Topic: Can anyone explain this address? (Read 942 times)
What this means is yet another proof that we need a bigger blocksize. While we mentally masturbate about it we'll have more and more glitches like those.
Next stress test on June 29-30 13:00 GMT 2015, try not to do any important transactions in that period of time, they might get stuck for a while.
On June 22nd, we initiated a relatively limited stress test on the Bitcoin blockchain to determine whether or not we alone could have a large impact on the ecosystem as a whole. While our initial tests merely created full blocks for a multiple hour period, transaction confirmation times remained within 6 blocks for most transactions. This test was not as successful as planned.
See here why the first stress test was not as successful as planned: CLICK
The result was roughly 12 hours of full blocks combined with increased confirmation times for many Bitcoin transactions. By selecting random transactions that were not initiated by our team, we were able to determine that many standard fee transactions were taking ~80 blocks before receiving a single confirmation.
Bitcoin is at a breaking point, yet the core developers are too wound up in petty arguments to create the required modifications for long term sustainability. If nothing is done, Bitcoin will never be anything more than a costly science project. By stress testing the system, we hope to make a clear case for the increased block size by demonstrating the simplicity of a large scale spam attack on the network.
The plan - We setup 32 Bitcoin servers that will send approximately 1 transactions per second each (up from 10 servers sending 2 transactions per second each) - Each of these transactions will be approximately 3kb in size and will each spend to 10-20 addresses - The outputs will then be combined to create large 15-30kb transactions automatically pointing back to the original Bitcoin servers.
Example: https://blockchain.info/tx/888c5ccbe3261dac4ac0ba5a64747777871b7b983e2ca1dd17e9fc8afb962519
The target will be to generate 1mb worth of transaction data every 5 minutes. At a cost of 0.0001 per kb (as per standard fees) this stress test will cost approximately 0.1 BTC every five minutes. Another way to look at the cost is 0.1 BTC per full block that we generate. We have allocated 20 BTC for this test, and therefore will be able to single handedly fill 100 blocks, or 32 hours worth of blocks. However, we will stop pushing transactions after 24 hours at 13:00 GMT Tuesday June 30.
Predictions
Conclusions
For the sake of avoiding un-necessary calculations, lets assume that each block is 926kb in size, the average normal Bitcoin transaction volume is 600kb per block, and CoinWallet.eu will be pushing 2mb of transaction data into the network every 10 minutes. Under these conditions, the amount of transaction data being pushed to the network every 10 minutes (or every average block) will be ~2600kb. This will result in a 1674 kb backlog every 10 minutes.
By 13:00 GMT Monday June 29, the mempool of standard fee transactions will be 10mb By 24:00 GMT Monday June 29nd, the mempool of standard fee transactions will be 130mb By 13:00 GMT Tuesday June 30, the mempool of standard fee transactions will be 241mb
At this point the backlog of transactions will be approximately 241 blocks, or 1.67 days. When the average new transactions are factored into the equation, the backlog could drag on for 2-3 days. At this point, questions are raised such as whether or not this will cause a "crash landing." It is impossible to know with certainty, however we are anxiously looking forward to Monday.
See here why the first stress test was not as successful as planned: CLICK
The result was roughly 12 hours of full blocks combined with increased confirmation times for many Bitcoin transactions. By selecting random transactions that were not initiated by our team, we were able to determine that many standard fee transactions were taking ~80 blocks before receiving a single confirmation.
Bitcoin is at a breaking point, yet the core developers are too wound up in petty arguments to create the required modifications for long term sustainability. If nothing is done, Bitcoin will never be anything more than a costly science project. By stress testing the system, we hope to make a clear case for the increased block size by demonstrating the simplicity of a large scale spam attack on the network.
The plan - We setup 32 Bitcoin servers that will send approximately 1 transactions per second each (up from 10 servers sending 2 transactions per second each) - Each of these transactions will be approximately 3kb in size and will each spend to 10-20 addresses - The outputs will then be combined to create large 15-30kb transactions automatically pointing back to the original Bitcoin servers.
Example: https://blockchain.info/tx/888c5ccbe3261dac4ac0ba5a64747777871b7b983e2ca1dd17e9fc8afb962519
- Certain servers will be configured to include marginally larger than standard fees, thus guaranteeing delays from standard SPV wallets.
The target will be to generate 1mb worth of transaction data every 5 minutes. At a cost of 0.0001 per kb (as per standard fees) this stress test will cost approximately 0.1 BTC every five minutes. Another way to look at the cost is 0.1 BTC per full block that we generate. We have allocated 20 BTC for this test, and therefore will be able to single handedly fill 100 blocks, or 32 hours worth of blocks. However, we will stop pushing transactions after 24 hours at 13:00 GMT Tuesday June 30.
Predictions
- Our above estimates are based on 1 block being mined every 10 minutes. This is standard, however deviations are likely to create temporary blips in our testing, in particular when there is an hour gap between confirmations.
- The above calculations are based on each block being exactly 1mb and no other transactions appearing in the blocks. This is obviously unrealistic due to the fact that the average block size without our intervention is approximately 600kb. Furthermore, at least 30% of miners continue to cap blocks at 731kb. Others cap at 976kb.
Conclusions
For the sake of avoiding un-necessary calculations, lets assume that each block is 926kb in size, the average normal Bitcoin transaction volume is 600kb per block, and CoinWallet.eu will be pushing 2mb of transaction data into the network every 10 minutes. Under these conditions, the amount of transaction data being pushed to the network every 10 minutes (or every average block) will be ~2600kb. This will result in a 1674 kb backlog every 10 minutes.
By 13:00 GMT Monday June 29, the mempool of standard fee transactions will be 10mb By 24:00 GMT Monday June 29nd, the mempool of standard fee transactions will be 130mb By 13:00 GMT Tuesday June 30, the mempool of standard fee transactions will be 241mb
At this point the backlog of transactions will be approximately 241 blocks, or 1.67 days. When the average new transactions are factored into the equation, the backlog could drag on for 2-3 days. At this point, questions are raised such as whether or not this will cause a "crash landing." It is impossible to know with certainty, however we are anxiously looking forward to Monday.
this guy is crazy 
That true experiment to make slow confirmation bitcoin
this is part of blockchain stress
Is so cool to see this happening, we find that the bitcoin ecosystem can be subject to test and studies is mind blowing what we have here, from a single person asking about the activity of the wallet to the test being done with it.
That true experiment to make slow confirmation bitcoin
this is part of blockchain stress
because from what i have read about their test is that they were trying to send big size transactions to network with high fees to see if they can fill all the blocks and don't let any other transaction be included in the blocks except theirs.
this is small transaction with smaller fees, and doesn't fit the profile!
here is an example of the tx they sent in the test:
https://blockchain.info/tx/888c5ccbe3261dac4ac0ba5a64747777871b7b983e2ca1dd17e9fc8afb962519
17894 (bytes) with 0.0021 BTC fee
That true experiment to make slow confirmation bitcoin
this is part of blockchain stress
Is so cool to see this happening, we find that the bitcoin ecosystem can be subject to test and studies is mind blowing what we have here, from a single person asking about the activity of the wallet to the test being done with it.
That true experiment to make slow confirmation bitcoin
this is part of blockchain stress
that is some interesting experiment , now i know why the confirmations were pretty damn slow last day.
This address is sending bitcoins to itself. It's not a big deal. It can be done easily.
Owner of it basically giving miners his/her bitcoins
Long shot: This guy is trying to raise the tx count to speculate market etc.
Owner of it basically giving miners his/her bitcoins
Long shot: This guy is trying to raise the tx count to speculate market etc.
hero member
Activity: 560
Merit: 509
I prefer Zakir over Muhammed when mentioning me!
Person behind that address started spamming 2 months and 15 days ago. Another interesting thing is, the first transaction it received have two outputs. One to this address and the other to 1HhinDKiCXbxG72WhvjM4nr8exZ25N9Zfa which has not been touched again.
i think it has to do with the test about the TX limit
because transaction aren't fully confirmed, they appear to be in queue, but i may be wrong
i doubt that. because all the transaction have low size (190 bytes)because transaction aren't fully confirmed, they appear to be in queue, but i may be wrong
it is most probably a reason for trolls to post bitcoin obituary
I'll explain - this is the end of the bitcoin experiment. Go home now. There is nothing else to see. Bitcoin si dead.
Upcoming: Bitcoin hard fork is coming. Bitcoin will die
It might belong to the people who stress tested the Bitcoin network last Monday. They might have used it to test how many transactions they could send in a given space of time. The earliest transactions in it are from last April when they might have been running small trials to learn how to do a Bitcoin stress test.
I'll explain - this is the end of the bitcoin experiment. Go home now. There is nothing else to see. Bitcoin si dead.
http://bitcoinobituaries.com/
I'll explain - this is the end of the bitcoin experiment. Go home now. There is nothing else to see. Bitcoin si dead.
i think it has to do with the test about the TX limit
because transaction aren't fully confirmed, they appear to be in queue, but i may be wrong
because transaction aren't fully confirmed, they appear to be in queue, but i may be wrong
Jump to: