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Author Topic: What will happen to BTC "Fees" when we readh 1000$/BTC?  (Read 989 times)
ehoffman
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March 24, 2013, 08:55:29 PM
 #1

We usually see fees like "0.005" or "0.001".  What will happen to those in the future?

Already now, playing SatoshiDICE, putting ~1$ (0.020 BTC, and soon 0.015BTC) and having to pay 0.005BTC does make a substantial difference.  The Bitcoin-qt client seem to often want the fees required.

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TradeFortress
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March 24, 2013, 09:05:38 PM
 #2

Fees are supposed to be determined by the miner anyways.

For your SDICE example, maybe pay fees once, deposit to your SDICE account, and bet.
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March 24, 2013, 09:08:09 PM
 #3

We usually see fees like "0.005" or "0.001".  What will happen to those in the future?

Buy some ASICs and decide Wink

Already now, playing SatoshiDICE, putting ~1$ (0.020 BTC, and soon 0.015BTC) and having to pay 0.005BTC does make a substantial difference.  The Bitcoin-qt client seem to often want the fees required.

Found your problem:
  • You're playing SatoshiDICE
  • You're playing it with small amounts
  • For some reason you're playing it with USD instead of BTC
ehoffman
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March 25, 2013, 12:35:49 AM
 #4

Found your problem:
  • You're playing SatoshiDICE
  • You're playing it with small amounts
  • For some reason you're playing it with USD instead of BTC

Yes, I know, however, here in Canada, as probably in lot of other country, We have one of the worst gambling regulation.  The cut on any lottery ticket is at least 45~55% going to the government.  I'm not a compulsive gambler, but I sometime like to have my lottery ticket.  Since I'm mining full time, I'm making a lot more than the cost of a ticket.  And if I have the chance of having a ticket with 45~55% return, or a "ticket" with 98.1% return, the choice is not hard to make.

I play in BTC, but I say I want to bet ~1$ per day (I make about 400$ per months in mining those days, this is after subtracting electricity cost, which is very cheap here in Quebec, and heat up our house during our cold days Smiley).  As said, I'm not the kind of player who will play 1000$ on 50%.  I like to play "just for fun".  1$ on low probability, maybe 1/1000 to 1/32000.  I know I'll lose, but hey, maybe someday I'll win!  That's the part where they say that gambling should remain a game... Wink

And to respond to the other comment above, SatoshiDICE don't have 'accounts'.  It's 1 transaction per bet.  So you can't put a big amount over there and use it as you go. Yes I know it's polluting the blockchain, and I do are in favor of cutting the negligible 'return on every lost bet' transactions.

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TradeFortress
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March 25, 2013, 09:34:23 AM
 #5

As said, I'm not the kind of player who will play 1000$ on 50%.
Hey, don't diss the people that lost 125 BTC on 48.8% Angry
b!z
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March 25, 2013, 01:32:33 PM
 #6

As said, I'm not the kind of player who will play 1000$ on 50%.
Hey, don't diss the people that lost 125 BTC on 48.8% Angry

That was a smart thing to do.
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