So I mined 4.5 LTC via P2Pool....

[Mushoz]

And now I have to include a 0.60 LTC transaction fee to be able to send it?!
That's a huge fee that I didn't see coming. Is there any way I can send it without a fee?
I'd be much better off mining at a pool with 2-3% fee if there's no way to avoid that fee.
This sucks

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[chriswen]

Try sending 4 ltc.

[Mushoz]

Try sending 4 ltc.

Exact same problem

[Ilikeham]

Yeah the transactions are too high in LTC, I avoid sending whenever possible which I think is counterproductive to the point of coin.

[rbbrdckybk]

I don't have much experience with moving ltc around, but I thought that the fees were optional? Can't you set your own fee right in the litecoin wallet, or even elect to pay no fee at all? My understanding was that it would just take longer to process your transaction that way...

[Mushoz]

I don't have much experience with moving ltc around, but I thought that the fees were optional? Can't you set your own fee right in the litecoin wallet, or even elect to pay no fee at all? My understanding was that it would just take longer to process your transaction that way...

The optional fee is set to zero in the client. However, that 0,60 fee is a mandatory fee it seems. Can't send it without the fee. How does anyone expect Litecoin to succeed if those fees are so high?

[bcdvojka]

maybe such a fee is only applied to bigger transactions?
biggest i've done was from vicurex with 1% fee, im cashing from notroll.in without any fee at all

[jade087]

LTC transaction fees really are too high right now, the client assumes everyone's got 10,000 LTC+. I think they should be reduced from 0.1 LTC default to 0.01 LTC (or lower). Most clients actually ignore transactions < 0.0001 LTC (see mininput parameter).

[rbbrdckybk]

I don't have much experience with moving ltc around, but I thought that the fees were optional? Can't you set your own fee right in the litecoin wallet, or even elect to pay no fee at all? My understanding was that it would just take longer to process your transaction that way...

The optional fee is set to zero in the client. However, that 0,60 fee is a mandatory fee it seems. Can't send it without the fee. How does anyone expect Litecoin to succeed if those fees are so high?

Ah, thanks for clearing that up. Those fees do seem a bit ridiculous given the volume.

[Mushoz]

LTC transaction fees really are too high right now, the client assumes everyone's got 10,000 LTC+. I think they should be reduced from 0.1 LTC default to 0.01 LTC (or lower). Most clients actually ignore transactions < 0.0001 LTC (see mininput parameter).

Yeah but mine is even at 0.60, not just 0.1. It's insane =/

[chriswen]

Yeah, maybe we need to start a petition to lower the fee now that market cap has increased.  Currently LTC tx cost is higher than BTC tx cost.

[Smoovious]

Well, the downside of p2pool mining is that your payouts come frequent and small, so you're trying to send a transaction with a lot of dusty inputs to make up that amount.

That makes your transaction take up more space, and pushes your fee up.

-- Smoov

[Mushoz]

Well, the downside of p2pool mining is that your payouts come frequent and small, so you're trying to send a transaction with a lot of dusty inputs to make up that amount.

That makes your transaction take up more space, and pushes your fee up.

-- Smoov

Hmmm that makes sense. But as far as I know, LTC transactions aren't even close to the blocksize limit, so sending it without fee should get it confirmed as well, even if it takes slightly longer. Hell, I'm a miner myself, so naturally I should be able to just include my transaction in a block, even tough there's no fee attached to it. Is there any way to do just that? Maybe via a raw tx? I never used that function before though, not even sure if that's possible with LTC, but I've heard of people using it with BTC.

[🏰 TradeFortress 🏰]

Well, the downside of p2pool mining is that your payouts come frequent and small, so you're trying to send a transaction with a lot of dusty inputs to make up that amount.

That makes your transaction take up more space, and pushes your fee up.

-- Smoov

Hmmm that makes sense. But as far as I know, LTC transactions aren't even close to the blocksize limit, so sending it without fee should get it confirmed as well, even if it takes slightly longer. Hell, I'm a miner myself, so naturally I should be able to just include my transaction in a block, even tough there's no fee attached to it. Is there any way to do just that? Maybe via a raw tx? I never used that function before though, not even sure if that's possible with LTC, but I've heard of people using it with BTC.

Look into transaction fees.

Yes, you can send a TX without fees. Has to be high priority enough. Sending a TX without fees is not a good idea on bitcoin now, even if the client accepts it, btw.

[Mushoz]

Well, the downside of p2pool mining is that your payouts come frequent and small, so you're trying to send a transaction with a lot of dusty inputs to make up that amount.

That makes your transaction take up more space, and pushes your fee up.

-- Smoov

Hmmm that makes sense. But as far as I know, LTC transactions aren't even close to the blocksize limit, so sending it without fee should get it confirmed as well, even if it takes slightly longer. Hell, I'm a miner myself, so naturally I should be able to just include my transaction in a block, even tough there's no fee attached to it. Is there any way to do just that? Maybe via a raw tx? I never used that function before though, not even sure if that's possible with LTC, but I've heard of people using it with BTC.

Look into transaction fees.

Yes, you can send a TX without fees. Has to be high priority enough. Sending a TX without fees is not a good idea on bitcoin now, even if the client accepts it, btw.

Yes I understand, but bitcoin's situation is a lot different with a lot of competition between TXs to get inside a block. With LTC it should be a lot less hard to get a low priority transaction in a block, and I don't really mind if it would take a while. But since I'm a miner myself, it shouldn't be impossible to include my own feeless transaction. I just have no idea how to do that.

[Mushoz]

Anybody? Can this be send without a fee by creating a raw transaction? Can I include my own transaction in a block while mining?

[stevegee58]

I'm pretty sure you can create a raw tx but I've never done it before.

[jade087]

The Litecoin devs are apparently working on updating the client to 0.8, and they'll reduce the default transaction fee as part of the release. So one option is to recompile the client yourself (this is what I'm planning to do soon), or you can use the Android client which uses 0.0005 LTC AFAIK, otherwise you can probably just wait for the upcoming 0.8 QT client.

[ryhel]

I sent many times thousands of ltc (fresh from p2pool) this way:

500, 500, 250, 250, 250, 200, 200, 200, 200, 150, 150, ..., 100, 100, 50, 50, ... 10, 9, 8, 7, ... 0.5, 0.5, 0.25, end



As you see I usually started from 500 because when I tried 1k - client crash. When I got popup about fee, I lowered amount.
I noticed that popup with fee comes when amount = (1/10 + ~10%) value of wallet.

Cashout few k usually took me 0.5-1h

You can try this way without fee.