonderMiscreations]

the sending app should always alert people if they write too high value into the fee.

And the protocol should protect people when the sending app fails to do so.

[dantanas]

wow, miners are happy, user not so much. how could that happen

[sachung]

Big mistake indeed, these people should be more careful when conducting transactions worth more than $7000 USD...

[simonloff]

Too much to be wasted on a stupid mistake, Seriously wasting $6,000 because they used brainwallet or because they did not check the fees field carefully is annoying, maybe they were able to get it back from the mining pool?