200,000 Unconfirmed Transactions Pile Up in Another Crazy Day for Bitcoin

pflmagic

newbie

Activity: 2

Merit: 100

Quote from: Mike Mayor on December 08, 2017, 06:03:47 PM

Yes but how does the Ddos attacks effect bitcoin? Oh and thanks for telling us I was wondering what was going on with the forum. I thought my connection was being useless again.

I made 2 transactions yesterday. One for 0.005 and one for 0.014 and I paid about 0.001 per transaction and it went through quickly but gees that expensive. I was worried it would not go through because of the congestion but it did. I wonder how low I could have spent on fees before it doesn't work?

To try and spam (Ddos) the blockchain would cost an insane amount of transaction fees. Most damage they could ever do would be to DDos supporting content like these forums etc.

Mike Mayor

hero member

Activity: 966

Merit: 535

Yes but how does the Ddos attacks effect bitcoin? Oh and thanks for telling us I was wondering what was going on with the forum. I thought my connection was being useless again.

I made 2 transactions yesterday. One for 0.005 and one for 0.014 and I paid about 0.001 per transaction and it went through quickly but gees that expensive. I was worried it would not go through because of the congestion but it did. I wonder how low I could have spent on fees before it doesn't work?

LoyceV

legendary

Activity: 3290

Merit: 16489

Thick-Skinned Gang Leader and Golden Feather 2021

Exchanges are doing great business, with over $21 billion in Volume (24h). At just 0.25% fee that's over $50 million revenue.
I still blame the miners for the small blocks: they used the NY Agreement to stop the UASF, activated SegWit, promised bigger blocks, but then didn't do it. The reason: miners love earning 5BTC in fees per block, that's $100,000 extra, on top of the block reward, every 10 minutes!
Miners don't care that Bitcoin's practical use is being killed. A $10 fee isn't even enough anymore to make a fast 200 byte transaction.
With just 2 MB blocks, these 200,000 waiting transactions could be processed within a day, and the backlog would be gone for another year. That would give Bitcoin some breathing space, until Lighting Network or whatever other scaling solution they come up with is ready.

I don't really care how Bitcoin is going to scale, I just know it's taking way too long to do so.
Higher fees are for sure not going to make transactions faster, it just means we all pay more, and we all wait anyway.

Tadblt

member

Activity: 75

Merit: 10

Quote from: richfund_Pe on December 08, 2017, 05:26:53 PM

Exchanges overloaded. DDoS attacks. Huge price spikes, flash crashes, and order cancellations. Over 200k transactions queued, some for more than 24 hours, in the mempool – despite paying high fees. Just another crazy day in bitcoin, a land where every day seems to be wilder than the last, including higher highs, bigger swings, and record-breaking numbers across the board.

You know what's the best thing to do at this moment? Take the most optimistic approach you could ever imagine and just stay updated . Bitcoin is a decentralized digital currency so what do you expect? You could also consider those as success though it seems so bad. But for me, Being attacked by DDos, huge price spikes and order cancellations are the signs that this platform is getting larger and more powerful and we are in the right track.

minersday

hero member

Activity: 1484

Merit: 535

Yep, no one is able to exchange a single altcoin because it will get collapsed, and specially on gdax.

Quote from: richfund_Pe on December 08, 2017, 05:26:53 PM

Exchanges overloaded.

This forum received a DDoS attack recently, i heard about it, and that is the reason of why it has been running out so slow, i was not even able to refresh a page..

Quote from: richfund_Pe on December 08, 2017, 05:26:53 PM

DDoS attacks.

But that is something good for everyone in here, who likes to see their balance going down? No one, so i dont know why you are complaining, because in fact, you are still earning money too.

Quote from: richfund_Pe on December 08, 2017, 05:26:53 PM

Huge price spikes

SchlaWinner

full member

Activity: 131

Merit: 100

Invent Bacon-Coin and see me HODL

BTC has a scaling problem? At least all exchanges and index sites have one, too Grin

richfund_Pe

newbie

Activity: 32

Merit: 0

Exchanges overloaded. DDoS attacks. Huge price spikes, flash crashes, and order cancellations. Over 200k transactions queued, some for more than 24 hours, in the mempool – despite paying high fees. Just another crazy day in bitcoin, a land where every day seems to be wilder than the last, including higher highs, bigger swings, and record-breaking numbers across the board.

Topic: 200,000 Unconfirmed Transactions Pile Up in Another Crazy Day for Bitcoin (Read 167 times)