[2017-05-08] Unconfirmed Bitcoin Transactions Reach 150k

1Referee

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Quote from: coolcoinz on May 08, 2017, 10:05:37 AM

Such spam can not only be used to push an agenda like BU, but it could also be an attempt to crash the price. It's all about the money, do not forget that.

If you took the effort to actually read through my other post in this thread (post 7 to be precise, but you obviously didn't read it), then you would have known that I mentioned that it doesn't have to be solely BU causing this spam attack. I gave several examples too... Roll Eyes

Quote from: coolcoinz on May 08, 2017, 10:05:37 AM

If you look at charts it worked. Bitcoin went up by $200 and down by about $150 when the spam started. Somebody made a lot of money on that move.

Doesn't say anything. It's impossible to state the exact reason of these spam attacks. People can only speculate.

coolcoinz

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Quote from: 1Referee on May 07, 2017, 05:38:18 PM

Quote from: TraderTimm on May 07, 2017, 04:06:53 PM

I suspect Ver and company, because he's the only unhinged rich asshole that has enough funds to screw with Bitcoin, and the agenda to do it.

Ver & Co could indeed play a major role, but don't rule out the hidden agendas of the larger mining farms that have absolutely no moral problems with forcing people to pay a higher fee by choking the network with rubbish transactions - especially if it is a combined effort. Rubbish transactions will likely not confirm, and thus drop with the result that the entity behind the spam attack doesn't lose anything. In that regard, to a certain extent it's free to do for them, with a major impact on the network as result.

Such spam can not only be used to push an agenda like BU, but it could also be an attempt to crash the price. It's all about the money, do not forget that.
If you look at charts it worked. Bitcoin went up by $200 and down by about $150 when the spam started. Somebody made a lot of money on that move.

1Referee

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Quote from: fiscorcle on May 07, 2017, 06:08:24 PM

I doubt they're the ones originating the issue, but I wouldn't put it past them to compound the problem

Problem is that there are several entities that will benefit from choking the network with rubbish transactions.

Ver & Co; Making Bitcoin in its current form look bad as it can't cope with the large number of transactions. (hint...hint.... BU is the solution!!)
Pools; Forcing people to pay a higher fee.
Investors; By choking the network they hope to force people to move to the altcoin side, where they buy extremely overpriced coins.

And there may possibly be a few more scenarios, but the first two mentioned options are the most likely ones. Bitcoin in current days is infested with people only looking to nurse their own greed. These people will take every step necessary to accomplish their goal. If they have to make Bitcoin look bad for that, they will have no problems in doing so. As always, it's money that's the main driver.

fiscorcle

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Quote from: 1Referee on May 07, 2017, 05:38:18 PM

Quote from: TraderTimm on May 07, 2017, 04:06:53 PM

I suspect Ver and company, because he's the only unhinged rich asshole that has enough funds to screw with Bitcoin, and the agenda to do it.

Ver & Co could indeed play a major role, but don't rule out the hidden agendas of the larger mining farms that have absolutely no moral problems with forcing people to pay a higher fee by choking the network with rubbish transactions - especially if it is a combined effort. Rubbish transactions will likely not confirm, and thus drop with the result that the entity behind the spam attack doesn't lose anything. In that regard, to a certain extent it's free to do for them, with a major impact on the network as result.

I doubt they're the ones originating the issue, but I wouldn't put it past them to compound the problem

1Referee

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Quote from: TraderTimm on May 07, 2017, 04:06:53 PM

I suspect Ver and company, because he's the only unhinged rich asshole that has enough funds to screw with Bitcoin, and the agenda to do it.

Ver & Co could indeed play a major role, but don't rule out the hidden agendas of the larger mining farms that have absolutely no moral problems with forcing people to pay a higher fee by choking the network with rubbish transactions - especially if it is a combined effort. Rubbish transactions will likely not confirm, and thus drop with the result that the entity behind the spam attack doesn't lose anything. In that regard, to a certain extent it's free to do for them, with a major impact on the network as result.

Slow death

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Quote from: tyz on May 07, 2017, 03:57:23 PM

Unconfirmed Bitcoin Transactions Reach 150k

As Bitcoin continues to grow in popularity and value, the network’s capacity issues are becoming even more evident with the number of unconfirmed transactions reaching record-breaking figures.

It is well-known that the Bitcoin network is currently running at full capacity. With two popular scaling proposals competing for miner approval, there seems to be no resolution in sight. In the meanwhile, the situation is getting worse every day with the number of unconfirmed transactions reaching a record figure of 155k transactions yesterday.

http://bitcoinist.com/unconfirmed-bitcoin-transactions-reach-150k/

This is very bad, a few days ago I transferred bitcoin to neteller so I could withdraw to my country, it was a huge embarrassment, I waited for hours to confirm and this time neither viabtc was able to solve the problem early.

TraderTimm

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This is primarily because ONE address was being used to send to itself 174,000 times.

Its fucking spam, and anyone who has been following these non-organic patterns in mempool flooding knows it.

I suspect Ver and company, because he's the only unhinged rich asshole that has enough funds to screw with Bitcoin, and the agenda to do it.

Reference: https://www.reddit.com/r/Bitcoin/comments/69k199/mempool_flooded_today_with_address_paying_itself/

karmakeddon

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That looks bad. Really bad. It will discourage new comers to bitcoin if that happens a lot.

tyz

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Unconfirmed Bitcoin Transactions Reach 150k

As Bitcoin continues to grow in popularity and value, the network’s capacity issues are becoming even more evident with the number of unconfirmed transactions reaching record-breaking figures.

It is well-known that the Bitcoin network is currently running at full capacity. With two popular scaling proposals competing for miner approval, there seems to be no resolution in sight. In the meanwhile, the situation is getting worse every day with the number of unconfirmed transactions reaching a record figure of 155k transactions yesterday.

http://bitcoinist.com/unconfirmed-bitcoin-transactions-reach-150k/

Topic: [2017-05-08] Unconfirmed Bitcoin Transactions Reach 150k (Read 6440 times)