With this update we increase the transaction (mining) fee and the security deposit.
This will avoid problems that transactions needs longer to get confirmed in periods when the backlog of unconfirmed transactions on the blockchain is very high.
Offers from this version and offers from older versions are not compatible.
You cannot take an offer which was created with version 0.4.9.8 or earlier, as well a user with an old version cannot take an offer which was created with version 0.4.9.9.
It is highly recommended to remove your offers before you update to that version.
When you update you get forced to remove your old offers (or shut down the app).
You can update even if you have a trade open (if the offer was created with an older version we use the old tx fee and security deposit for that trade).
Beside that important change we improved the Tor handling for BitcoinJ (supports now DNS lookup over Tor and connection to Bitcoin full nodes running as hidden service).
Release notes 0.4.9.9:
Changed trade transaction fee from 0.0002 BTC to 0.0005 BTC
Change protocol version for offers to support higher transaction fee
Change Create-Offer-Fee from 0.0005 BTC to 0.0008 BTC (includes the 0.0005 tx fee, so the net fee to the arbitrator is same as before -> 0.0003 BTC)
Increase security deposit from 0.01 BTC to 0.03 BTC
nice - but it would have been good to give the user a warning that all his open order must be closed when he installs it. With more than ten orders that is a good tip for the project
Sorry for the short answer yesterday, was already late…
Yes I am aware that the update is sub-optimal. But the alternative was to wait until the next big DAO release where we have fee estimation implemented (prob. end of March).
I got quite a few disputes caused by delayed confirmations, sometimes it took even days, so that caused serious user experience troubles.
It seems it happens in waves that the backlog is going over 50k unconfirmed transactions. I think that is a very unusual pattern. Why should be every few days an 500% increase of usage? Seems more to me some spammers want to cause troubles (as they have stated openly when the blocksize debate/civil war stated).
But anyway we need to route around such issues and the higher tx fee is unfortunately the cost for Bitcoin to defend against such attacks.
If you update to the new version and get the popup displayed that u have old offers you can choose “shutdown” as well. The u can go back to the older version (or reinstall the old version) and still keep your offers and wait until they got taken. But of course the tx fee issue is then not solved and it seems it get worse over time.
I think its best to cancel the offers and not having those troubles anymore.
The lost “create offer fee” is 0.0005 BTC per offer (the arbitrator received only 0.0003 of that bc of tx fee).
I know that might be quite a bit of money for some people in some countries but if you compare it to the volatility in BTC then it is just like a price difference of 0.05% at a 1 BTC trade. So you might compensate that easily with a bit of premium u can get if you are one of the first traders with new offers.
Sorry that I did not communicate it better, I added it to the release announcement but there is a bit of text and people might not read all.
Somebody suggested dynamic calculation of fees but anyway I am into a more serious problem as the new version cannot publish my trade offers: Uploading…
The old offers cannot bu used in the new version. What do u mean with “cannot publish my trade offers”? You should get a popup where u have 2 choices: Remove all offers or shutdown app (and use old app again).
re-read it. im pretty sure your offers will still be there after the update.
i dont know where you getting the 300 from?
edit: sorry think i was thinking of trades currently taken.
edit: when you cancel the offers waiting to be taken…you wont lose the security deposit which is larger amount, just the other smaller fees i believe…
edit: im confused…security deposit is 0.03 btc…previously 0.01. correct? err.brain fart…yes it is 0.03…cos i had less than .03 and had to transfer monero across.
“Why would there be a $300.00 security deposit? The original security deposit was .01 BTC” In response to Alexej996 Saying “Perhaps you meant 0.3 BTC?”
So let’s get this right. When you cancel 3 orders you’ll receive your security deposit back (0.03 BTC in the old version) These should be in your wallet before and after the update.
You’ll lose some paid fees though, which should be 0.0015 BTC. Please send me an address via pm and I’l reimburse you if you wish.
New security deposit is not 0.3 BTC but 0.03 BTC, was a mistake in first release notes.
You don’t lose the security deposit only the take offer fee (0.0005 BTC).
You are also not forced to update and can keep your old offers if u dont update. Thought there are higher risks that the transactions dont get confirmed in time as the tx fee was not sufficient anymore, that was the whole reason for the update.
I know it is not optimal to have such a compatibility break, but it is the first since the beta launch and it is not so easy too keep always new versions compatible.
It is all fixed in the post now, that is important. 