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Topic: [1000 unconfirmed transaction] Spam attack has practically ended for 2 days! - page 2. (Read 3035 times)

sr. member
Activity: 686
Merit: 253
I withdrew my bitcoins from the exchange today and i couldn't believe my eyes. They arrived in 30 mins or so. There were times i waited more than a day. I don't know what happened but may be it is related to recent 60$ flash pump.

We hope it will stay thus quicker and confirm faster like it used to be. I think there was too much spam in the network that accounted for the undue delays but I'm happy we've started seeing positive signs of quicker confirmations.
legendary
Activity: 1092
Merit: 1000
everyone is too busy arguing about nonsense about a possible fork in a far away future and lots of FUD in this board alone, that they even missed the fact that the memory pool has been literary empty for the past 48+ hours!

as i am writing this there are 920 unconfirmed transactions in the memory pool and the last 4 blocks are practically empty

457985    31.10
--- full
457983    892.58 KB
457982    353.94 KB
457981    316.85 KB
457980    208.78 KB
--- full
457977    0.259 KB
--- full

I know i am going to jinx it now Tongue


LOL,   Cheesy

BTU Unlimited gains the upper hand, and all of a sudden the spamming of transactions stop cold.

You do realize the implications of what you are saying ,
Directly Points to BlockStream/segwit/LN Supporters as the Ones behind the Spam attacks trying to force it's adoption.
Now that it is apparent they have lost to BTU, they drop the attack hoping that BTU does not receive the few 15% more it needs to fix BTC FOREVER.


 Cool


hero member
Activity: 770
Merit: 629
I don't think anyone is leaving bitcoin. nobody who has "bags of bitcoin" and invested money in it, is not foolish enough to leave with FUD. those who panic are newbies who don't even have enough bitcoin in wallets to call it a "bag" Cheesy

You mean, the people with nodes, like me Smiley

I weight for 1/4000 in the "voting", but I can really assure you that my weight is NOT 1/4000 of the market cap Wink
Even if you square that number, you're far off.  I only have bitcoin if I need something to buy with it.  Rarely.

hero member
Activity: 770
Merit: 629
this cheapness and fastness always comes with a cost. the only thing people usually see is the price of those altcoins that is volatile but that is only one of the risks and it is not even the biggest one!
one of the biggest threats is always an unsecure network and that happens when there aren't enough full nodes running. we have all heard people bitch and moan about bitcoin blockchain be big and them having hard time running a full node.
now think what happens when the blockchain of these "faster" altcoins reaches 500 GB! how many nodes do you think will remain running a cheap altcoin?
and with their numbers falling the network of that altcoin would crumble and all hell will break lose.

Yes, I think you need to find some excuse why bitcoin is wasting 400 million dollars a year Smiley

Even ETC wasn't attacked seriously when it split off ETH as a small minority chain.  No major altcoin ever suffered a serious block chain break down.  Not more than bitcoin in the past, when it was much smaller than those altcoins are right now.

And no, nodes don't count for shit in "maintaining the security of the network" in a proof of work system (PoS is different...)

Keep telling yourself that only bitcoin is secure, and that you need to waste 400 million dollars a year to maintain essentially 10 miners serving the bitcoin block chain, because it is the nodes on the PC of amateurs like me that "maintain the security".  And then ponder why proof of work would actually be needed, if nodes maintain the security of the network.  And then ponder why altcoins, much bigger than bitcoin a few years ago, would fail when bitcoin didn't.

And then ask yourself honestly if the story makes sense.
legendary
Activity: 1638
Merit: 1163
Where is my ring of blades...
Lots of alt-coins have been cheaper and faster over the last 4 years, still are.
An old saying
"It is not about the return on your money, it is about the return of your money."

this cheapness and fastness always comes with a cost. the only thing people usually see is the price of those altcoins that is volatile but that is only one of the risks and it is not even the biggest one!
one of the biggest threats is always an unsecure network and that happens when there aren't enough full nodes running. we have all heard people bitch and moan about bitcoin blockchain be big and them having hard time running a full node.
now think what happens when the blockchain of these "faster" altcoins reaches 500 GB! how many nodes do you think will remain running a cheap altcoin?
and with their numbers falling the network of that altcoin would crumble and all hell will break lose.

Besides, I personally am glad more bagholders are leaving Bitcoin, for every one bagholder that exits come 10 new excited, interest, entrepreneurial investors ready to take Bitcoin and business to the next stage. And one less pump and dumper.

I disagree.
I don't think anyone is leaving bitcoin. nobody who has "bags of bitcoin" and invested money in it, is not foolish enough to leave with FUD. those who panic are newbies who don't even have enough bitcoin in wallets to call it a "bag" Cheesy
legendary
Activity: 1302
Merit: 1008
Core dev leaves me neg feedback #abuse #political
Lauda and Holliday you just both proved my point.
Wrong. I have mentioned neither client, neither solution nor anything. If you were deeply involved in trading, you'd know what is up. Investors don't give a single damn about rising TX fees, they care about risks, one of which is a contentious HF. Roll Eyes

"no HF" synonymous with "no network split" , synonymous with "core continues status quo.
hero member
Activity: 910
Merit: 523
-snip-
as i am writing this there are 920 unconfirmed transactions in the memory pool and the last 4 blocks are practically empty
There is no "the" mempool. Which website did you use as your source for this information? There are some more shown here: https://www.blocktrail.com/BTC/pools?resolution=24h

My node is also hovering a bit above 1k unconfirmed transactions, at the time of writing. Hopefully you now see *who* might have been doing this to support *certain "urgent" solutions*.

thanks for the addition, i understand that.
i mostly meant as a comparison of numbers. 920ish (seen on https://blockchain.info/unconfirmed-transactions which is currently at 2507 also the similar number seen on http://statoshi.info/dashboard/db/memory-pool) versus 10,000 seen on the same sources back when the spam attack was ongoing.
I always thought that so many unconfirmed transaction due to all time high price when people in rush to buy, send or sell bitcoin which overwhelm the network. I'm wondering if that's true, that some people did spam attack.
However, those numbers of unconfirmed transaction are great and proven we do not need unlimited block size for now, SegWit is more than enough, great solution from devs team.
legendary
Activity: 2170
Merit: 1427
I withdrew my bitcoins from the exchange today and i couldn't believe my eyes. They arrived in 30 mins or so. There were times i waited more than a day. I don't know what happened but may be it is related to recent 60$ flash pump.

No. Exchanges in general add poor fees that are not pointed at how the network situation is by the time you request a cashout. In this case, mempools are not suffering from a heavy spam attack anymore, and thus people don't have to outbid each other with higher transaction fees to get included in the next block(s). Generally, the fee you need to include right now to attract attention from pools is significantly lower, and thus explains why your current cashout got confirmed sooner than the previous ones.
legendary
Activity: 3276
Merit: 2442
I withdrew my bitcoins from the exchange today and i couldn't believe my eyes. They arrived in 30 mins or so. There were times i waited more than a day. I don't know what happened but may be it is related to recent 60$ flash pump.
full member
Activity: 182
Merit: 107
This shows us that there is absolutely no need for Bitcoin Unlimited or I do not know what other scaling solution that is absolutely not needed.

Quite the opposite, it shows us there is a need because it demonstrates quite clearly that the limited block size creates an attack vector that works.
hero member
Activity: 680
Merit: 500
Lots of alt-coins have been cheaper and faster over the last 4 years, still are.

An old saying
"It is not about the return on your money, it is about the return of your money."

Bitcoin is more than just speed, I would advise new investors to go and read some of Satoshi's posts.

Besides, I personally am glad more bagholders are leaving Bitcoin, for every one bagholder that exits come 10 new excited, interest, entrepreneurial investors ready to take Bitcoin and business to the next stage. And one less pump and dumper.

Central bankers fight price corrections, Bitcoiners must embrace them. They clean the pipes like a good plumber.
legendary
Activity: 1288
Merit: 1087
funny thing is, both sides believe that if their coin wins, there will be a price boom.

no one will win in the case of a contentious fork. it doesn't matter if it's unlimited, UASF, a PoW change. it'll all go up in smoke.
legendary
Activity: 2674
Merit: 2965
Terminated.
Lauda and Holliday you just both proved my point.
Wrong. I have mentioned neither client, neither solution nor anything. If you were deeply involved in trading, you'd know what is up. Investors don't give a single damn about rising TX fees, they care about risks, one of which is a contentious HF. Roll Eyes
legendary
Activity: 1302
Merit: 1008
Core dev leaves me neg feedback #abuse #political
Lauda and Holliday you just both proved my point.
legendary
Activity: 2674
Merit: 2965
Terminated.
Sending spam that actually takes up space in the blockchain requires that the spam pay transaction fees just like everybody else.  Perhaps the spammers just ran out of funds?  Or perhaps the fees got so expensive that the spammers decided it wasn't worth the cost anymore?
Perhaps, or perhaps they temporarily paused as they think they are "winning".

For all I know there are actually coins which solve most of these problems, but the problem is that pretty dodgy or weak coins tend to be the best at getting pumped and the owners best at profiteering, especially with coins like DASH which have a large instamine but can appeal to newbies who know less about that.
Nobody in their right mind uses DASH besides pump & dump-ing to increase their Bitcoin.

Monero has no block limits.  Yes, the transactions are bigger in bytes ( I think 3 or 4 times bigger), but there's no hard limit. Blocks adapt.  Only limited by network capacity and disk size, so following Moore's law.
Also following "Jihan's law of centralization". Roll Eyes

funny thing is, both sides believe that if their coin wins, there will be a price boom.
-snip-
The primary reason that the price isn't much higher is the fear of a potential HF.
legendary
Activity: 1120
Merit: 1012
It could also mean that part of the recent price drop might have been people deciding to get out of bitcoin.

Also, maybe, some folks are sitting tight on their wallets in case there is a fork.  No one wants to miss out on double coins.

Count me out of that hunt:
"Double coins" == Both types worth almost nothing compared to the recent highs.

funny thing is, both sides believe that if their coin wins, there will be a price boom.

core folks:  finally the BU debacle will be over, we can get back to bitcoin, confidence will soar, BU will become a forgotten alt
BU folks:  finally bitcoin can scale again, confidence will soar. good riddance to core/blockstream.

Oh I disagree. There is going to be a looooooooooooong bear market if we have a contentious hard fork. I have a feeling there will be some long term "games" played and the winner won't be known for several years. After that, recovering trust will be another long road.

If anything, this entire debacle shows how mining pools are extremely unhealthy for the network and it's unfortunate a method to promote solo mining hasn't been invented (maybe it's impossible?).
legendary
Activity: 1302
Merit: 1008
Core dev leaves me neg feedback #abuse #political
It could also mean that part of the recent price drop might have been people deciding to get out of bitcoin.

Also, maybe, some folks are sitting tight on their wallets in case there is a fork.  No one wants to miss out on double coins.

Count me out of that hunt:
"Double coins" == Both types worth almost nothing compared to the recent highs.

funny thing is, both sides believe that if their coin wins, there will be a price boom.

core folks:  finally the BU debacle will be over, we can get back to bitcoin, confidence will soar, BU will become a forgotten alt
BU folks:  finally bitcoin can scale again, confidence will soar. good riddance to core/blockstream.
legendary
Activity: 2114
Merit: 1040
A Great Time to Start Something!
It could also mean that part of the recent price drop might have been people deciding to get out of bitcoin.

Also, maybe, some folks are sitting tight on their wallets in case there is a fork.  No one wants to miss out on double coins.

Count me out of that hunt:
"Double coins" == Both types worth almost nothing compared to the recent highs.
hero member
Activity: 770
Merit: 629
Bitcoin network will not need the extra capacity of Bitcoin Unlimited as users began migration to other coins, cheaper to transact networks, you know their names.
Please name me a single viable alternative. By viable I mean the following:
1) Doesn't have an instamine / isn't a scam. (See Dash)
2) Isn't highly centralized / doesn't have a high king. (see Ethereum)
3) Doesn't have even worse scalability issues than Bitcoin. (see Monero)

Monero has no block limits.  Yes, the transactions are bigger in bytes ( I think 3 or 4 times bigger), but there's no hard limit. Blocks adapt.  Only limited by network capacity and disk size, so following Moore's law.

Problem with monero is that it is not very user friendly.  But it doesn't have built-in capacity limits.
newbie
Activity: 42
Merit: 0
Bitcoin network will not need the extra capacity of Bitcoin Unlimited as users began migration to other coins, cheaper to transact networks, you know their names.
Please name me a single viable alternative. By viable I mean the following:
1) Doesn't have an instamine / isn't a scam. (See Dash)
2) Isn't highly centralized / doesn't have a high king. (see Ethereum)
3) Doesn't have even worse scalability issues than Bitcoin. (see Monero)

Please indulge me.

Just goes to show how many people on Bitcointalk are actually running full nodes.
I'd say that the number is very low. A lot of people call themselves "Bitcoin enthusiasts", but they don't even have a single node running.
For all I know there are actually coins which solve most of these problems, but the problem is that pretty dodgy or weak coins tend to be the best at getting pumped and the owners best at profiteering, especially with coins like DASH which have a large instamine but can appeal to newbies who know less about that.
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