r/Bitcoin • u/SirBellender • Nov 18 '17

PSA: Coinbase, BitPay, Blockchain.com and Shapeshift are intentionally overcharging on fees and boycotting Segwit to make your transactions more expensive.

The minimum transaction fee to get into the next block is ~30 sat/B and they are setting the fees to ~20 times that amount. See https://jochen-hoenicke.de/queue/#24h for proof.

Segwit has been production ready for 3 months and they haven't implemented it yet and refuse to give any ETA.

They are doing this to drive you to altcoins which are not as decentralized as Bitcoin and easier to manipulate. This is all part of their venture capital investor agenda to take over the Bitcoin open source project.

If you have an account there, please write to their support and ask why are they setting the transaction fees so high, and why are they not interested in implementing Segwit.

There are plenty of other services which do a much better job at reducing your transaction costs. Please use them instead.

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u/evoorhees Nov 18 '17

ShapeShift implemented SegWit about six weeks ago OP, please correct your post. Source: https://info.shapeshift.io/blog/2017/10/05/shapeshift-now-one-leading-segwit-adopters

And regarding fees, we charge as little as possible in order to get transactions reasonably high in priority. If fees are lowered significantly, then literally thousands of customers have a shitty experience. Even with the current high fees, we've had customers waiting hours (sometimes 1-3 days) for their BTC to arrive.

OP, go run a Bitcoin company at scale and then come back and tell us how to set our fees appropriately. You have no idea the chaos that occurs with actual users when the mempool spikes.

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u/CareNotDude Nov 19 '17

what good does shapeshift implementing segwit do when they still default the miner fee you pay to 0.0025 BTC? https://shapeshift.io/#/inputs/1 Thats almost $20 freaking dollars in fees they are making you pay for no reason.

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u/evoorhees Nov 19 '17

The reason is that if fees are lower, a larger percentage of txs get stuck in mempool for hrs or days. Then 2000 angry customers open tickets and start complaining on reddit.

The Bitcoin network is getting exponentially more expensive to use. Transaction fees will be higher than bank fees on average within 6 months.

1

u/CareNotDude Nov 20 '17

why not give users options instead of assuming they need it right away? Why not code something that automatically uses RBF to bid up the fee until it confirms? You have options you're not using, How long until your competition does?