Bitcoin Forum

2 Million bitcoins included in a newly mined block (https://blockchain.info/block/000000000000000004061bb264f38441d94efa1a8a3a8c1e04ec42dd90ebde09), second such block in the last 3 days and yet no significant increase of days destroyed...

https://anonmgur.com/up/eb9b205f5a931d2a3ea42002d88842fa.png

Fees to increase transaction priority are on the rise though

https://anonmgur.com/up/11a453dd009fc518e68229951debdeb4.png (http://cointape.com/)

how much is the fees as of right now, as percentage

of mining power eanings (ie without the fees)

follow the money...

Who has the most to gain from higher tx fees?

This is because somebody is moving the same coins back and forth within the same block. This started from 17MhK5V3d2LA9xPgA88h3a1rsfCAFFq7H3  (https://blockchain.info/address/17MhK5V3d2LA9xPgA88h3a1rsfCAFFq7H3)with a balance of 3,731.5 BTC. OP you might want to correct your title and first post since it is not 2 million Bitcoins but rather the same ones sent back and forth.

If you have time to go through so many transactions be my guest. I've posted the starting address from that block.

26k to 47k satoshis, that's 4 times as high as last week... no less.

Last ten blocks (up to 400695) had fees totaling 4.11729394 BTC, which is 1.65% of 250 (the sum of block rewards).

That's a rough estimate though due to the small sample, perhaps someone could write a script to check, (I'm not aware of any block explorer that measures this).

As of now no one gains with it, miners have much more to gain with adoption and increased bitcoin valuation.

With current situation bitcoin may lose a lot of its value.

You're right, technically it's not millions of individual bitcoins but still millions in the total sum of transactions. That becomes clear enough after reading the OP and/or visiting the links doesn't it?

Maybe the miners really hired the professional DDoS to perform the stress test, so that everyone will increase their tx fee to ensure fast confirmations? Oh... I think I am imagining too much!

So this 'attack' is overall bad for Bitcoin, but being caused by some entity with access to millions of Bitcoin.....

Are we sure there is no advantage to some group in the industry?
How much in Bitcoin fees does this attack cost them?

i thought it would be stuff all only a big deal if minining pool owner keeps it

but i was also trying to make sense of the 4th comment down

or more like trying to unscramble my brain after reading it

https://bitcointalk.org/index.php?topic=1381391.0

Oh sorry, he meant in terms of earnings for miners. I didn't understand at first.
Well, according to https://blockchain.info/stats (https://blockchain.info/stats), here are the stats for the past 24 hours :
Blocks Mined : 133
Bitcoins Mined : 3,325 BTC
Total Transaction Fees : 57.87275582 BTC

Transactions fees (57.87275582) have now represented 1.71% of total miners' earnings (3,325+57.87275582) for the past 24 hours.

That's close enough to your 1.65%.

If the attack costs less than the increase due to this fee squeeze, then it's advantage: miners....

their is no such thing as bad for Bitcoin,

finding weaknesses is what this game is all about

I'll agree with bitcoinpro on this one. This "transaction spammer" is merely putting the stress on one of bitcoin's weaknesses: its unability to proceed large amounts of transactions efficiently.
As long as developers can come up with solutions to the problems, there's no such thing as "bad for bitcoin". And they have solutions for this problem. From the tip of my tongue: sewgit and block size increase are both solutions. Now we only need all these good sirs to agree on a way to implement these solutions in a way that is best. And quickly, if I may.
Miners or a Classic supporter. Spamming transactions cloacks the mempool, thus creating dissatisfaction amongst users, thus bringing more people to side with Classic, since the obvious and easiest (but not necessarily best) solution would be a block size increase.

Well this isn't close to a DDoS as it isn't bringing anything down. It is more like a stress test but with the exclusive goal to bring fees up and it's been quite successful at that. 

That would be foolish for the miners unless they had a sudden severe need for a quick profit. Jacking around with bitcoin transaction fees too much will cause people to abandon bitcoin, driving the price down and slowing or reversing adoption. That's precisely the opposite of what the miners want.

So we are not going with this person having "ocd"? ;)

So this person obviously wants to make a statement but would there not be a link to a thread somewhere on the net or they just presuming people will get the gist of the problem they are addressing!

Bit of a issue if some one with a big dump of coins can turn the market upside to this extent.

https://i.imgur.com/ngPM8ou.png

This is as far as I've went with my current machine (inadequate for huge visualizations). You can clearly see the money trail of the same person and the pattern (it's always 1 smaller amount that splits), in addition to the connections between different 'nodes' on the path. I'm sure that there are better (private) tools for doing such analysis. However, the conclusion is pretty simple for this block.

Jesus, this graph looks like the FTIR spectrum of chymotrypsin.  Bad memories. 

But bitcoin has been under attack before and it'll survive.  It'll survive high transaction fees, slow confirmation times, all that stuff.

the 2 million coins are NOT from that one source address..

check the time stamps. you will see the funds move one time per block.. not thousands of times within the same block.. plus its impossible to confirm a transaction without first having a confirmation of the previous, so you will never see a block filled with funds from a same origin point all in the same block..

however it can bloat up the mempool with thousands of transactions waiting to be confirmed. all with the same bot created timestamp.

if it was a bot creation you would be able to tell by the timestamps.

Redditors are reporting that after looking into their nodes, a large percentage of what was clogging the mempool were 5 month old rebroadcasted transactions (coinwallet spam).

https://np.reddit.com/r/Bitcoin/comments/48pree/why_there_are_5_months_old_unconfirmed/

Same on tradeblock (https://tradeblock.com).

This is quite interesting; I certainly did not anticipate that there would be a correlation with the past attack. This is why people should definitely stay away from both Classic and BU. They are trying to manipulate people into joining them by creating a false sense of urgency. They start complaining about bad user experience when in-fact they're the ones (supporters) who caused it in the first place. We're at ~14k unconfirmed transactions now; seems to be slowly improving.

It goes even further, albeit my machine started to act sluggish (this one is not suitable for such) so I stopped there.

lauda you are truely failing your core shilling.

its not a debate about core vs classis, .. its about 2mb that CORE could and SHOULD include..

put it another way if capacity does not need to be increased then there is no reason for you to defend segwit as the needed tool for capacity growth because your own argument that capacity doesnt need increasing also means that segwit is not needed as a solution to capacity increase. so anyone spouting out that segwit is great for the needed capacity growth must be saying that capacity growth is needed..

try to use logic next time.


2mb debate has been going on since summer 2015.. and guess what. classic and BU was not even invented/envisioned or proposed then. so just stop trying to turn the capacity debate into a "us vs them" political debate.

2mb should be included in core along with the 12 other implementations. there is no battle for control because ultimately no one, including core... no one should have control of the code

I'm not sure what it is as a percentage, but it is about 40-50 thousand satoshi. I am used to paying 10 thousand satoshi, but this is still quite a small amount.

Guess who here gives zero fucks. 13% of Antpool's blocks the last 30 days were empty. Followed by BW's 11%

https://i.imgur.com/t77cb8Q.jpg


https://np.reddit.com/r/Bitcoin/comments/48trxh/jihan_wu_on_twitter_an_exchange_pinged_me_and/d0mie5b