Current transaction volume --- who/what's behind it

tspacepilot

legendary

Activity: 1456

Merit: 1081

I may write code in exchange for bitcoins.

Quote from: ShamrockHannah on July 14, 2015, 01:38:15 PM

Now I don't really have a proper understanding of the blockchain technology so please forgive me if this doesn't make sense.

Feel free to educate yourself. You can check out the bitcoin wiki for a good start

Quote

I read somewhere that it would be more effective to increase block frequency rather than block size. Does anyone know about this?

Block frequency isn't going to be changed. That's one of the important things that's held constant. Difficulty is changed regularly in order to maintain that frequency. Block rewards are phased out after a certain time period with that frequency in mind. It just wouldn't happen. If you do a little search, you can find pages and pages of threads of people debating the block size increase. I'm going to lock this thread now as my question is more or less answered and I've found other threads discussing the volume increase this week. Thanks for the replies folks, and ShamrockHannah, I'm sure you'll find a proper thread for your question soon, it's not really on topic in here.

ShamrockHannah

member

Activity: 98

Merit: 10

★777Coin.com★ Fun BTC Casino!

Now I don't really have a proper understanding of the blockchain technology so please forgive me if this doesn't make sense.

I read somewhere that it would be more effective to increase block frequency rather than block size. Does anyone know about this?

Panthers52

hero member

Activity: 675

Merit: 502

#SuperBowl50 #NFCchamps

Quote from: tspacepilot on July 14, 2015, 02:10:45 AM

Quote from: Panthers52 on July 14, 2015, 01:11:54 AM

Quote from: tspacepilot on July 14, 2015, 12:45:13 AM

Thankfully my transaction finally confirmed today after 5 days. Amazing changes going on in bitcoin these days. I wonder what the future brings. Hopefully transaction competition isn't going to stay this stiff.

I am surprised that any nodes were still relaying the transaction after that long, especially if you are not running a full node that is rebroadcasting the transaction. May I ask which pool still had the transaction in their mempool when they confirmed it?

It was included in block 365100, which was relayed by bitfury. I don't know if that answers your question. I suppose it may have been in more than one pool's mempool, but I don't think I have a way to tell.

In case you're curious, I created the transaction using schildbach's bitcoin wallet for android, so perhaps BWA rebroadcasts from time to time. I have to admit, I've never looked into it but I'd appreciate any enlightenment you have for me on the subject.

Are you sure that is the correct block number? I am having trouble finding any transactions that even come close to matching your description in that block.

I don't think most SPV servers are going to rebroadcast transactions because that is not what they are designed to do.

MF Doom

hero member

Activity: 560

Merit: 500

Quote from: everaja on July 14, 2015, 03:44:14 AM

The total number of un-confirmed transactions are increasing day by day , one of the main reason is sudden hike in price(BTC/USD) , it leads to high volume transaction from the traders who want quick profits on e more reason is small spam bulk volumes which is considerably making the traffic worst.
the counting is still bumping , but you can have a look to the recent ones here- http://blockchain.info/unconfirmed-transactions

Blockchain however modified their nodes to not accept most of the Transactions that are spam.

So if "mass adoption" all the sudden happened and tons more people worldwide started using and transacting with btc, could the network handle it? What kind of issues would come up? Really long wait times for confirmations?

tspacepilot

legendary

Activity: 1456

Merit: 1081

I may write code in exchange for bitcoins.

Quote from: everaja on July 14, 2015, 03:44:14 AM

The total number of un-confirmed transactions are increasing day by day , one of the main reason is sudden hike in price(BTC/USD) , it leads to high volume transaction from the traders who want quick profits

But the price "hike" you're talking about is from 250USD to like 300USD. This hardly seems like a huge factor given that btc was at an all time high of like 1500USD and was over 500USD only like 8 months ago. I have a hard time believing all these transactions are from legitimate trading volume.

Quote

on e more reason is small spam bulk volumes which is considerably making the traffic worst.

Yes, it seems there is some spam attack happening. I'm personally quite surprised that it can be pulled off this long, someone must be spending a lot of money on this. And why? That's what I havent' figured out.

Quote

the counting is still bumping , but you can have a look to the recent ones here- http://blockchain.info/unconfirmed-transactions

Blockchain however modified their nodes to not accept most of the Transactions that are spam.

Yes, this was already discussed upthread (it's really not a long thread, it's important to read before replying, especially when you're wearing a signature advertisement).

everaja

hero member

Activity: 490

Merit: 500

~ScapeGoat~

The total number of un-confirmed transactions are increasing day by day , one of the main reason is sudden hike in price(BTC/USD) , it leads to high volume transaction from the traders who want quick profits on e more reason is small spam bulk volumes which is considerably making the traffic worst.
the counting is still bumping , but you can have a look to the recent ones here- http://blockchain.info/unconfirmed-transactions

Blockchain however modified their nodes to not accept most of the Transactions that are spam.

Nrcewker

copper member

Activity: 2268

Merit: 539

LuckyDiamond.io - FLAT 50% Deposit Bonus!

some unpredictable things would happen? the one thing is that price is raising to $300. anyway, this is a good sign

tspacepilot

legendary

Activity: 1456

Merit: 1081

I may write code in exchange for bitcoins.

Quote from: Panthers52 on July 14, 2015, 01:11:54 AM

Quote from: tspacepilot on July 14, 2015, 12:45:13 AM

Thankfully my transaction finally confirmed today after 5 days. Amazing changes going on in bitcoin these days. I wonder what the future brings. Hopefully transaction competition isn't going to stay this stiff.

I am surprised that any nodes were still relaying the transaction after that long, especially if you are not running a full node that is rebroadcasting the transaction. May I ask which pool still had the transaction in their mempool when they confirmed it?

It was included in block 365100, which was relayed by bitfury. I don't know if that answers your question. I suppose it may have been in more than one pool's mempool, but I don't think I have a way to tell.

In case you're curious, I created the transaction using schildbach's bitcoin wallet for android, so perhaps BWA rebroadcasts from time to time. I have to admit, I've never looked into it but I'd appreciate any enlightenment you have for me on the subject.

Panthers52

hero member

Activity: 675

Merit: 502

#SuperBowl50 #NFCchamps

Quote from: tspacepilot on July 14, 2015, 12:45:13 AM

Thankfully my transaction finally confirmed today after 5 days. Amazing changes going on in bitcoin these days. I wonder what the future brings. Hopefully transaction competition isn't going to stay this stiff.

I am surprised that any nodes were still relaying the transaction after that long, especially if you are not running a full node that is rebroadcasting the transaction. May I ask which pool still had the transaction in their mempool when they confirmed it?

tspacepilot

legendary

Activity: 1456

Merit: 1081

I may write code in exchange for bitcoins.

Thankfully my transaction finally confirmed today after 5 days. Amazing changes going on in bitcoin these days. I wonder what the future brings. Hopefully transaction competition isn't going to stay this stiff.

Meuh6879

legendary

Activity: 1512

Merit: 1012

Quote

I ask because I sent a 256byte transaction with a 2KSat fee

yesterday = 0,00015 BTC of fees = no problem.

AgentofCoin

legendary

Activity: 1092

Merit: 1001

Quote from: scarsbergholden on July 13, 2015, 12:26:44 PM

Quote from: tspacepilot on July 13, 2015, 10:59:11 AM

Quote from: shorena on July 13, 2015, 05:54:28 AM

Quote from: S4VV4S on July 13, 2015, 04:54:07 AM

Are you guys sure it's not another stress test.
I remember the previous ones didn't go as planned and at the time they were announce they would be.
So maybe it's another stress test.
Btw, I am seing 16K unconfirmed transactions (at the time of writing this) on blockchain.info

I dont think anyone is willing to burn that kind of money just to "test" the network. The networks behavior was pretty clear during the first tests. There was a LTC pump and dump recently and now BTC crashed from 300. This might not be related to the attack though.

This dwarfs the first stress tests and is significantly longer in duration. My node currently sees somewhere between 42k and 60k unconfirmed TX. My node at home is running 0.11. and witnessed ~27k TX (~80MB) over night. I did however change it to accept any fee (as low as 1 satoshi) and plenty of free TX in order to make sure I get all of the spam.

Blockchain.info however modified their nodes to not accept most of the spam TX, which would explain why they show such a "low" number.

Thanks for thet chart, Sho, it shows quite clearly that whatever is going on is orders of magnitude larger than what happened on 23/6 and 1/7. Now I'm just wondering who is doing it and how long they can keep it up.

May i ask where did you get that chart from, thank for it also i havent been able to find something like that to see a 30 day perceptive of the transaction volume progress, I do also wonder how long would they or he could keep up that high volume of transactions is most likely to be a large operator to run that type of volume.

That chart comes from Shorena's Node (its provided in Shorena's profile). http://213.165.91.169/

scarsbergholden

hero member

Activity: 686

Merit: 500

Quote from: tspacepilot on July 13, 2015, 10:59:11 AM

Quote from: shorena on July 13, 2015, 05:54:28 AM

Quote from: S4VV4S on July 13, 2015, 04:54:07 AM

Are you guys sure it's not another stress test.
I remember the previous ones didn't go as planned and at the time they were announce they would be.
So maybe it's another stress test.
Btw, I am seing 16K unconfirmed transactions (at the time of writing this) on blockchain.info

I dont think anyone is willing to burn that kind of money just to "test" the network. The networks behavior was pretty clear during the first tests. There was a LTC pump and dump recently and now BTC crashed from 300. This might not be related to the attack though.

This dwarfs the first stress tests and is significantly longer in duration. My node currently sees somewhere between 42k and 60k unconfirmed TX. My node at home is running 0.11. and witnessed ~27k TX (~80MB) over night. I did however change it to accept any fee (as low as 1 satoshi) and plenty of free TX in order to make sure I get all of the spam.

Blockchain.info however modified their nodes to not accept most of the spam TX, which would explain why they show such a "low" number.

Thanks for thet chart, Sho, it shows quite clearly that whatever is going on is orders of magnitude larger than what happened on 23/6 and 1/7. Now I'm just wondering who is doing it and how long they can keep it up.

May i ask where did you get that chart from, thank for it also i havent been able to find something like that to see a 30 day perceptive of the transaction volume progress, I do also wonder how long would they or he could keep up that high volume of transactions is most likely to be a large operator to run that type of volume.

tspacepilot

legendary

Activity: 1456

Merit: 1081

I may write code in exchange for bitcoins.

Quote from: shorena on July 13, 2015, 05:54:28 AM

Quote from: S4VV4S on July 13, 2015, 04:54:07 AM

Are you guys sure it's not another stress test.
I remember the previous ones didn't go as planned and at the time they were announce they would be.
So maybe it's another stress test.
Btw, I am seing 16K unconfirmed transactions (at the time of writing this) on blockchain.info

I dont think anyone is willing to burn that kind of money just to "test" the network. The networks behavior was pretty clear during the first tests. There was a LTC pump and dump recently and now BTC crashed from 300. This might not be related to the attack though.

This dwarfs the first stress tests and is significantly longer in duration. My node currently sees somewhere between 42k and 60k unconfirmed TX. My node at home is running 0.11. and witnessed ~27k TX (~80MB) over night. I did however change it to accept any fee (as low as 1 satoshi) and plenty of free TX in order to make sure I get all of the spam.

Blockchain.info however modified their nodes to not accept most of the spam TX, which would explain why they show such a "low" number.

Thanks for thet chart, Sho, it shows quite clearly that whatever is going on is orders of magnitude larger than what happened on 23/6 and 1/7. Now I'm just wondering who is doing it and how long they can keep it up.

shorena

copper member

Activity: 1498

Merit: 1528

No I dont escrow anymore.

Quote from: S4VV4S on July 13, 2015, 04:54:07 AM

Are you guys sure it's not another stress test.
I remember the previous ones didn't go as planned and at the time they were announce they would be.
So maybe it's another stress test.
Btw, I am seing 16K unconfirmed transactions (at the time of writing this) on blockchain.info

I dont think anyone is willing to burn that kind of money just to "test" the network. The networks behavior was pretty clear during the first tests. There was a LTC pump and dump recently and now BTC crashed from 300. This might not be related to the attack though.

This dwarfs the first stress tests and is significantly longer in duration. My node currently sees somewhere between 42k and 60k unconfirmed TX. My node at home is running 0.11. and witnessed ~27k TX (~80MB) over night. I did however change it to accept any fee (as low as 1 satoshi) and plenty of free TX in order to make sure I get all of the spam.

Blockchain.info however modified their nodes to not accept most of the spam TX, which would explain why they show such a "low" number.

S4VV4S

hero member

Activity: 1582

Merit: 502

Are you guys sure it's not another stress test.
I remember the previous ones didn't go as planned and at the time they were announce they would be.
So maybe it's another stress test.
Btw, I am seing 16K unconfirmed transactions (at the time of writing this) on blockchain.info

avw1982

hero member

Activity: 644

Merit: 500

I think the Chinese are behind the current transaction volume and one of the reasons would be that their government has banned major stock holders to sell stocks for the next 6 months, some may have adapted to Bitcoin as these rules kicked in.

tspacepilot

legendary

Activity: 1456

Merit: 1081

I may write code in exchange for bitcoins.

Quote from: AgentofCoin on July 12, 2015, 09:42:31 PM

I think there is 26k tx in the mempool from nodes that are not cutting out the spam. So roughly 26k are waiting a single confirm.
In relation to who is behind the last test/attack, it was either Chinese miners or Chinese LTC Pumpers. That is why no one has taken credit.

Who ever it is must be spending a whole lot of money to be keeping it up this long. I guess I'm surprised not to find more talk on this board somewhere about how long this might go on and what it's costing the perpetrator to continue.

Quote from: Panthers52 on July 12, 2015, 10:45:48 PM

The nodes that blockchain.info uses may have different rules then what other nodes may use. If you look at blockchain.info's rejected inventory you will see that it is rejecting a large number of transactions that are including fees that are less then what many other nodes will relay by default. When those transactions are not yet confirmed and a new transaction that relies on at least one of those outputs then blockchain.info will think the transaction is invalid when it is not.

Thanks for the additional info here

Quote from: Panthers52 on July 12, 2015, 12:44:57 PM

What is your txid? I will look at it for you

Post or PM me the txid and I will see if I can help you out

I guess I could tell you the transaction id but I'm not sure what you mean by "help me out". Unless you have a lot of hashing power at your disposal I don't see how you're going to get my transaction into a block any faster, are you? Just curious what your offer of help is supposed to mean.

Thanks for the replies, fellas.

Topic: Current transaction volume --- who/what's behind it (Read 1450 times)