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Author Topic: Blockchain.info may have made me lost 30,000 USD PLEASE help- $10 to solver  (Read 1368 times)
Lovinbitcoinusers
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February 12, 2017, 08:30:50 PM
 #21

For some reason, in my wallet that has 34,000 USD, if I'm trying to send over $5,000 it tells me I can't because "This wallet contains a very large number of unspent outputs. Please consolidate"
This is what it looks like: http://puu.sh/u02Mx/ff01c03dc4.png
My btc address is: https://blockchain.info/address/12HarwPfx39Q9LhA7xvQTe2dTQJrPPo1ax
please help me out

You should follow the system of minimum spending meaning that you shouldn't send higher amounts rather send less than 0.1 BTC per transaction .

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Quickseller
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February 12, 2017, 09:22:53 PM
 #22

Guys please help me
if I export the private keys of the address and import it to Electrum, will I get my funds?
Don't do this. Electrum servers are generally not setup to handle this many transactions in a wallet (most have a limit of 10,000 transactions in a wallet).

Your screenshot tells you exactly what you need to do. Your screenshot says that you can spend a maximum of ~4.91BTC (this is due to the maximum size each transaction can be). I would advise you to create/generate a new/fresh address and send ~4.85BTC to your new/fresh address, wait for one confirmation, then repeat. If you get an error message saying that you can spend a maximum of a lower amount, then spend some amount slightly below that amount.

edit: this process will cost you a decent amount of money in transaction fees, but I don't really see any other option to be able to spend all of your funds quickly.

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February 12, 2017, 10:45:11 PM
 #23

That many transactions will cost a small fortune to consolidate. Like about 1 bitcoin in fees. You could save money on that step in a post-segwit world, but tx fees may be higher by then.

With fees getting higher and higher, your use of the bitcoin blockchain for small payments is being pushed out. There's no telling if bitcoin will be useful as a money for stuff like this or not in the future.

Maybe we all should consolidate before our outputs are not worth spending (beware the privacy issues here!).

Hardfork aren't that hard.
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February 12, 2017, 11:03:56 PM
 #24

That many transactions will cost a small fortune to consolidate. Like about 1 bitcoin in fees. You could save money on that step in a post-segwit world, but tx fees may be higher by then. 
He has about 4,586 unspent outputs that he needs to consolidate. At 180 bytes per input in a transaction and at 0.0004 BTC/kb, he would need to spend about 0.33 in tx fees to consolidate these outputs.

That tx fee would cause him to have to wait several hours for each of his consolidating transactions to confirm, however it does not appear that the OP is in an extreme hurry to be able to spend his money.

thenakedemperor
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February 13, 2017, 04:30:12 PM
 #25

Don't ever use blockchain.info these cunts took like 2% fee from my money for these transactions
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February 13, 2017, 04:36:11 PM
 #26

Don't ever use blockchain.info these cunts took like 2% fee from my money for these transactions
Although there are several reasons not to use blockchain.info, fees aren't one of them.
You don't pay fees to blockchain.info for making Bitcoin transactions. You pay fees because you make thousands of small transactions. Considering that you own about $35k in Bitcoin, you may want to read up on how it works, especially how it works with fees and change.

TL;DR: if you don't want to pay much on fees, don't make thousands of small transactions.

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February 13, 2017, 04:38:35 PM
 #27

You probably want to be sending in larger amounts rather than spending a small number of inputs at a time. Otherwise you will run into a similar problem when you go to spend the money again.

thenakedemperor
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February 13, 2017, 04:48:49 PM
 #28

Don't ever use blockchain.info these cunts took like 2% fee from my money for these transactions
Although there are several reasons not to use blockchain.info, fees aren't one of them.
You don't pay fees to blockchain.info for making Bitcoin transactions. You pay fees because you make thousands of small transactions. Considering that you own about $35k in Bitcoin, you may want to read up on how it works, especially how it works with fees and change.

TL;DR: if you don't want to pay much on fees, don't make thousands of small transactions.

Why do I need to pay fees when the people who sent me these thousand of small transactions ALREADY paid fees, why the double fees?
just proves bitcoin will never be mainstream
"Hey I think I'll make a bubble gum machine that runs on bitcoin" - "OH FUCK WHY DO I NEED TO PAY THESE MOTHERFUCKING FEES, ILL JUST USE FIAT"
""
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February 13, 2017, 04:50:40 PM
 #29

Why do I need to pay fees when the people who sent me these thousand of small transactions ALREADY paid fees, why the double fees?
just proves bitcoin will never be mainstream
Because.. you are creating another transaction to consolidate these outputs? Any kind of on-chain movement of funds requires fees, regardless of whether you're:
1) Sending to someone else.
2) Sending to yourself (be it other addresses or sweeping outputs).


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February 13, 2017, 04:53:05 PM
 #30

Why do I need to pay fees when the people who sent me these thousand of small transactions ALREADY paid fees, why the double fees?
just proves bitcoin will never be mainstream
Because.. you are creating another transaction to consolidate these outputs? Any kind of on-chain movement of funds requires fees, regardless of whether you're:
1) Sending to someone else.
2) Sending to yourself (be it other addresses or sweeping outputs).

if 5000 people sent me $3 each, and paid the necessary $0.14 fee for example, how come I need to pay x20 fee more than them? what the fuck for? this is completely stupid.
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February 13, 2017, 04:57:44 PM
 #31

if 5000 people sent me $3 each, and paid the necessary $0.14 fee for example, how come I need to pay x20 fee more than them? what the fuck for? this is completely stupid.
For each OUTPUT (in your example 5000), you require a signature. Each signature carries a certain amount of bytes which increase the size of your corresponding transaction. The bigger your transaction the bigger the fee. This is basic Bitcoin knowledge. I highly recommend that you calm down and start reading through the basics again. Ranting won't help you nor change anything.


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thenakedemperor
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February 13, 2017, 04:59:23 PM
 #32

if 5000 people sent me $3 each, and paid the necessary $0.14 fee for example, how come I need to pay x20 fee more than them? what the fuck for? this is completely stupid.
For each OUTPUT (in your example 5000), you require a signature. Each signature carries a certain amount of bytes which increase the size of your corresponding transaction. The bigger your transaction the bigger the fee. This is basic Bitcoin knowledge. I highly recommend that you calm down and start reading through the basics again. Ranting won't help you nor change anything.

would it have happened if I used an offline wallet?
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February 13, 2017, 05:00:44 PM
 #33

would it have happened if I used an offline wallet?
Yes, because that is how Bitcoin works. I've been trying to tell you this the whole time.


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shillfudder
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February 13, 2017, 05:12:30 PM
 #34

if 5000 people sent me $3 each, and paid the necessary $0.14 fee for example, how come I need to pay x20 fee more than them? what the fuck for? this is completely stupid.

Every transaction requires fees to pay the miners. The accumulated sum of BTC you have doesn't automatically combine (The network is decentralized after all). Next time use Coinbase. I think they can facilitate micro-transactions for now. They will pay for the fees to combine your sum of BTC.

If you have the private key, I think you can combine them cheaply here https://coinb.in/#newTransaction
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February 14, 2017, 02:29:17 AM
 #35

The trick if you want to save on fees is to sweep all your inputs into a single output to your own address every once in a while when you don't need to send coins urgently, send it with a low fee (0.0001BTC/kb), and use the TX Accelerator service provided by ViaBTC. Very cheap to send BTC, and you should get it confirmed within 24 hours. For example, I just swept 8 inputs into a single output, and paid a fee of only 0.00015BTC, which is lower than the fee you need to pay to get a very fast confirmation, and I submitted it to ViaBTC. My tx was this:
https://www.blocktrail.com/BTC/tx/5939c1ea356ef7a3ea4f281c2156d0f8a30eb3e1aa1c1e53bc322e37eb3bdc36

It confirmed in 5 minutes and was confirmed by BTC.TOP for some reason (there were definitely more txs with higher fees), but usually it would be confirmed by ViaBTC.

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