[Bitcoin-development] Fees UI warning

Jim jim618 at fastmail.co.uk
Mon Dec 16 10:46:48 UTC 2013

Yes I saw that on reddit too.

I think it applies mainly to custom transactions rather
than where fees are calculated automatically.

Another variant of not understanding change that loses
people's bitcoins I have encountered is:
1) Import a private key of a brainwallet/ paper wallet.
2) Send a small amount of bitcoin from that key.
3) The user then secure deletes all copies of the wallet
'for security'. If they are not careful they can delete
a change address with funds on it.

In MultiBit I have tried to reduce this possibility by:
1) Hiding the ability to delete wallet (in the next version
I am removing it entirely)
2) There is always a single key in a new wallet. When
a user imports a key then that makes two. I always send
the change to the second address, if it is available.
(This is bad for privacy but at least lessens the chances
that the funds become lost). 

If users are determined to use a brain wallet and 
secure delete every copy of the wallet after they use
them you cannot stop them (it is their machine after all)
But these two options help lessen the chance of bitcoin
loss if they do.

For the HD version of MultiBit we are removing the import
of individual private keys entirely and only supporting HD
addresses, primarily for safety reasons.


On Mon, Dec 16, 2013, at 10:13 AM, Drak wrote:
> Not sure if this is the right place, but since a few wallet authors
> congregate here I though it might be the best place.
> It seems every once in a while you see stories of people accidentally
> paying huge fees. Today I read about a man who paid a 20.14BTC fee for a
> 0.05 BTC transaction[1], oops. There was another recently where someone
> paid a fee of about 200BTC which fortunately the pool operator refunded.
> It just occurs to me this kind of sad story could be averted if wallets
> implemented a confirmation box if the fee amount seems crazy - for example,
> if it's >10x what the default fee should be, or if it's greater than x% of
> the sending amount. "the fee seems unusually high, are you really sure you
> want to pay X in fees?"
> I realise the exact details of this might need to be fleshed out given we
> want flexible fees, but it should be pretty simple to agree with what looks
> like an unusually large fee according to the going rate.
> Drak
> [1]
> http://www.reddit.com/r/Bitcoin/comments/1syu3h/i_lost_all_my_bitcoins_in_an_erroneous/
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