Feathercoin transaction charges?
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I’m just asking, as I haven’t been able to send any Feathercoins coins yet. I understood the transaction charge is voluntary, and I have it set to 0.0 zero, as I am heavily subsidising the mining on UK electricity charges at the moment. I also thought that, even the wallets are supporting the network, transferring blocks and transactions around the network.
My problem is, I have decided to donate some coins, to the like of the block chain explorer, and started with my chncoins, with the transaction set to zero it came back with the message:“This transaction is over the size limit. You can still send it for a fee of 0.20 CNC, which goes to the nodes that process your transaction and helps to support the network. Do you want to pay the fee?”
Last time I tried - it said “0.1 CNC”
I should be able to send 0.1 CHN as they cost me over £3 each in electricity and I don’t have that many!!..
I liked the idea that people could pay a percentage fee, if they wanted faster transactions. This flat fee looks a bit silly with the varying value of the coins.
I also noted the above message is in the wallet source code, so I’d give a chance for the Feathercoin situation on this to be outlined.
I tried to find any other threads, from what I understood from the redirection to Bitcoin fees, they are optional.
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Here’s the reference - https://en.bitcoin.it/wiki/Transaction_fees
I read that again as I don’t think it answered my question. I took of the text of the “note” off the Chncoin transaction (to reduce its byte size?) but it still would not send 0.01 chncoins without asking a fee (of over 0.1).
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Are you mining them? Isn’t it true that you are required to pay a higher transaction fee on new coins versus if you were to hold on to them for a while to be fully vetted?
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The coins are fully confirmed, if that’s what you mean?
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I think, the transaction fee in the source code of the wallet is a default fee, that is applied, if you don’t configure a fee in the wallet settings.
My suggestion is to set the transaction fee manually to 0.01 or 0.001 chn. May be this solves your problem :)
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The age of the coins is new so that may change some things? And 0.2 of a cnc is like 8 or 9p.
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My question was, whats going to happen when I send Feathercoins. Can I set zero transaction?. Is there a transaction fee policy or information page for Feathercoin I can point myself or others too? Apart from the Bitcoin transaction Wiki!
I might want to set the transaction fee to zero, for genuine reason, I might just be very poor, or a small transaction, I am encouraging people to download the wallet or donating to the Block explorer or p2pool or other services?
Is the message about “your transaction is above the limit” in the Feathercoin code? What is the limit set too?
I have retried to send CHNcoins and no matter what transaction fee (bellow 0.1), I set I am charged >= 0.1 CHNCoin for the transaction.
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I just re-read some of the anwsers so far.
Just to make it plain, I thought Feathercoin (FTC) and CHNCoin (CNC) are about a 1/16 of a mathematical BiTcoin. That means they could easily end up being worth £1 to £5, in a years time if the networks are maintained.
A fee of 0.1 CHNcoins could easily be worth 10 to 50p. I thought Feathercoin and CHNCoin are supposed to be lightweight currency, with fast transaction times, for normal use. What if my kid wants to buy a 2p MOJO from the sweet shop, we will charge 50p fee?
Also this makes the virtually “cost free internet transaction” (as the user is already paying for their internet), back up to VISA card or normal banking transaction charge level, doesn’t it?.
I must be wrong somewhere? Hopefully its just CHNCoin. Feathercoin will not succeed in any “normal use” with such a flat fee. Unless there’s a voluntary percentage transaction fee, the currency is unworkable for day to day use.
It’ll be virtually impossible to convince anyone (non geek) to bother downloading the client and blockchain under that transaction fee basis.
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This transaction is over the size limit. You can still send it for a fee of 0.005 FTC, which goes to the nodes that process your transaction and helps to support the network. Do you want to pay the fee?
I just sent a 0.01 donation - I was charged 0.005 FTC.
That seems more reasonable, I did set a transaction fee of Zero though.
Its for me and everyone else who might be looking into this, how was that fee calculated?
Why am I over the limit with 0.01 coins?
Would the fee be less if I set it to 0.0005 manually. If not why did the programmer leave 8 decimal places for the fee setting option? -
The Feathercoin wallet charged me 0.005 FTC to send a 0.01 FTC donation. Even though I had the option set to pay 0.0005.
Is nobody else discussing this? the fee structure makes any use of Feathercoin unlikely. I’m afraid a flat transaction fee and especially a pre programmed flat fee is absurd.
Surely I must be getting something wrong?
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[quote name=“wrapper0feather” post=“14110” timestamp=“1371127348”]
something about a flat fee being worse than percentage fee.
[/quote]you mean like PayPal?
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Small value transactions spam the block chain. They may be also used by attackers to destabilise the network. A fee of 0.005 FTC is very small already compared to 0.0005 BTC or 0.1 LTC. It is likely to increase in the future unless we want to end up with a very inflated block chain.
PayPal charges both fixed and variable fees.
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Paypal isn’t a flat fee.
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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.
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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.
