Feathercoin transaction charges?
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Thanks Ghostlander for warning me the Litecoin fee is 0.1 (like CHNCoin). That is stupid as I got paid less than that for mining it.
Yes, looks like I found the flaw, its just dope tokens after all. What a shame…
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You might be right but you still pay the Bitcoin fee of 0.0005 or whatever it is.
The fee is introduced to allow the network to function in the event all coins are mined, then the network mines the transaction fees added up. We also set transaction fees to allocate a priority in transactions when the network is busy, e.g. a transaction with 0.01 fee will be processed slower then one with 0.02 fee.
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I’ve been supporting Feathercoin because the propaganda is that it’s an potential everyday coin. Paypal is not and everyday coin. If your gonna charge the same as Paypal I might as well use Paypal, they have records of transactions, user assistance and insurance…
A percentage fee would still offer cost to spam, I suggest 0.5 % of transaction. I also note I have seen previous manual old style currencies suggested that run a 1% fee? They had to print their money and have accountants!
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[quote name=“wrapper0feather” post=“14190” timestamp=“1371138086”]
I’ve been supporting Feathercoin because the propaganda is that it’s an potential everyday coin. Paypal is not and everyday coin. If your gonna charge the same as Paypal I might as well use Paypal, they have records of transactions, user assistance and insurance…A percentage fee would still offer cost to spam, I suggest 0.5 % of transaction. I also note I have seen previous manual old style currencies suggested that run a 1% fee? They had to print their money and have accountants!
[/quote]First of all PayPal is NOT a currency! It supports currencies and can even convert into each other. It charges like 4%-5% of the total transaction fee AND a transaction fee probably like $.5
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Yes Markus you’re probably sentimentally right, Paypay isn’t a currency. Then neither is Feathercoin?
I didn’t actually bring up Paypal, I was talking about Feathercoin and its potential as a future exchange mechanism, for low value transactions.
I was also asking where this information on fees is available, and why it was set. Why the software is inconsistent with the fees?I’ll come back tomorrow and see if anyone else has any comments on the actual questions.
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[quote name=“wrapper0feather” post=“14180” timestamp=“1371137071”]
0.005 FTC isn’t small, if you want feathercoin to be a common, normal currency. As I pointed out above. Also, flat fee is absurd when the crypto currency values are not established. Are you going to keep updating the software every time there is a change of value?, I think not. There is enough trouble about forking the chain with essential software fixes. Under those conditions the fee is inconsistent (in value) and punitive to the poor and small transactions.Why didn’t you call it “Heavy coin” if you don’t want to block the blockchain with small transactions…
Also, if you can’t set zero fee don’t allow it to be set in the wallet
If you can’t set a fee of 0.000000001, don’t put 8 decimal places on the fee setting option.Looks like I just found the flaw.
[/quote]Looks like you don’t really understand how things work. No need to fork anything to adjust the mandatory transaction fee. That’s enough to update the official client and daemon. BTW, the fee is set per 1Kb of data. Most transactions are no larger, but some are. Dust payments slow down the network and make people transferring large amounts angry.
[quote]If your gonna charge the same as Paypal I might as well use Paypal, they have records of transactions, user assistance and insurance…[/quote]
Feel free to go ahead. You’ve made my day :)
[quote]A percentage fee would still offer cost to spam, I suggest 0.5 % of transaction.[/quote]
No, it won’t. A single node could generate millions of transactions with just 1 FTC. A full scale attack like this one would make a 51% attack look like a joke.
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“Dust payments slow down the network and make people transferring large amounts angry.”
Sorry, I’m not getting a response to my questions that convinces me Feathercoin is well thought out “every day currency”.
If you have to update the client, surely some people will be paying different fees? A minimum sent amount of 0.0005, would also stop the network being spammed?.I have no choice but to use Paypal and GBP, I was hoping alt currencies would be an answer to that, thats why I’ve been supporting them.
The questions I’m asking are due to practical difficulties I’m having in using the coins, at least they should be more thoughtfully considered before I’m given a kicking for pointing out the emporer has no clothes?. Convince me he is not naked, and you convince everyone else.
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Further to my previous enquires, investigation of the block chain shows someone with a few thousand FTC is sending it backwards and forwards to them selves. All for 0.005 fee. Why isn’t a minimum spend and proportional fees, say up to max 1 FTC? A better long term sustainable option for a "normal day to day use " internet currency?
I’m still willing to be convinced…
[font=courier][size=8pt]c48f529985… 0.005 0.227 6x6ivkm5pjh3A2xVFGPoT2g9DUJxKVEjSA: 5407.4874402
6i8yCKbD8yAn9sGhSagZvsCLd8TYwiMq4Q: 5382.13377888
728cmQuz5RcKexJNYBUfvragwDRnHAeExC: 25.34866132
db0049a9f0… 0.005 0.226 6i8yCKbD8yAn9sGhSagZvsCLd8TYwiMq4Q: 5382.13377888
6p4PtQPEPsbgiNeV56kQa8mvCjGvEcLYuH: 5338.50975109
6nezh2rfoLAuEiY5tnG2TsXzUezH9Hoc25: 43.61902779
e5709b93e6… 0.005 0.226 6p4PtQPEPsbgiNeV56kQa8mvCjGvEcLYuH: 5338.50975109
6wbsng6tNs9cbSSTCU5AcrNbjfrP7KZQH1: 5238.16238068
6eCa2rvt51ymwYHuJxgpoyoqKLjJ8NuBCC: 100.34237041
9ef4b13f0e… 0.005 0.226 6wbsng6tNs9cbSSTCU5AcrNbjfrP7KZQH1: 5238.16238068
6uB3ZJTWXCHUFuu15g1HSqtvZZoMN5bz8u: 4234.24240932
6wGosCTcbTCCfVPPc75sPqJx3q1JSN7QQM: 1003.91497136[/size][/font] -
[quote name=“wrapper0feather” post=“14208” timestamp=“1371140817”]
“Dust payments slow down the network and make people transferring large amounts angry.”Sorry, I’m not getting a response to my questions that convinces me Feathercoin is well thought out “every day currency”.
[/quote]0.005 FTC is 0.0006 USD at the current exchange rate. That’s next to nothing. You can send 16 transactions for a freaking 1 US cent. If you cannot afford it, well, you must be an utmost miser.
[quote]I have no choice but to use Paypal and GBP, I was hoping alt currencies would be an answer to that, thats why I’ve been supporting them.[/quote]
Yes, please use them. I hope you qualify for their lowest merchant rate which is 1.4% + 20p per transaction :D
The Bitcoin developers did the right thing when banned recently all very dust transactions from the network (
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By the way, could we set up a poll on this matter or something?
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Just a note, that I voluntarily have mine fee set to .03 and i think thats fairly small. We seem to be discussing c-hairs here. I am not a miner, but would assume these would end up with the users giving out the hash power. Just to simplify the math here:
to the rate of .005 ftc (im assuming this is a flat rate, and not a percentage we a refering) causing people grief:
.005 is equal to 1/200 th of an FTC, even if FTC had a rate of ten dollars per coin that would equal 5 cents,
seems extremely small, i choose to pay extra for faster confirms (bitgrenade playing etc,…)
whereas BTC charges huge amounts to move small pieces, which is partly due to high its high value to USD, but partly greedy considering I dont think that they are short in hash power, or will be in the near future.
I guess what I am trying to say is we are talking peanuts…
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Can I just say, no one seems to be understanding or answering my questions? 8 cents transaction fee is a lot if you’re trying to spend 8 cents! I want to be able to say you can buy a paper or matches with Feathercoin without a (ridiculous) fee (i.e. like Cash)
Doesn’t any one on the forum understand that FTC could easily be worth $100, if loads of people take them up as an exchange mechanism, - or even $5000. I am pointing out the potential variability in value which makes a flat rate not sensible. People are sending FTC for nothing now, as FTC is worth nothing i.e. Zero * 0.005 = Zero. That is, the fee does not represent a value, it is variable.
Also, with maintenance you should always act against the cause, not the symptom. If you have dust payments, the direct answer is a minimum send value Say 0.01 (FTC). (or 1 pennyfeather). That is, the transaction fee is to compensate miners, once the early adopter coin bonuses run out, it is not a dust transaction prevention mechanism.
A proportional payment would go to the miners, therefore the Network would be more sustainable. You could make a max fee payment of 0.5 FTC or something, so the big spenders are not put off.
If you set larger fees above the minimum, it speeds up transactions, but the amount and how that works needs to be in the software, so the users are well informed of how their additional fee affects the transaction.
I’m trying to help! I want Feathercoin to succeeed as an everyday payment method. Litecoin is stupid 0.1 fee, when it could easily have a value 1/4 BTC = £20.
I do agree that at least Feathercoins transaction fee of 0.005 FTC is more sensible than LTC and CHC fee of 0.1. Also the 8 decimal placesof fees aren’t as distracting in the Feathercoin client as in the CHNCoin Wallet.
Lastly - I found some FTC transactions where the fees are Zero! How did they manage that ??..
0f29b46fee… 0 0.226 6pVic76UTC5VSXVJJhipvKiqziFKdvWTTi: 157.92129104
6ytKotjvGZSSprQabaZNKKqapp5yoDh2Gd: 152.532358- I worked for 20 years in software development and testing, I’m continuing to look into what a coin needs to succeed. I believe BTC has already shown crypto currencies are potentially workable for “normal use”. Lets stop fighting and kick the banks…
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@wrapper0feather, have you read the following page on transaction fees?
https://en.bitcoin.it/wiki/Transaction_fees
We did lower the transaction fee when we hit block 33,000 as before we were using Litecoin’s model which is proving to be a sore point for them now. Coblee said that the Tx fee is something that will be addresses in the new Litecoin version whenever that arrives.
Transaction fees will become an important topic in the future as we gain more value and use. A lot more attention to the economics of Feathercoin is going to be needed.
