Author Topic: Crazy fees  (Read 2288 times)

Offline mmitech

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Crazy fees
« on: January 25, 2016, 09:42:02 AM »
We are running a service that relies on sending and receiving Bitcoin and Litecoin transactions, I did notice that our profits are going negative with Litecoin, our fee is 2% and most of our transactions are small transactions (between 1-10 LTC) so I went to investigate and found out that we are paying 0.1 LTC fees for all transactions, this is crazy high, this is more than $0.3 for a $3 transaction, Litecoin has almost empty blocks so why is the fee so high and how can I set a lower fee ?!

1st example
2nd example
3rd example

and the list goes on... we are losing money, our wallet went to 0 and stopped making transactions because of the high fees !!!!


Edit: Problem solved

Quote
You should be able to start litecoind up with maxtxfee=0.01 in your litecoin.conf and it will not send transactions with more than 0.01 LTC fee. This will abort transactions that attempt to pay more than that. Additionally, you can set paytxfee=0.001 and that will pay by default 0.001 LTC / kB. You have some large transactions of several kB, if they are larger than 10kB these settings will abort those.
« Last Edit: January 27, 2016, 11:02:20 AM by mmitech »

Offline jocko271

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Re: Crazy fees
« Reply #1 on: January 25, 2016, 12:58:01 PM »
Your fee is 2%??? Isn't the point of crypto to not pay such exorbitant fees?

Paypal is 2.9%. If I were going to get ripped off I would just do it the easy way. Of course you're losing money.

Offline mmitech

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Re: Crazy fees
« Reply #2 on: January 25, 2016, 01:24:31 PM »
Your fee is 2%??? Isn't the point of crypto to not pay such exorbitant fees?

Paypal is 2.9%. If I were going to get ripped off I would just do it the easy way. Of course you're losing money.

We charge 2% for our service, you don't have any idea about what we offer so it is beyond me how you can judge if something is overpriced when you have no idea what is it about, and the issue here is about network transactions fee and not the fees we charge, we are losing funds because of the high network transaction fees. Try to read and understand before commenting.

BTW: How about paying 10% as a network fee for 1 LTC or 100% when paying 0.1 LTC ? does this sound ok to you ?

Offline Someguy123

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Re: Crazy fees
« Reply #3 on: January 25, 2016, 01:26:26 PM »
What are you using to send these transactions?

Are you using the latest Litecoin daemon? Can you run
Code: [Select]
litecoin-cli getinfo and show me the output?

I think your feeperkb has been raised accidentally, or your wallet is full of dust.

Offline mmitech

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Re: Crazy fees
« Reply #4 on: January 25, 2016, 01:47:31 PM »
What are you using to send these transactions?

Are you using the latest Litecoin daemon? Can you run
Code: [Select]
litecoin-cli getinfo and show me the output?

I think your feeperkb has been raised accidentally, or your wallet is full of dust.

"version" : 100202

I know that the fee estimates are calculated automatically, but this is really crazy, is there any option to set max fee in the config file?


Edit: I have many inputs for sure, but they are not dust (dust are amounts < 0.001 )

Offline Sukarti

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Re: Crazy fees
« Reply #5 on: January 25, 2016, 02:36:56 PM »
.1 is definitely quite high. It should be closer to .01 or .001

https://litecoin.info/Transaction_fees

A little dated but noted as .001

Offline losh11

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Re: Crazy fees
« Reply #6 on: January 25, 2016, 05:04:11 PM »
Please update to the latest version, 0.10.4.0 from litecoin.org.
I was recently able to send 100LTC for less than 0.01LTC.

Offline mmitech

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Re: Crazy fees
« Reply #7 on: January 25, 2016, 05:06:29 PM »
Please update to the latest version, 0.10.4.0 from litecoin.org.
I was recently able to send 100LTC for less than 0.01LTC.

I will update but as far as can tell that version has nothing to do with fees...

Offline Someguy123

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Re: Crazy fees
« Reply #8 on: January 25, 2016, 06:12:24 PM »
Please update to the latest version, 0.10.4.0 from litecoin.org.
I was recently able to send 100LTC for less than 0.01LTC.

I will update but as far as can tell that version has nothing to do with fees...

Regardless, you're going to get stuck transactions by using that version. There's no reason to not update. Also you didn't give me the full output. I'm not looking for the version. I need to see "mintxfeeperkb" and other items in there.

Offline Someguy123

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Re: Crazy fees
« Reply #9 on: January 25, 2016, 06:17:40 PM »
Judging by the "correct" fee calculation of your transaction: https://chain.so/tx/LTC/4f750d7cc1e142ca775dd919d54ab9053f090848cc64fa5aa6bd16aaa2f1ce12

It is 225 bytes, and both outputs are above 0.001 (dust threshold). At 0.001 LTC per KiloByte, that would come to just 0.001 LTC fee if your client is configured correctly.

There's an issue with the configuration of your litecoin daemon, check your litecoin.conf to see if there has been any manually set fees in there. Judging by the fact all of your transactions are under 1 kilobyte, it seems as if your client is set to use 0.1 LTC per KB instead of the default of 0.001 LTC per KB causing high fees.

Offline mmitech

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Re: Crazy fees
« Reply #10 on: January 25, 2016, 06:23:00 PM »
this is the whole output

Code: [Select]
"version" : 100202,
    "protocolversion" : 70003,
    "walletversion" : 60000,
    "balance" : 84 millions,
    "blocks" : 928319,
    "timeoffset" : -61,
    "connections" : 73,
    "proxy" : "",
    "difficulty" : 53220.59182156,
    "testnet" : false,
    "keypoololdest" : 1445071820,
    "keypoolsize" : 101,
    "paytxfee" : 0.00000000,
    "relayfee" : 0.00100000,
    "errors" : "Warning: This version is obsolete, upgrade required!"


my config file :
Code: [Select]
rpcuser=user
rpcpassword=password
daemon=1
server=1
rpcallowip=127.0.0.1
listen=1
rpcport=someport
port=someother port

I know about the BIP66 and Block version upgrade, I will compile the new daemon sometime tomorrow.

Offline Someguy123

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Re: Crazy fees
« Reply #11 on: January 25, 2016, 06:37:04 PM »
this is the whole output

Code: [Select]
"version" : 100202,
    "protocolversion" : 70003,
    "walletversion" : 60000,
    "balance" : 84 millions,
    "blocks" : 928319,
    "timeoffset" : -61,
    "connections" : 73,
    "proxy" : "",
    "difficulty" : 53220.59182156,
    "testnet" : false,
    "keypoololdest" : 1445071820,
    "keypoolsize" : 101,
    "paytxfee" : 0.00000000,
    "relayfee" : 0.00100000,
    "errors" : "Warning: This version is obsolete, upgrade required!"


my config file :
Code: [Select]
rpcuser=user
rpcpassword=password
daemon=1
server=1
rpcallowip=127.0.0.1
listen=1
rpcport=someport
port=someother port

I know about the BIP66 and Block version upgrade, I will compile the new daemon sometime tomorrow.

Your config seems fine, I'm unsure to why your fees are so high, as I said before, the default is 0.001 per KB, with dust penalties, although you're not sending any dust, and inputs/outputs are relatively low. I would recommend checking your service software to make sure it isn't running
Code: [Select]
settxfee between transactions.

You may be able to try adding
Code: [Select]
settxfee=0.001 to the config file, which will help to make sure it uses the standard fee size, but I don't really know why it's doing this.

Offline mmitech

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Re: Crazy fees
« Reply #12 on: January 25, 2016, 06:50:32 PM »
Ah OK, this is what I was looking for, I can put the max fee per KB in the config file ? Tomorrow I will compile the latest version and add that to my config, I will keep you updated.
« Last Edit: January 25, 2016, 07:01:05 PM by mmitech »

Offline kyrio

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Re: Crazy fees
« Reply #13 on: January 25, 2016, 07:05:59 PM »
You should be more concerned with what your software is doing.

Offline mmitech

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Re: Crazy fees
« Reply #14 on: January 25, 2016, 07:15:32 PM »
You should be more concerned with what your software is doing.

My code is doing nothing wrong as far as I can tell, it is not even trying to suggest/propose a fee when  sending transactions I use $litecoin->sendtomany('account', $to).... so I am going with what the daemon deem proper fee, in this case it is really too high.

I will upgrade and add that line to my config then see what will happen.