Feathercoin transaction charges?
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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.
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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…
