Bug Report Multibit HD 0.06Beta (Fee too low)

[jackbox]

When I try to send btc Multibit is setting the fee too low. It is setting it to 0.00001". When the minimum fee should be no less than "0.0001". This lower than desired by network fee is resulting in txs taking many. many blocks to get mined. The donation I sent to Multbit took nine blocks to get mined due to this low fee. There is no way for the user to fix this fee. Please look into this and set the correct minimum fee so txs will propogate and be mined within a block or two. Thanks.

[jim618]

Hello Jackbox,

Thanks for your feedback on fees. I think you are right - they need to be adjustable.

Currently we set the fee to be 10 uBTC per KB of transaction, which is the current minimum relay fee for Bitcoin Core. Any less and Core won't relay it so your tx is dead in the water and won't propagate.

The Bitcoin network is now too busy for that minimum fee to 'guarantee' getting in the next block ot two.

We have an issue raised to provide adjustable fees which I will be working on in the Beta 7 iteration here:
https://github.com/bitcoin-solutions/multibit-hd/issues/154

(This is the next code drop).
What we are thinking of doing is having a control (probably a slider) where the user can tweak the fee per KB from:

+ 10 uBTC per KB (the current minimum relay fee)
to
+ 100 uBTC per KB (0.1 milli per KB - the fee structure you proposed)

That should cover most eventualities for the immediate future.

With Bitcoin Core 0.10 moving towards floating fees this is an area that will most likely change going forward.
Unfortunately as we don't see all the tx we don't know the 'global' fee structure being used.
Mike Hearn has proposed a design with nodes that provide fee stats that clients can query but I don't think anyone is working on implementing this at the moment.

[jackbox]

Hello Jackbox,

Thanks for your feedback on fees. I think you are right - they need to be adjustable.

Currently we set the fee to be 10 uBTC per KB of transaction, which is the current minimum relay fee for Bitcoin Core. Any less and Core won't relay it so your tx is dead in the water and won't propagate.

The Bitcoin network is now too busy for that minimum fee to 'guarantee' getting in the next block ot two.

We have an issue raised to provide adjustable fees which I will be working on in the Beta 7 iteration here:
https://github.com/bitcoin-solutions/multibit-hd/issues/154

(This is the next code drop).
What we are thinking of doing is having a control (probably a slider) where the user can tweak the fee per KB from:

+ 10 uBTC per KB (the current minimum relay fee)
to
+ 100 uBTC per KB (0.1 milli per KB - the fee structure you proposed)

That should cover most eventualities for the immediate future.

With Bitcoin Core 0.10 moving towards floating fees this is an area that will most likely change going forward.
Unfortunately as we don't see all the tx we don't know the 'global' fee structure being used.
Mike Hearn has proposed a design with nodes that provide fee stats that clients can query but I don't think anyone is working on implementing this at the moment.

Thanks for replying. With the lower fee amount all my txs are taking nine to ten blocks to get mined. When I use the slightly higher fee with other wallets they get mined within a block or two.

[jim618]

Sounds like when we implement it we will have to have a default value 'a bit higher' than currently.

We can work this what the default needs to be when Beta 7 comes out and see what works best.
Of course, it's a feedback loop - if everyone raises, or lowers, their fees simultaneously the miners' preference to include tx remain the same.

[jackbox]

Sounds like when we implement it we will have to have a default value 'a bit higher' than currently.

We can work this what the default needs to be when Beta 7 comes out and see what works best.
Of course, it's a feedback loop - if everyone raises, or lowers, their fees simultaneously the miners' preference to include tx remain the same.

I think a minimum fee of .0001 is reasonable. Not much still and miners seem to like it.

[jim618]

A screenshot of what the fee adjustment will be in 0.0.7beta is shown in this github issue:

https://github.com/bitcoin-solutions/multibit-hd/issues/154

[jackbox]

A screenshot of what the fee adjustment will be in 0.0.7beta is shown in this github issue:

https://github.com/bitcoin-solutions/multibit-hd/issues/154

Nicely done. Can't wait to install it. 

[jackbox]

@jim618 - When will 0.0.7beta installer be available for download?

[jim618]

You can track what we do pretty closely by looking at the outstanding issues for the next release:

Here is the current list:
https://github.com/bitcoin-solutions/multibit-hd/issues?q=is%3Aopen+is%3Aissue+milestone%3A%22Beta+7%22

Hopefully later this week.