How To Avoid High Transection Fees Like This

[rajakulam]

high shipping costs when the transaction is solid before there is a transaction you can see the gas price first at https://ethgasstation.info, if the costs are too high you should postpone until the transaction starts to be quiet.

[1715100635]

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[TimeTeller]

Has anybody here read this post of DarkDays-

https://bitcointalk.org/index.php?topic=5254606.msg54594534#msg54594534

I think this specific transaction is not a mistake at all.
There's more to this than meets the eye. What do you think?
I don't believe that person mistakenly put such huge amount for transaction fee.

[bitgolden]

Today I saw that someone paid a huge amount of fees for a little transection.

Here is the topic: Someone just paid $2,6M in fees while sending just $133 in ETH

I know this topic was previously described but I want to know how it can be prevented?

I also faced like this problem last year where I paid almost 4$ fees for only 1$ transfer.I know then Gas price was high.And my transection was delaying for a long time so I sent it by using a higher gas fees and almost 4$ of Eth cut down.

Put your opinions about how to prevent.

Yes I saw the post of about someone paying up to $2.6 million as transaction, and I’m just seeing it on Decrypt, I was doubting the story at first. Damn that’s a huge amount of money to lose, how can someone even pay that lol? Whoever it is, they will be going crazy right now over losing $2 million for an ordinary hundred dollars sending.

There is nothing like ways to prevent this kind of thing. It’s already an easy thing to avoid. Just look at your fees when you’re about to send money. I don’t know the wallet you’re using, but it they are not showing you how much you’re paying for fees, then it’s best to drop that wallet and look for something else, before you make a mistake like this. The wallet I am using, immediately you enter how much you’re sending, it shows the fees you’re paying for it in dollars, so that you will be sure of what you’re paying. If the fees are high, then leave it and wait for the right time to send for less. Simple.

[tycsols]

Today I saw that someone paid a huge amount of fees for a little transection.

Here is the topic: Someone just paid $2,6M in fees while sending just $133 in ETH

I know this topic was previously described but I want to know how it can be prevented?

I also faced like this problem last year where I paid almost 4$ fees for only 1$ transfer.I know then Gas price was high.And my transection was delaying for a long time so I sent it by using a higher gas fees and almost 4$ of Eth cut down.

Put your opinions about how to prevent.

According to my experience most centralized wallets do have auto fee that is reasonable and we do not need to modify it although some wallets do offer to modify it, while decentfalized  wallets do have open option to increase or decrease gas and gwei which apparently is mishandled by many users, i mean if you do not know how it works lets just use the default values showing and never try to change it.

[marks1976]

high shipping costs when the transaction is solid before there is a transaction you can see the gas price first at https://ethgasstation.info, if the costs are too high you should postpone until the transaction starts to be quiet.

It's a way to monitor how much gas needed to create a prioritized transaction to be broadcasted into the network. We should remember if we are double-checked our tx before try to send it and this problem can be avoided easily by us.

[Bttzed03]

Has anybody here read this post of DarkDays-

https://bitcointalk.org/index.php?topic=5254606.msg54594534#msg54594534

I think this specific transaction is not a mistake at all.
There's more to this than meets the eye. What do you think?
I don't believe that person mistakenly put such huge amount for transaction fee.

That laundering angle raised by @DarkDays is plausible. If that is the case, I'm curious why would the owner still use the same wallet after that transaction?

I also checked the recent sent transactions and it is now back to its "regular programming" with gas price at 60 gwei. Let's see if he/she does the same again after collecting more eths.
 

~
Right, these mistakes or these types of cases are very rare. After updating Myetherwallet, any ERC-20 tokens transaction cost warn you before sending it to another wallet. I just want to know why there are different costs in Myetherwallet to send the same tokens? Could be there is no fixed cost, which depends on the different situation of blockchain!

You did not even read the link provided by @TimeTeller did you?

As fas as ethereum blockchain is concerned, the gas fees fluctuates depending on the volume of transactions that goes into the network. That also means it's the free market who dictates what the transaction fee will be. Thus, there can be no fixed fee. It's just coded that way.

I don't know if it's the same case with other blockchains though.

[someone703]

Please check the Gas charges carefully before making transactions. If at that time the charge is too high, you can wait for another time to send. I believe the price will be low again when the network is not congested

[Ann Impas]

It's just clear old stupidity. Look, If you have let's say $2.5M worth of ETH at your wallet. You MUST double check hell, even triple check your transaction before hitting enter. But of course. the blockchain must be fixed for these high fees to stop.

[zasad@]

Such fees are due to errors in project software. An ordinary user will not be able to set an overcharge in his wallet.
Most people worry about what they don’t have.When you make a few million dollars, you will be interested in completely different issues.

[oscarftw]

It's just clear old stupidity. Look, If you have let's say $2.5M worth of ETH at your wallet. You MUST double check hell, even triple check your transaction before hitting enter. But of course. the blockchain must be fixed for these high fees to stop.

Before we solve the problem, we face the problem. These are big mistakes, not stupidity. Actually now Ethereum transactions cost much higher than before. We are using blockchain for low transaction cost but now ERC tokens cost over 0.35 cents. This could be a bug issue because always transaction costs automatically adjust.

[7788bitcoin]

I also faced like this problem last year where I paid almost 4$ fees for only 1$ transfer.I know then Gas price was high.And my transection was delaying for a long time so I sent it by using a higher gas fees and almost 4$ of Eth cut down.

Put your opinions about how to prevent.

The above example is now clear that it was not an accident but did that on purpose as the same address sent multiple transactions with high fees. You can always use online calculators to determine the gas you wanted to input according to urgency you need the funds. Sending small amounts of dust during rush hours is not a smart move.

Here is a ETH gas calculator site if it helps anyone.

[bitcoin-shark]

if when we want to send an ethereum transaction the fees are really high we have to postpone the transaction until the fees go down, before making a transaction we have to take a look at the ethgasstation site to see how much the average fees are currently...

[kaseygriffin]

It's just clear old stupidity. Look, If you have let's say $2.5M worth of ETH at your wallet. You MUST double check hell, even triple check your transaction before hitting enter. But of course. the blockchain must be fixed for these high fees to stop.

That's right, you even need to check 30 times before sending. Obviously this is a blackmail case and it has been clarified, no one will be foolish enough to mistake $ 2,5M for transaction fee.