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Author Topic: Rip-off fees  (Read 1082 times)
Yosako
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March 31, 2017, 10:38:36 PM
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Is it theoretically posible that a greedy miner or mining pool running modified software, either charges ripoff fees on transactions, or outright cheats and takes all of it Grin? Or does bitcoin network have a mechanism to directly reject transactions whose fees go outta whack?
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April 01, 2017, 12:27:27 AM
 #2

Pools don't charge fees on Transactions.  People spending their Bitcoins decide on how much of a fee they wish to pay.

A: Because it messes up the order in which people normally read text.
Q: Why is top-posting such a bad thing?
A: Top-posting.
Q: What is the most annoying thing on usenet and in e-mail?
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April 01, 2017, 02:17:45 AM
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 Pools often DO charge fees on transactions, and they pretty much always charge a % of your mined blocks to cover their overhead.
 The exceptions are *ALL* (to my knowlage) pools that do merged-mining, and then keep the merged-mining income to cover their costs.

 There is no mechanism in any cryptocoin to reject a transaction that has a high fee assigned to it.

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April 01, 2017, 03:29:44 AM
 #4

Pools often DO charge fees on transactions, and they pretty much always charge a % of your mined blocks to cover their overhead.
 

Of course many pools charge fee's for their service.  But the OP is talking about transaction fee's.  Pools cannot asses fee's to process transactions, but only accept or reject transactions in their blocks according to the fee amount the Bitcoin spender is paying.

That was my take on the original post anyway.

A: Because it messes up the order in which people normally read text.
Q: Why is top-posting such a bad thing?
A: Top-posting.
Q: What is the most annoying thing on usenet and in e-mail?
Clement Kaliyar
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April 01, 2017, 09:27:26 PM
 #5

Pools often DO charge fees on transactions, and they pretty much always charge a % of your mined blocks to cover their overhead.
 
Of course many pools charge fee's for their service.  But the OP is talking about transaction fee's.  Pools cannot asses fee's to process transactions, but only accept or reject transactions in their blocks according to the fee amount the Bitcoin spender is paying.
That was my take on the original post anyway.
The pools cannot charge a fee directly but they are literally forcing us to abide with higher transaction charges to get a transaction get through because if you really want a confirmation you need to sent a decent transaction fees, if not it wont reach the destination in time and you have to wait a long time to get a confirmation.


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April 02, 2017, 01:46:10 AM
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Pools often DO charge fees on transactions, and they pretty much always charge a % of your mined blocks to cover their overhead.
 
Of course many pools charge fee's for their service.  But the OP is talking about transaction fee's.  Pools cannot asses fee's to process transactions, but only accept or reject transactions in their blocks according to the fee amount the Bitcoin spender is paying.
That was my take on the original post anyway.
The pools cannot charge a fee directly but they are literally forcing us to abide with higher transaction charges to get a transaction get through because if you really want a confirmation you need to sent a decent transaction fees, if not it wont reach the destination in time and you have to wait a long time to get a confirmation.

Block space is at a premium, and there are more transactions then there is available block space.  So that means paying higher transaction fee's to get your transaction into a block.  The only pools that  have any real control over that are the ones that are still mining empty blocks.  Pools aren't setting the price of transactions. If that were so you would be seeing allot of less than full blocks.  But we're not seeing that are we.  We are seeing full blocks with empty ones sprinkled in here and there, at least for the most part.

Again the OP is asking if there is a way of pools increasing fee's after transactions have already been broadcast.  There is now way for that to happen.

A: Because it messes up the order in which people normally read text.
Q: Why is top-posting such a bad thing?
A: Top-posting.
Q: What is the most annoying thing on usenet and in e-mail?
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April 02, 2017, 03:22:29 PM
 #7

The pools cannot charge a fee directly but they are literally forcing us to abide with higher transaction charges to get a transaction get through because if you really want a confirmation you need to sent a decent transaction fees, if not it wont reach the destination in time and you have to wait a long time to get a confirmation.
The pools are not picking and choosing what blocks to mine. Until solved a pool has no way to see/know which block has high fees and which do not. Even if they did, are they are not about to ignore low/no fee blocks simple because even a zero-fee block still pays 12.5BTC Ignoring blocks only slashes the chances of winning that plum

So I take it you want:
A) To get BTC via mining and spend it with zero tx cost?
B) Are perfectly happy with income cut at each halving and because of 'A" just accept the lost income with no recourse to offset the loss via TX fees?

TINFL - There Is No Free Lunch

-Joshua Zipkin aka Joshua Alexander leaked AMT A1 miner skype chats http://bit.ly/1Qjt6lj
-For bitcoin to succeed the community must police itself.
-Support Sidehacks miner development. Donations to:   1BURGERAXHH6Yi6LRybRJK7ybEm5m5HwTr
martelu
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April 28, 2017, 05:21:22 PM
 #8

Is it theoretically posible that a greedy miner or mining pool running modified software, either charges ripoff fees on transactions, or outright cheats and takes all of it Grin? Or does bitcoin network have a mechanism to directly reject transactions whose fees go outta whack?
You can make your own software, so that you can minimized the lost from the fees. And the company who provide the BTC also wanna to get some profits too from each BTC transactions made. Nowaday, BTC are very popular though. Smiley
ownageplocks
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April 28, 2017, 06:16:19 PM
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The user who's sending the bitcoin decides what the fee will be. I suppose if you had some way to find only bitcoin transactions that had enormous fees you could mine those. I highly doubt someone isn't already doing this and or has a streamlined way to do this. The way you worded this question does make this a little odd as it seems like you're trying to rip people off.

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April 29, 2017, 06:53:57 AM
 #10

The user who's sending the bitcoin decides what the fee will be. I suppose if you had some way to find only bitcoin transactions that had enormous fees you could mine those. I highly doubt someone isn't already doing this and or has a streamlined way to do this. The way you worded this question does make this a little odd as it seems like you're trying to rip people off.

it's the reason why the higher fee trasaction are prioritized, because every miners mine block and try to include as many as higher fee transaction, but if they don't find any they confirm those tx with lower fee too

unless of course there is always a pck of high fee transaction, if for example there were rich people sending continuously bitcoin with 0.1 fee at an average of what the limit is(3 per seconds) then all the other transaction will never be confirmed or get heavily delayed

which is what is happening now at a lower extent...
stompix
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April 30, 2017, 02:12:56 PM
 #11

The pools cannot charge a fee directly but they are literally forcing us to abide with higher transaction charges to get a transaction get through because if you really want a confirmation you need to sent a decent transaction fees, if not it wont reach the destination in time and you have to wait a long time to get a confirmation.
The pools are not picking and choosing what blocks to mine. Until solved a pool has no way to see/know which block has high fees and which do not. Even if they did, are they are not about to ignore low/no fee blocks simple because even a zero-fee block still pays 12.5BTC Ignoring blocks only slashes the chances of winning that plum

So I take it you want:
A) To get BTC via mining and spend it with zero tx cost?
B) Are perfectly happy with income cut at each halving and because of 'A" just accept the lost income with no recourse to offset the loss via TX fees?

TINFL - There Is No Free Lunch

It's not about what block they choose to mine.

They CAN choose and they DO choose what transactions to include in those blocks. We know how some miners wanted a boycott on satoshidice  because they were "spamming" the blockchain.
And furthermore, ignoring transactions might even get their winning chances a bit higher, small blocks > faster relay

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