|
Title: [2016-10-28] The Bitcoin Network Breaks Down as Demand Surges Post by: Bavarian Illuminati on October 28, 2016, 03:19:42 AM Almost one million bitcoins, worth more than half a billion dollars, are currently stuck in no man’s land as the network struggles to meet rising demand from China.
At one point, 70,000 transactions were stuck, unleashing a mountain of complaints from worried bitcoin users who took to bitcoin’s main communication channels of r/btc and r/bitcoin to ask why their transaction does not confirm. Among the complainants was a parent who wondered why their son’s payment to Microsoft is not going through. Another asked why his transaction has not confirmed in 24 hours while others wanted to know how to “delete” unconfirmed transactions. The surge in demand acted as, in effect, a DDoS of the network, denying service to users due to a 1MB transaction space limit which has been the subject of debate for many years with no solution achieved due to refusal from some bitcoin developers, mainly employed by Blockstream, to in any way provide a solution in time for surging demand. https://www.cryptocoinsnews.com/bitcoin-network-breaks-demand-surges/ Title: Re: [2016-10-28] The Bitcoin Network Breaks Down as Demand Surges Post by: scaryvirus on October 28, 2016, 07:22:44 AM funny, my transactions were all confirmed within few minutes the entire time. If btc didn't have fees, people could spam btc like they do on eth.
Title: Re: [2016-10-28] The Bitcoin Network Breaks Down as Demand Surges Post by: 1Referee on October 28, 2016, 09:33:21 AM At one point, 70,000 transactions were stuck, unleashing a mountain of complaints from worried bitcoin users who took to bitcoin’s main communication channels of r/btc and r/bitcoin to ask why their transaction does not confirm. Among the complainants was a parent who wondered why their son’s payment to Microsoft is not going through. Another asked why his transaction has not confirmed in 24 hours while others wanted to know how to “delete” unconfirmed transactions. People have to calm down when things like these are happening. In cases of the mempool being spammed like there is no tomorrow, people need to realize that they have to include a higher fee than normal in order to get their transaction confirmed within a reasonable amount of time. I understand that the rookie Bitcoiner can't always see and understand what's happening when unconfirmed transactions are piling up, but in this case wallet clients have to issue a warning/notification just before sending out a transaction, that due to the network circumstances, it is adviced to include a higher than average fee. It's not that difficult. funny, my transactions were all confirmed within few minutes the entire time. My transactions mostly get included in the next block as well, but that's mainly due to the fact that I include a much higher fee. If I set the fees at 0.0001BTC as many people see as normal nowadays, then it might take a block or 3 or 4 before it gets confirmed. Title: Re: [2016-10-28] The Bitcoin Network Breaks Down as Demand Surges Post by: Carlton Banks on October 28, 2016, 10:36:30 AM old story is old, inaccurate story is inaccurate.
Guess how Bitcoin coped? The miners were mining a little faster anyway, as a result of the price taking off. All additional transactions pending were cleared yesterday. Media needs to troll harder, lol Title: Re: [2016-10-28] The Bitcoin Network Breaks Down as Demand Surges Post by: TraderTimm on October 28, 2016, 02:02:29 PM The only thing "breaking down" is the author's understanding of Bitcoin.
Pay the appropriate fee, get included in the next block. I haven't had any problems with my transactions.... probably because I understand what I'm using. Title: Re: [2016-10-28] The Bitcoin Network Breaks Down as Demand Surges Post by: aso118 on October 28, 2016, 04:01:15 PM There definitely has been an increase in confirmation time.
You just have to look at this chart to see the spike in the last few days. https://blockchain.info/charts/median-confirmation-time |