Just Made a Payment with the New Fees

[jonald_fyookball]

Thanks for the lesson DT.  So, are we correct to assume that these dynamics won't likely change in the future? (Iow there is no reason to suspect miner greed will become an issue)

  The good thing about Bitcoin is it is an open network.  If some miners get to be too greedy, other miners will undercut them.  If some miners are too risky (cutting margins too thin) they will go bankrupt and be replaced by more conservative miners.  That is how open free networks self regulate.   You either believe in free markets or you don't.  If you don't then no system like Bitcoin (or any decentralized system) can ever work, they are doomed to failure from the genesis block. If you believe in free markets then the greed of any individual actor is irrelevant.  They will simply price themselves out of the market.

Thanks again for explaining.  Mining dynamics are one of the least understood aspects of bitcoin.  
I have to admit that I was a bit confused (no pun intended lol) , as far as the whole
"bitcoin and mining work by consensus", rather than competition.  I'm still not 100% clear
on the parts everyone must agree to (or a fork happens) versus the flexible parts.
Perhaps you can illuminate this distinction further for us.

[BittBurger]

I love you all.

[bananas]

"Little to no fees" is a favourable term I've seen used a lot.

The fee is based on the size of the data file and not the actual value of the coins being sent so it costs the same to send $10 or $10,000,000 worth of bitcoin.  Please correct me if I'm wrong.

you are correct.

[MarketNeutral]

Penny wise, pound foolish? This fixation people have with low or no fees is irrational when the fees are negligible—and actually do support the network. If you want to freely move dust, then perhaps find the right altcoin—but please do so whilst understanding the risks and opportunity cost vis-à-vis bitcoin and what bitcoin is not designed to do. Personally, unless I'm dealing with some of my coins from 2011, I typically substantially increase the suggested tx fee.

[westkybitcoins]

1) if you reply, that the fee only appears if a TX exceeds certain data size, then your simply agreeing that there was some code that was demanding fee's.

Yes, and that's a good thing.

You do believe that dust spam should have to pay a fee, don't you?

2) if you reply fresh addresses are more secure. i think you already argued days ago that 10^160 is strong enough security

I'd argue that they were more private, not necessarily more secure.

Fortunately, you aren't restricted to one-transaction-per-address by the protocol.

[steeev]

haven't made a transaction for a while now - used to include a fee of 0.0001 btc ...

so what's the new min. fee ?  0.00001 ?

that's half a cent... ?  not 5 cents...?

had a look on blockchain - all kinds of crazyshit in fees there, ( one tit even sent 0.1btc  fee for little more than that in spend )

so what's the chuffing fee now ?

...my mind is full of unh? and durrrr...

[DannyHamilton]

haven't made a transaction for a while now - used to include a fee of 0.0001 btc ...

so what's the new min. fee ?  0.00001 ?

that's half a cent... ?  not 5 cents...?

had a look on blockchain - all kinds of crazyshit in fees there, ( one tit even sent 0.1btc  fee for little more than that in spend )

so what's the chuffing fee now ?

...my mind is full of unh? and durrrr...

Many mining operations and peers are still running Bitcoin-Qt 0.8.x  Therefore, if you include a fee of less than 0.0001 BTC per kilobyte, you are likely to run into delays in getting the transaction confirmed since many peers won't relay the transaction, and many miners will ignore it.

As more people upgrade to version 0.9.0, transactions with smaller fees will be more likely to be relayed and confirmed.

[steeev]

haven't made a transaction for a while now - used to include a fee of 0.0001 btc ...

so what's the new min. fee ?  0.00001 ?

that's half a cent... ?  not 5 cents...?

had a look on blockchain - all kinds of crazyshit in fees there, ( one tit even sent 0.1btc  fee for little more than that in spend )

so what's the chuffing fee now ?

...my mind is full of unh? and durrrr...

Many mining operations and peers are still running Bitcoin-Qt 0.8.x  Therefore, if you include a fee of less than 0.0001 BTC per kilobyte, you are likely to run into delays in getting the transaction confirmed since many peers won't relay the transaction, and many miners will ignore it.

As more people upgrade to version 0.9.0, transactions with smaller fees will be more likely to be relayed and confirmed.

ah, thank you so much sir,
you have made a drunken middleaged twat feel slightly less lost in this horrible world...

[Brangdon]

will people stop thinking that miners NEED fee's
25btc is more then enough to share between them every 10 minutes

You know that the 25 BTC isn't free either? It's paid for, by every owner of bitcoin, in the form of inflation. Everyone's BTC become worth slightly less with each block. It's as if using a credit card was free, but the government printed a few hundred million dollars each year and gave them to the credit card company.

[PolarPoint]

If you are sending more than 1 btc, a fee of 0.0001 btc at current btc price of around $600 is still very cheap, compared to feed of credit card and fiat wire transfer. Problem is when you are sending 0.01 btc or less

[ning]

...

I know - beating a dead horse, but every time I have to pay, I ask myself why I tell people its free.

Free as in freedom?