Post
Topic
Board Bitcoin Discussion
Re: The transaction fee is just ridiculous.
by
teukon
on 11/11/2014, 02:01:31 UTC
Some guy sent about 1,000 BTC and he included a 0.005 tx fee.

This is that transaction:
https://blockchain.info/tx/72bec59c7649d4527d8d7848ebc36840c89f5d36d18db9a91afd34d800826722

This is what it means:
Output $ 376,352.59
Fees $ 1.79

That kind of transaction fee for that kind of money sent is indeed ridiculous! He just sent over $376,352 over the internet to what may eventually end up being over a thousand different people, without opening an account anywhere or asking anybody’s permission. That transaction was completed and confirmed in about six minutes, and it cost about fifty cents in transaction fees at that time.

Ridiculous!
I find it very interesting that all of the addresses this person sent BTC to started with '1Ag'; I somewhat suspect that this person has hashed several addresses and sent this bitcoin to himself.

You suspect well.  This was one of Casascius' coin-loading transactions.  This particular transaction corresponds to a stock of silver rounds (note that the chemical symbol for silver is Ag).