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Author Topic: 2 ways to avoid transaction fees  (Read 6184 times)
mai77
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March 25, 2013, 06:36:52 PM
 #21

I'm not sure about that.
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prezbo
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March 25, 2013, 06:38:53 PM
 #22

Eventually fee threshold will be lowered again if price rises enough. For now it is like it is. For the majority of "normal" transactions you're not required to pay a fee anyway.
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March 25, 2013, 07:31:12 PM
 #23

Eventually fee threshold will be lowered again if price rises enough. For now it is like it is. For the majority of "normal" transactions you're not required to pay a fee anyway.

"Who" will lower them?

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DannyHamilton
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March 25, 2013, 07:34:00 PM
 #24

Eventually fee threshold will be lowered again if price rises enough. For now it is like it is. For the majority of "normal" transactions you're not required to pay a fee anyway.
"Who" will lower them?

Anyone willing to compile and use a new version of the reference client.  Realistically, this means the development team that operates bitcoin.org unless there is an uprising from the userbase.

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March 25, 2013, 07:47:04 PM
 #25

Eventually fee threshold will be lowered again if price rises enough. For now it is like it is. For the majority of "normal" transactions you're not required to pay a fee anyway.
"Who" will lower them?

Anyone willing to compile and use a new version of the reference client.  Realistically, this means the development team that operates bitcoin.org unless there is an uprising from the userbase.

This.

One thing that has to be said is, even if that were to happen, it would only mean that transactions would be relayed with a lower fee. Whether or not such a transaction would be included in a block is entirely up to miners to decide.
Eri
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March 25, 2013, 08:21:25 PM
 #26

would be nice if the fee was based on a 7 day average for bitcoin price and have the data taken from a website once daily. at the vary least it would allow fees to stay proportionally the same.  to send one bitcoin with .005 fee, at the old price of 5$ thats $.025 (2.5 cents)  at current 70$ thats $0.35 . while not "allot" it is sure as hell isnt the same fee.

if you work the math back the other way that would be like having the fee at .07 BTC back when they were 5$ each.
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March 25, 2013, 08:32:00 PM
 #27

would be nice if the fee was based on a 7 day average for bitcoin price and have the data taken from a website once daily. at the vary least it would allow fees to stay proportionally the same.  to send one bitcoin with .005 fee, at the old price of 5$ thats $.025 (2.5 cents)  at current 70$ thats $0.35 . while not "allot" it is sure as hell isnt the same fee.

if you work the math back the other way that would be like having the fee at .07 BTC back when they were 5$ each.

Fortunately the fee is 0.0005 (not 0.005).  At current $70, that's $0.035. Which is like having a $0.0025 fee back when it was $5 per bitcoin (which is exactly what the fee was back then).

Dabs
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March 25, 2013, 09:59:55 PM
 #28

Great, I now need about 100.0 BTC to make sure my dust can be consolidated. Anyone want to lend me 100.0 BTC for a day? Didn't think so. (I promise to return it, however, do not charge me interest for it.) If someone lends me 100.0 for this purpose, I will return it, and you can rep me. If I don't return it, you can label me a scammer. I am ready to provide a whole bunch of government credentials and my complete home address, my cell phone, etc.

All I want is to consolidate my less than 0.1 BTC dust.

I'd need 2 days. 1 day to make it age enough, and another day to age it before returning to you after I've grouped up my dust.

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MoonShadow
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March 25, 2013, 10:08:31 PM
 #29

Just set fees to 0.0001 on your client.

in rpc console window of bitcoin-qt.exe type:

settxfee 0.00001

is that really enough ?
No it's not. If it doesn't have high enough priority nobody will even relay it. Minimum is 0.0001 btc.

This is not true.  It should be relayed just fine.  It'd just sit in the miners' transaction queues until it's old enough.

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
prezbo
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March 25, 2013, 10:10:41 PM
 #30

Just set fees to 0.0001 on your client.

in rpc console window of bitcoin-qt.exe type:

settxfee 0.00001

is that really enough ?
No it's not. If it doesn't have high enough priority nobody will even relay it. Minimum is 0.0001 btc.

This is not true.  It should be relayed just fine.  It'd just sit in the miners' transaction queues until it's old enough.
True. I'll correct myself: if any of the outputs are less than 1 bitcent, then nobody will relay it.
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March 25, 2013, 10:15:58 PM
 #31

Great, I now need about 100.0 BTC to make sure my dust can be consolidated. Anyone want to lend me 100.0 BTC for a day? Didn't think so. (I promise to return it, however, do not charge me interest for it.) If someone lends me 100.0 for this purpose, I will return it, and you can rep me. If I don't return it, you can label me a scammer. I am ready to provide a whole bunch of government credentials and my complete home address, my cell phone, etc.

All I want is to consolidate my less than 0.1 BTC dust.

I'd need 2 days. 1 day to make it age enough, and another day to age it before returning to you after I've grouped up my dust.

How about we turn the trust equation around.

You send me a copy of your wallet.  I'll consolidate the dust for you, and send you back the exact same amount as was in the wallet in the first place (to a brand new address in a brand new wallet that you create so you don't have to worry about me having access to the funds after I send them to you).

This way you only have to trust me with $7.80 rather than me trusting you with $7800.

You can rep me.  If I don't return the consolidated dust, you can label me a scammer.

mai77
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March 25, 2013, 10:17:17 PM
 #32

guys,

we need to make our voices heard.

this whole fee rip-off needs to be terminated once and for all.

Us, the bitcoiners, we must enforce a proper FEE POLICY !

stay with me on the topic.

I assume the admins will kill my account though.

But I will be back.

FIGHTIN' FOR PEOPLES' BTC WITH WORKERS'S FEE POLICIES !! decided on by workers !

momagic
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March 25, 2013, 10:29:47 PM
 #33

that adds addional fee .0001 to the standard fee .0005, so that won't help at all, other than speeding up transfers and impoverish you in the process  Cry


So that's .00050000?

If so, fifty thousand satoshis is a lot!

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March 25, 2013, 10:33:36 PM
 #34

guys,

we need to make our voices heard.

this whole fee rip-off needs to be terminated once and for all.

Us, the bitcoiners, we must enforce a proper FEE POLICY !

stay with me on the topic.

I assume the admins will kill my account though.

But I will be back.

FIGHTIN' FOR PEOPLES' BTC WITH WORKERS'S FEE POLICIES !! decided on by workers !



We won't kill your account.  We don't really give a sh*t.  I don't disagree with the current fee policy, and think that it works well enough to not screw with it.  You can lobby for whatever you think is best, but I would suggest that you actually learn what the fee policy is, and why it's that way, before you proceed.

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
prezbo
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March 25, 2013, 10:34:57 PM
 #35

guys,

we need to make our voices heard.

this whole fee rip-off needs to be terminated once and for all.

Us, the bitcoiners, we must enforce a proper FEE POLICY !

stay with me on the topic.

I assume the admins will kill my account though.

But I will be back.

FIGHTIN' FOR PEOPLES' BTC WITH WORKERS'S FEE POLICIES !! decided on by workers !


The only thing you can do is set up your own miner and mine transaction without fees. Whining won't help.
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March 26, 2013, 04:44:00 AM
 #36

How about we turn the trust equation around.

You send me a copy of your wallet.  I'll consolidate the dust for you, and send you back the exact same amount as was in the wallet in the first place (to a brand new address in a brand new wallet that you create so you don't have to worry about me having access to the funds after I send them to you).

Hi Mr DannyHamilton, I will take you up on your offer. But instead of giving you the wallet, how about giving you the private keys instead? I have attempted to consolidate my dust previously, so I only have 6 addresses left with unspent outputs. I can PM you the private keys to those addresses and how much they should have.

My old wallet has maybe 200+ addresses, but only 6 have anything in them, all the rest are zero.

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DannyHamilton
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March 26, 2013, 05:50:19 AM
 #37

How about we turn the trust equation around.

You send me a copy of your wallet.  I'll consolidate the dust for you, and send you back the exact same amount as was in the wallet in the first place (to a brand new address in a brand new wallet that you create so you don't have to worry about me having access to the funds after I send them to you).
Hi Mr DannyHamilton, I will take you up on your offer. But instead of giving you the wallet, how about giving you the private keys instead? I have attempted to consolidate my dust previously, so I only have 6 addresses left with unspent outputs. I can PM you the private keys to those addresses and how much they should have.

Up to you.  You can send them in PM, or in email, or you can print them on paper and send them in the mail.

If you know how, you can encrypt them with my public key before sending them so nobody but me will be able to access them.  This would be safest.

-----BEGIN PGP PUBLIC KEY BLOCK-----
Version: GnuPG/MacGPG2 v2.0.17 (Darwin)
Comment: GPGTools - http://gpgtools.org

mQENBFEy6pABCACmCX7ezLVyERitEiLmnSFEholbK+iJydoH0df71sByoVM6tDNJ
1wkR9ac09QedAAFS0mSHwDFv6EXKMRoc+RYKm+KyzM5ZgES82NwIU8nTx4RINf2H
JY5Of8robT9gwyF8hwbBlD9reIhacnk+3map8yCrkbudUCmJysaVDciAryRDLMM0
PtLQN8j0PD9I+kII0YQQJHJo1XRqHg3eeAeB786wRKAog8kvhS5diqxFgKwolbIk
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ATgEEwECACIFAlEy6pACGwMGCwkIBwMCBhUIAgkKCwQWAgMBAh4BAheAAAoJEN6c
vAAgyl4FiAsIAIXwv8f8XFF42RcBT77h0k9H+ExWMtWULbtlwn5B1G7ZkyDuEKRR
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xF5EmCHiZYZmpumm
=YotD
-----END PGP PUBLIC KEY BLOCK-----

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March 26, 2013, 06:02:33 AM
 #38

Sent by email. I will wait patiently. This is going to be interesting. If you are generous, you can send more than what is in those keys. hehehe.

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DannyHamilton
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March 26, 2013, 06:05:41 AM
 #39

If you are generous, you can send more than what is in those keys. hehehe.

That won't happen.

 Grin

DannyHamilton
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March 26, 2013, 06:23:47 AM
 #40

All I want is to consolidate my less than 0.1 BTC dust.

Oh dear.

When you said "my less than 0.1 BTC dust" I assumed (incorrectly) that you meant something close to 0.1 BTC.  Specifically, I thought you meant something more than 0.01 BTC.

Sending the amount you claim in the email to you without a fee might be a bit tricky.  I'll see what I can do, but if you'd have explained that the total amount of the consolidated dust was going to be less than the 0.01 BTC fee threshold I probably wouldn't have offered to help.

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