Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 21353. (Read 26715517 times)

This is my understanding of the situation anyway, from following Cypher's thread.

Without a doubt tho, IMO, it has something to do with the block size debate and is not an actual attack on BTC itself.
Somebody is trying to prove a point. At the moment they are proving that BTC can function fine with more tx's flowing thru the network, so bandwidth is not an argument

If you want a transaction processed, all you have to do is add at least the normal fee of .0001 and it should go thru fine.

https://tradeblock.com/blockchain

From here you can see that there are 90k spam tx in Mempool backlog, and total fees of 4.5 BTC, giving an average fee of 0.00005. Given that genuine tx's will be being sent with minimum .0001, and many with more than that, the fees on the spam are tiny, hence the backlog should only affect anyone who wants a fee-free tx. Boo-hoo ...

Personally I think it's actually showing how robust the system is.

I am not sure which the spammer is fighting for as he is proving that the nodes are not collapsing with the extra tx in the Mempool, the block size being the limiting factor in clearing it. Meanwhile a Fee-market is developing, whereby anyone paying a bit more is still guaranteed a fast transaction. If anything, its just proving how versatile and adaptable BTC is.

Nice one Inca

The fear is strong in this one ...

https://www.youtube.com/watch?v=xHa3D-musUw

Taking a shit load of euros, don't worry Torque..

Stand with the Greeks, take extra money BTC and spend it all, they need it  

Stand with the Greeks, take extra money and spend it all, they need it  

You forgot dragons spitting fire and Freddy Krueger with his new saw, cutting off heads on the streets...

The Germany stands to lose the most because Greece owes it more than any other country or institution. By  sacking its finance minister allowing its finance minister to resign, and talking about new compromises Greece signaled it was ready to do a deal. Germany will probably compromise next by backtracking on its refusal to write off restructure Greece's debts.

....

They are already bankrupt. Question is, will TPTB give them a palateble package of debt write-downs that allows them to recover within the Euro, without being asset-stripped, or will they have to exit and take the short-sharp-shock route of default in order to stand any chance of recovering from this mess ...
EU is desperate to hold the (probably doomed) Euro intact, so my guess is they get a deal. Even the IMF and US Treasury is saying any deal without a debt write-down will inevitably fail. Pressure is really on the Germans now. Greece drops out, defaults and thrives, they will soon be followed by other Southern European states. They get write-down and those states will be knocking on the door for the same in due course ...

Germany, as the main beneficiary of the of the Euro has some hard thinking to do. If Southern states ditch the Euro, bang goes a large part of their export market as the new currencies will inevitably be weaker, as will the political power of the Eurozone.

so the blockchain is basically not usable with normal fees currently?

so the blockchain is basically not usable with normal fees currently?

If you're not lying, then if I were you I would cancel my trip immediately.  Expect complete public unrest and total chaos to breakout there in about 2 days.  Think Arab Spring, riot-in-the-streets type chaos.

You forgot the dragons spitting fire and Freddy Krueger with his new saw, cutting off heads on the streets...

If you're not lying, then if I were you I would cancel my trip immediately.  Expect complete public unrest and total chaos to breakout there in about 2 days.  Think Arab Spring, riot-in-the-streets type chaos.

Right fellas. I head to Greece this weekend for 2 weeks and will give some updates in a dedicated thread here in the spec forum if people want it..

Actually they are not paying a shit ton ... the spam is being sent with minimal fees, and as it is not being processed (because it can't because of block size) it is wiped from Mempool after 24hrs ... rinse, repeat ...
Only by processing the transactions will it cost the spammers anything.
This is my understanding of the situation anyway, from following Cypher's thread.

Without a doubt tho, IMO, it has something to do with the block size debate and is not an actual attack on BTC itself.
Somebody is trying to prove a point. At the moment they are proving that BTC can function fine with more tx's flowing thru the network, so bandwidth is not an argument

If you want a transaction processed, all you have to do is add at least the normal fee of .0001 and it should go thru fine.

https://tradeblock.com/blockchain

From here you can see that there are 90k spam tx in Mempool backlog, and total fees of 4.5 BTC, giving an average fee of 0.00005. Given that genuine tx's will be being sent with minimum .0001, and many with more than that, the fees on the spam are tiny, hence the backlog should only affect anyone who wants a fee-free tx. Boo-hoo ...

Personally I think it's actually showing how robust the system is.

EDIT 2: I am not sure which the spammer is fighting for as he is proving that the nodes are not collapsing with the extra tx in the Mempool, the block size being the limiting factor in clearing it. Meanwhile a Fee-market is developing, whereby anyone paying a bit more is still guaranteed a fast transaction. If anything, its just proving how versatile and adaptable BTC is.