Bitcoin Forum

With the Status ICO just past, the Ethereum blockchain is having some problems. For example all the ethereum based wallets at Bittrex are down due to "blockchain congestion detected".

Same issue with coinbase.

https://i.imgur.com/l0fmDdL.jpg

Poorly designed ICOs ( not the projects themselves ). I've read that there was a cap so whales split their investment into hundred / thousands of smaller ones. This can be expected, it's a whole new field of work. Better ICO practices are already in work.

Same with Bittrex. ETH/BTC page says:

 Wallet offline - Blockchain congestion detected


Must be more than a simple congestion, even during the heaviest spam attacks no exchange disallowed Bitcoin withdraws because of network congestion.

There's a news source that's saying it was because of the Bancor ICO that caused the eth network congestion. --> https://qz.com/1004892/the-bancor-ico-just-raised-153-million-on-ethereum-in-three-hours/

So if the sudden influx of users to one wallet could cause congestion in the network, then could that be a vulnerability and used as a point of attack by the unscrupulous?

I totally agree this is the first time it happen,they need to fix that they are on a good momentum this could trigger a price drop also notice that an hour ago not a good time to transact now.

According to the following chart, ETH did 226,786 transactions in the last 24 hours. That is lower than bitcoin's 276,636

https://bitinfocharts.com/comparison/ethereum-transactions.html

It is NOT good news for Ether if they're getting congested at the same level when bitcoin did. It means they can't scale either, so the search goes on for a coin that can handle volume.

You nailed it.

https://i.imgur.com/V8GrfKf.png

that is not even the worse part!
the transaction fees which Vitalik was so proud of not so long ago are currently above $1.3 on average. and ethereum was supposed to be cheap! and it doesn't have a block size problem like bitcoin.

NEM is much more scalable than ETH, maybe it will finally come out to shine, though Ardor is the chief competition for ETH being that people are already issuing tokens on that platform.  All the NXT based solutions seem to be fairly robust, like NEM. Then there's the blockchain trimming technology in Pascal which seems to be getting little attention.

Blockchain trimming (Pascal Coin) and child chains (Ardor) seem to be the main competition when it comes to scalability, and NEM with Mijin whenever that gets rolling.   Ardor, NEM, and Pascal were all written from scratch.

Having ETH pop presents it's own problems though from a technical standpoint. Hopefully the market can work through them as it's in all our best interests to not have the.. cough.. bubble pop here.. cough.

Disclosure: Long all 3 of these.   Also Ark who the poster below me seems to own.

Bagholders refused to accepting the true as this unscalable bloat vaporware enjoying pump after pump, hype after hype from insiders and scam devs, they're blind to want to know what is really behind it. How bad? This useless pyramid scam is worthless.

Status was the worst by far but the network gets congested on every single medium sized and up ICO. As ICOs get more popular the problem is only going to get worse.

This is however a major problem because not only does it affect the people trying to invest in the ICO but it affects everyone else trying to use the network. Projects are going to have to design their ICOs better until ethereum is more capable of handling more transactions.

Same issue at BTC-E


But it will become even more worse,
because of the difficulty-bomb being activated,
https://etherchain.org/charts/difficultyBomb (https://etherchain.org/charts/difficultyBomb)
which will lead to block-times around 30 seconds
until mid of august (doubled).

Taking into account that the ETH-blockchain is overloaded now,
without ever reaching the transactions of bitcoin
https://bitinfocharts.com/comparison/transactions-btc-eth-ltc-doge.html#3m (https://bitinfocharts.com/comparison/transactions-btc-eth-ltc-doge.html#3m)
imagine what will happen with a doubled block-time !


 :P

Lllllllllllleeeeet's get ready to.... FAIL!

Civic seems to have a good system for their ICO

Bittrex just fixed their issues and you can now deposit/withdraw.

I'm wandering what will happens with our pending transactions that are not even showing as pending. I try to get in Status ICO and the trasaction don't appears anywhere except inside my wallet. Same with my withdraw at HitBTC.

Anyone know what will happen?

Well I just dumped all my ETH.
Got spooked by all this nonsense.
When I logged into MEW yesterday and saw the warning at the top, "if you don't have to send today wait 'till tomorrow", I was done.
I will not be touching ETH again.
Something off about the whole thing. Personally I didn't like using it.
I could be wrong, we shall see, but I feel better now that I've dumped it.

Poloniex seems to have problems now. I deposited a large amount of Ether (so I could sell them of course) and the transaction has gone through the blockchain but did not appear in Poloniex. It seems to have just vanished.

did Vitalik  say something about this network issue ,and what's his plan to slove

 i withdarwal 5.6 ETH from poloneix today ,but its txid is gone ...  wait more 6hours

Is network still clogged? I want to send my SONM tokens in my MeW but I just can't!

That's because Ethereum is weak shit and can't even process as many transactions as BTC  ;D

Imagine when ETH is as old as BTC? It will have stopped working entirely long before that. Lots of idiots put their trust in a shit platform like Ethereum and started foaming at the mouth with marketing propaganda like Flippening. They're gonna get REKT.

How is a supercomputer or derivatives exchange or betting app or blahblah even gonna run on ethereum if a ico with 10000 transactions cannot run on it?

I would be interested to know if we all do the same amount of transaction in the BTC blockchain than we had on status ico (or bancor ico) in the ETH blockchain, what would happen.

Which blockchain can afford the most important amount of tx per second ?

BTW I just realised I don't really know the ETH blockchain  ;D
Does every token transaction are stored on ETH blockchain like an ETH transaction ?

If yes, that would mean we will have more and more this kind of situation in the near future...

There have already been spam attacks much bigger than the ICO that brought ETH down to its knees aimed at BTC. Nothing happened and exchanges never had to suspend deposits.

That's the difference between BTC and shitty platforms that claim to be better.

Have any of those networks had a stress test? Ardor, Nem or Pascal? I don't think I seen any testing done on these coins. Bitshares however has tested their max TPS and you can see the test running live. Although, BTS doesn't do smart contracts. So there is that...

I think the DPOS coins will do well with scaling, Lisk and Ark are two that I know of. I'm sure there are others out there as well.

Maybe its time for Ethereum to go DPOS until they figure out something better.

Ok, that's what I was a bit thinking, thank you.

ETH is young, it has to learn from its fails.

Nxt did. Ardor is based on Nxt, so it should be in the same range.

https://www.jelurida.com/nxt-loadtest-results

And here is how Ardor solves scalability and blockchain bloat problem, which Nxt cannot solve now: https://www.jelurida.com/ardor-nxt-feature-comparison

Full story on Ardor design is at https://www.jelurida.com/ardor-blockchain-platform-design

I think we just have to wait and see :)

When I participed to Bancor ICO, I did a lot of transactions as they were vanishing. And my transactions just reappared a few minutes later, for some of them. It will depend of your luck, one will may be validated, but that's not sure. I've seen some others people who had no validated transactions at the end.

Everyone was blaming bitcoin blockchain and saying it's very slow and problematic. Let's now see the Ethereum blockchain which fails every time when a big ICO is collecting money from its participants. Will this ethereum bypass bitcoin? That's funny.  ;D

This pyramid scam eth is done.

It's finally becoming clear that ether was never designed as a currency and that it is way overvalued because of that now.

The network was not designed to handle so many transactions, but rather tlfor the dapps.

I was exactly tried the say the same thing above. After then, there is reasonable thing to compare ether with bitcoin. They are different things in function.