Is miners cartel behind delays? | Bitcointalksearch.org

DomainMagnate

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Quote from: bitbunnny on March 03, 2017, 07:32:13 AM

Miners cartel? I doubt that something like this even exists.

They won't obviously tell about this and make it existence public.There are many secret groups about which not everyone is aware about.

Quote from: bitbunnny on March 03, 2017, 07:32:13 AM

And what would be their actual interest, what would they achieve by transactions delay? .

Well they will get high fee by forcing bitcoin users to pay high fee for getting quick confirmations.

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Quote from: jak3 on March 03, 2017, 01:22:36 PM

its very confusing to exactly get whats happening in the network nowdays , i remember there ws a time when people where saying they can do anything for bitcoins and today the whole network is stuck in the huge list of unconfirmed transactions. i think it is occuring because there are a lot of coins are not moving in the market because of the thieves and the coins in the mtgox and all.

That does not have anything to do with it, I think we are in the middle of a political fight those that want BU, those that want segwit and some that just want to destroy bitcoin, and we the users are trapped in the middle.

numismatist

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Quote from: Raimonn on March 03, 2017, 01:44:03 PM

I don't think that miners are behind the delays, could be an spike of transtactions (or someone spaming the network). Some blocks have near 2.000 transactions and others more than 3.000 but all are full (around the maxium 1.000 KB)

That's technology related. Of course in a quarrel blocks ain't empty. According to https://bitcoinfees.21.co/ there aren't any mentionable amounts of Zero Fee transactions, so no spam.
Regarding the accusations against the chinese operators well they would cut their own flesh. There is no interest in throttling the network, since that hampers adoption on a grand scale.

Raimonn

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I don't think that miners are behind the delays, could be an spike of transtactions (or someone spaming the network). Some blocks have near 2.000 transactions and others more than 3.000 but all are full (around the maxium 1.000 KB)

BillyBobZorton

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Miners are using their power to push for the BUcoin agenda, also funded and bribed by Roger Ver. They want to take control of bitcoin in the form of the BU scam, so they spam the network.

It's a matter of time they run out of money for their fake transactions and their fake BU nodes. They will lose just like XT and Classic and we will get segwit. Government goons will get crushed.

jak3

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its very confusing to exactly get whats happening in the network nowdays , i remember there ws a time when people where saying they can do anything for bitcoins and today the whole network is stuck in the huge list of unconfirmed transactions. i think it is occuring because there are a lot of coins are not moving in the market because of the thieves and the coins in the mtgox and all.

bitbunnny

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Just to add, I have two unconfirmed transactions today with recommend fee, more then 8 hours now, but I'm still not worried. I don't think that I'm victim of some kind of cartel. First time that big delay happened to me I was very worried an didn't know what to do but now I'm more relaxed because I have more knowledge and experience with Bitcoin.

szpalata

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I think it's a normal congestion in the network and has nothing to do with miners forming a cartel. Bitcoin is getting bigger and bigger by a the day and there are more getting on board do it's kind of flooding the network with transactions and since there's a smaller block size it's normal for it to congest.

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Quote from: DomainMagnate on March 03, 2017, 07:12:53 AM

I have seen a lot of delayed transaction threads and posts these days.Everyone is complaining of how their transaction got stuck and the usual increase fee advice follow.
I wonder if bitcoin miners have formed some kind of cartel or something and they are deliberately not confirming the transaction below their own determined fee?
May be all Chinese miners behind this.

If I was a mining pool operator that would be something I would do, choosing the highest fee paying transactions and discard the others, that's what makes financial sense, because, you know, mining is a business...

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Quote from: DomainMagnate on March 03, 2017, 07:12:53 AM

I have seen a lot of delayed transaction threads and posts these days.Everyone is complaining of how their transaction got stuck and the usual increase fee advice follow.
I wonder if bitcoin miners have formed some kind of cartel or something and they are deliberately not confirming the transaction below their own determined fee?
May be all Chinese miners behind this.

No miners cartel sorry to tell you. Because each day the increasing transaction cause the network
to be clogged that led to the drastic rise in the miner fee associated with each transaction.

Here check out the hash rate and the difficulty:

https://bitcoinwisdom.com/bitcoin/difficulty

Of course, bitcoin community members are not happy when they have to pay a lot more for
moving funds around. But I guess the short term solution right now it to as least increase
the fee so that it will be somewhat prioritize by the miners.

amacar2

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If mempool is full with transaction miners will select transaction based on the fee. They can set how much minimum fee they would like to have in transaction, with increasing mining difficulty, for profit they like to set that quite high than before and i think that is not illegal. So if you want your transaction to be confirmed within next block use recommended fee which is not that high if you are not sending micro <1$ transactions. Grin

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Quote from: bitbunnny on March 03, 2017, 07:32:13 AM

Miners cartel? I doubt that something like this even exists. And what would be their actual interest, what would they achieve by transactions delay?

Exactly, first time i ever heard of so-called "cartel" of miners sounds like bitcoin is a very addictive drug and several cartels are competing to sell it lol. Anyways maybe OP just means the Chineses miners, but that still they also don't have any reason to do this at this point. Also, the current fees is sufficient and miners don't really care about the fees right now, it's like a extra little bit of reward for them not their main source of income.

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Quote from: DomainMagnate on March 03, 2017, 07:12:53 AM

I have seen a lot of delayed transaction threads and posts these days.Everyone is complaining of how their transaction got stuck and the usual increase fee advice follow.
I wonder if bitcoin miners have formed some kind of cartel or something and they are deliberately not confirming the transaction below their own determined fee?
May be all Chinese miners behind this.

It's very likely there's an evil hand behind these delayed confirmations to push an agenda but as to whether it comes from the miners or the Chinese I can't ascertain.

bitbunnny

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Miners cartel? I doubt that something like this even exists. And what would be their actual interest, what would they achieve by transactions delay? At the moment the transactions volume is increased so for some of them it might take longer time to be confirmed but this is nothing unsual, it happened before.

examplens

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I've been thinking and I about this scenario.
A few days ago I sent the same amount of bitcoin from two different wallets, both with the small customs fee. One tx has been confirmed after 20 min. The second took more than 48hours

Xester

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Quote from: DomainMagnate on March 03, 2017, 07:12:53 AM

I have seen a lot of delayed transaction threads and posts these days.Everyone is complaining of how their transaction got stuck and the usual increase fee advice follow.
I wonder if bitcoin miners have formed some kind of cartel or something and they are deliberately not confirming the transaction below their own determined fee?
May be all Chinese miners behind this.

I doubt that it is the case. The main reason, I believe, is the actual volume of transaction versus the actual hashing power and blocks mined by the miners. What is currently happening is that there is an imbalance, the volume of transactions is much heavier than the capacity of the miners to mine blocks. In this case we can say that the problem is that the current mining activities cannot catch up to the volume of transactions being made.

BitcoinHodler

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Quote from: DomainMagnate on March 03, 2017, 07:12:53 AM

are deliberately not confirming the transaction below their own determined fee?

this doesn't make any sense.
if you look at the number of unconfirmed transaction you can see that there are a lot of them, and it is because of a spam attack. and because of it all the users are competing with each other to pay more fees to be included in the very limited block size. that is why fees are rising.

also there are other hypothesis better than yours about miners being behind it and no i seriously doubt that it is miners doing this.

DomainMagnate

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I have seen a lot of delayed transaction threads and posts these days.Everyone is complaining of how their transaction got stuck and the usual increase fee advice follow.
I wonder if bitcoin miners have formed some kind of cartel or something and they are deliberately not confirming the transaction below their own determined fee?
May be all Chinese miners behind this.

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