2 ways to avoid transaction fees

[mai77]

I'm not sure about that.

[prezbo]

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.

[Tacticat]

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?

[DannyHamilton]

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.

[prezbo]

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]

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.

[DannyHamilton]

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]

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.

[MoonShadow]

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.

[prezbo]

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.

[DannyHamilton]

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]

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]

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 

So that's .00050000?

If so, fifty thousand satoshis is a lot!

[MoonShadow]

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.

[prezbo]

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.

[Dabs]

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.

[DannyHamilton]

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

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j5eTybesTq383Rc/pc44L1AozWyj/Uk7TNT6X+gPMzh6BeKVez1GXKIrTU446XA1
xF5EmCHiZYZmpumm
=YotD
-----END PGP PUBLIC KEY BLOCK-----

[Dabs]

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.

[DannyHamilton]

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

That won't happen.

 

[DannyHamilton]

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.