285k+ unconfirmed transactions: How will affect Bitcoin?

Murloc

full member

Activity: 322

Merit: 103

Quote from: DonQuijote on December 23, 2017, 05:00:02 PM

I meet many newfags and they dont wanna buy btc because its too expensive, they are buying altcoins, we need solve it

It is still good. I would never buy any shitcoin before getting some BTC. Just tell them not to buy bitcoin cash

Quote from: minersday on December 23, 2017, 05:36:49 PM

NO ONE knows when the mempool is going to get cleared, a transaction that i made with 250 satoshis per byte just four days ago got confirmed today, the reason? No one knows, not even me.

Right when the lighting networl will be launched, the blockchain is currently spammed. The date is unclear but everything will be fine. No need to FUD.

Fortify

legendary

Activity: 2688

Merit: 1192

It could very well affect the future growth of bitcoin, as it is exposing a weakness within the technology. The more popular it gets - the slower it works and the more it costs. There may be a niche use for it in transferring money globally, but it will not be used in regular transactions like shopping, when the fees are far higher than credit card costs.

minersday

hero member

Activity: 1484

Merit: 535

That is just what i answered yesterday... Just go and scroll up and you will see what i posted yesterday:

NO ONE knows when the mempool is going to get cleared, a transaction that i made with 250 satoshis per byte just four days ago got confirmed today, the reason? No one knows, not even me.

There are less than 210k of unconfirmed transactions at the moment, i am expecting to see the mempoool going back to normality in a few hours from now.

Maybe it will be betwene 100k - 120k before monday, who knows? There is not going to be a lot of traffic during Christmas Eve.

Before asking lazy questions, just see what i answered yesterday.

Quote from: MauiRealEstateAgent on December 23, 2017, 04:56:59 PM

So how long will it take for most of these transactions to go away and drop off?

DonQuijote

legendary

Activity: 1551

Merit: 1002

♠ ♥ ♣ ♦ < ♛♚&#

I meet many newfags and they dont wanna buy btc because its too expensive, they are buying altcoins, we need solve it

MauiRealEstateAgent

newbie

Activity: 4

Merit: 0

So how long will it take for most of these transactions to go away and drop off?

Lucius

legendary

Activity: 3234

Merit: 5637

Blackjack.fun-Free Raffle-Join&Win $50🎲

We all can see how is this affect BTC,it is going to 10 000$ level very fast because day by day it is only even more unconfirmed transactions and in this moment end of this situation is not in sight.As some have noticed this is just another attack from Roger Ver and his buddies in an attempt to show that BCH is real BTC.

It all start whit news Emil Oldenburg founder of bitcoin.com sold his BTC and invest in BCH.It is no accident that he is sold at that precise moment because price is so high,and then with that money he buy BCH.So they use BTC as weapon agains BTC and I bet they will buy back some of cheap coins for some next attack.

In the same time BCH is added on Coinbase,and number of unconfirmed transactions is exploded.They hit BTC where it is most vulnerable and now we have 300 000 unconfirmed transactions.

Quote

I'm looking at that block chain you mentioned, but even though the transaction was small they still paid $29 to send $0.38 cents. Why, I'm not sure, and this transaction, because they paid close to 700 sat/byte got confirmed. I figured if they wanted to clog memory pool they would send a transaction with a really low fee to remain unconfirmed. Am I missing something here? (and yes I am really new at this so please be patient with me for explanations, sorry).

Some miners who working with BCH crew probably sending such transactions,they have money and it is not problem for them-some of fees will be probably return to them anyways.

wail3Bahwu

member

Activity: 142

Merit: 10

my answer is support BCH make many decided to move for bitcoincash "after price bumping" they made many transaction and bitcoin down make more send more bitcoin.

now high number of unconfirmed transactions make fee is so high

jainy25

member

Activity: 80

Merit: 10

Quote from: MauiRealEstateAgent on December 22, 2017, 01:51:04 AM

Quote from: jainy25 on December 21, 2017, 11:20:34 PM

Quote from: LFC_Bitcoin on December 21, 2017, 04:39:09 PM

A large % of the unconfirmed transactions are micro transactions, like 1 satoshi. It’s a coordinated attack my those running BCH.

Yup, it's precisely that.

There are an alarming number of transactions like these - https://blockchain.info/tx/50af90e80e3acfb78bc62f6837d22bec7f0024b5d1d2263f08af6d473a1999f5 clogging the pipe.

Of course some miners are in bed with the people behind BCH to let this happen.

I wish there was a way to drop all these micro transactions (below $5) from the mempool altogether. I suppose it would clear the queue by about 70% if not more.

I'm looking at that block chain you mentioned, but even though the transaction was small they still paid $29 to send $0.38 cents. Why, I'm not sure, and this transaction, because they paid close to 700 sat/byte got confirmed. I figured if they wanted to clog memory pool they would send a transaction with a really low fee to remain unconfirmed. Am I missing something here? (and yes I am really new at this so please be patient with me for explanations, sorry).

That still goes into mempool for once. And then the miner would pick that transaction over others because of the fee (or because they already have details of these microtransactions and are only picking up these over others, until someone with a genuine transaction wants to pay a higher fee). So it is a win-win for the miners and the others involved in this.

By selecting transactions like these over genuine transactions having same fee, the miners are basically pushing everyone into paying a higher fee to get picked, thereby making the entire reason to transact in BTC more and more unviable.

MauiRealEstateAgent

newbie

Activity: 4

Merit: 0

Quote from: jainy25 on December 21, 2017, 11:20:34 PM

Quote from: LFC_Bitcoin on December 21, 2017, 04:39:09 PM

A large % of the unconfirmed transactions are micro transactions, like 1 satoshi. It’s a coordinated attack my those running BCH.

Yup, it's precisely that.

There are an alarming number of transactions like these - https://blockchain.info/tx/50af90e80e3acfb78bc62f6837d22bec7f0024b5d1d2263f08af6d473a1999f5 clogging the pipe.

Of course some miners are in bed with the people behind BCH to let this happen.

I wish there was a way to drop all these micro transactions (below $5) from the mempool altogether. I suppose it would clear the queue by about 70% if not more.

I'm looking at that block chain you mentioned, but even though the transaction was small they still paid $29 to send $0.38 cents. Why, I'm not sure, and this transaction, because they paid close to 700 sat/byte got confirmed. I figured if they wanted to clog memory pool they would send a transaction with a really low fee to remain unconfirmed. Am I missing something here? (and yes I am really new at this so please be patient with me for explanations, sorry).

Quote from: vit05 on December 22, 2017, 12:20:47 AM

For the median transaction size of 226 bytes, this results in a fee of 0.0020792 BTC.

This is unbelievable. It is too expensive.

I totally agree that it's too expensive, but I'm also confused because is this fee really going to the miners? My hashflare returns have dropped because of the difficulty for sure, but I figured with these ridiculous fees we'd be making bank....

MNDan

full member

Activity: 287

Merit: 101

I wonder why BTC allows such cheap transactions to fill the mempool - this should cost Roger way more money than this to attempt. I've noticed some miners have evicted the ultra cheap ones.

https://jochen-hoenicke.de/queue/#30d

pooya87

legendary

Activity: 3472

Merit: 10611

Quote from: MauiRealEstateAgent on December 21, 2017, 04:35:03 PM

How do you guys feel that this is going to affect bitcoin prices?

it is a damaging thing for sure. specially in long term. in short term it may just be a temporary and small drop and fast recovery but in long term if more merchants like Valve for instance, drop bitcoin then things won't be as good anymore.

Quote

Is this going to bring back support for another fork? I see Bitcoin Cash seems to be getting quite a bit more support now. Will it bring Segwit2 back? Or larger blocks?

we do need larger blocks but whether it will bring them back or not, i am not sure.

Quote

Is this good or bad for the miners?

total amount of fees in the last block mined was 8BTC=$100,000+ and block reward is 12.5BTC=$180,000

vit05

hero member

Activity: 672

Merit: 526

For the median transaction size of 226 bytes, this results in a fee of 0.0020792 BTC.

This is unbelievable. It is too expensive.

Maveth13

full member

Activity: 336

Merit: 112

Quote from: MauiRealEstateAgent on December 21, 2017, 04:43:51 PM

Quote from: LFC_Bitcoin on December 21, 2017, 04:39:09 PM

A large % of the unconfirmed transactions are micro transactions, like 1 satoshi. It’s a coordinated attack my those running BCH.

Okay that makes sense on why all of a sudden the unconfirmed transactions seemed to have doubled over night.

Besides that, miners keep switching between bitcoin and bitcoin cash. They to a more profitable coin, then when the mempool is congested increasing the miner fees, they go back to bitcoin.

maxj57634

full member

Activity: 168

Merit: 100

Quote from: LFC_Bitcoin on December 21, 2017, 04:39:09 PM

A large % of the unconfirmed transactions are micro transactions, like 1 satoshi. It’s a coordinated attack my those running BCH.

Could be possible, trying to take out the opponent by attacking its weakness, the attack has somehow manage to weaken bitcoin, the price now drops drastically and i think there will be more price drop to come if the network cant be fixed at all.

jainy25

member

Activity: 80

Merit: 10

Quote from: LFC_Bitcoin on December 21, 2017, 04:39:09 PM

A large % of the unconfirmed transactions are micro transactions, like 1 satoshi. It’s a coordinated attack my those running BCH.

Yup, it's precisely that.

There are an alarming number of transactions like these - https://blockchain.info/tx/50af90e80e3acfb78bc62f6837d22bec7f0024b5d1d2263f08af6d473a1999f5 clogging the pipe.

Of course some miners are in bed with the people behind BCH to let this happen.

I wish there was a way to drop all these micro transactions (below $5) from the mempool altogether. I suppose it would clear the queue by about 70% if not more.

ahmadakbari

full member

Activity: 602

Merit: 116

Bitcoin Cash is pumping and at the same time there are many unconfirmed bitcoin transactions. This is exactly what happened once before. Soon everything will be normal again after Bitcoin Cash price rise ends.

MauiRealEstateAgent

newbie

Activity: 4

Merit: 0

Quote from: LFC_Bitcoin on December 21, 2017, 04:39:09 PM

A large % of the unconfirmed transactions are micro transactions, like 1 satoshi. It’s a coordinated attack my those running BCH.

Okay that makes sense on why all of a sudden the unconfirmed transactions seemed to have doubled over night.

LFC_Bitcoin

legendary

Activity: 3556

Merit: 9709

#1 VIP Crypto Casino

A large % of the unconfirmed transactions are micro transactions, like 1 satoshi. It’s a coordinated attack my those running BCH.

minersday

hero member

Activity: 1484

Merit: 535

You have just answered to yourself in there, the high number of unconfirmed transactions is just making the fees go high than they are right now.

Tell me, are you going to send money to a guy or just buy stuff with a fee of $42,5? I guess that you would never do that, the same as me.

This is really preocupant, that is why i am so angry about this situation.

It will get fixed soon, but the problem is when, if it doesn't get fixed as soon as possible a lot of people are going to lose interest on bitcoin.

Quote from: MauiRealEstateAgent on December 21, 2017, 04:35:03 PM

Today I checked into https://blockchain.info/unconfirmed-transactions to see that the unconfirmed transactions has doubled to 285,000+ as I write this post. As well as fees now being about $42.50 to send a transaction from my wallet. How do you guys feel that this is going to affect bitcoin prices?

MauiRealEstateAgent

newbie

Activity: 4

Merit: 0

Sorry first post so I'm not sure if I got the right forum to post in, so I'll apologize ahead of time.

Today I checked into https://blockchain.info/unconfirmed-transactions to see that the unconfirmed transactions has doubled to 285,000+ as I write this post. As well as fees now being about $42.50 to send a transaction from my wallet. How do you guys feel that this is going to affect bitcoin prices?

Is this going to bring back support for another fork? I see Bitcoin Cash seems to be getting quite a bit more support now. Will it bring Segwit2 back? Or larger blocks?

Is this good or bad for the miners? I would think it's great for them due to the fees they get to collect now. However for those who don't have hundred of dollars in bitcoins, now means we can't move smaller quantities of it anywhere, even to change it to another currency with smaller fees.

Lots of questions, and looking for some input from you guys who have been around a while on where you people think this will go.

Topic: 285k+ unconfirmed transactions: How will affect Bitcoin? (Read 258 times)