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Author Topic: Should I worry?  (Read 1231 times)
Bitplumber
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July 09, 2015, 06:54:21 AM
 #1

I am relatively new to bitcoin and have been building up a nice little stash over the last few months.
With all this talk of an attack/test on the blockchain I am starting to have doubts about buying more.
Am I worrying about nothing?
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July 09, 2015, 07:17:14 AM
 #2

No problem, just read the news in the head of the forum,  If you are using any wallet other than Bitcoin Core 0.10.x or 0.9.5, then you should not trust incoming transactions until they have ~30 confirmations

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July 09, 2015, 07:19:46 AM
 #3

Nothing to worry about. The Bitcoin network is backed up by many people around the world. If you're referring to the blockchain splitting, use a Bitcoin Core 0.10.x or 0.9.5 should be fine. If you dont want to download the whole blockchain, MyCelium for Android is also good.

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July 09, 2015, 07:23:04 AM
 #4

The test was to see how many transactions the bitcoin network can handle simultaneously and what effects this would have on the network as a whole. If you are worrying that you lose coins due to this, then you probably shouldn't. However, there are a range of other things that can influence the BTC price.

Some transactions may be slower or in the worst case get stuck/rejected. With future block size increase more transaction can be included in a single block and the network will be able to accommodate many more transactions in the same time frame.

You can read more about such tests
http://www.coindesk.com/bitcoin-network-survives-stress-test/
http://www.newsbtc.com/2015/06/24/bitcoin-network-stress-test-results/
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July 09, 2015, 07:32:26 AM
 #5

I am not worried at all
You mean stress test?

That will only affect to the time of confirmations and not anything else
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July 09, 2015, 07:37:22 AM
 #6

I am relatively new to bitcoin and have been building up a nice little stash over the last few months.
With all this talk of an attack/test on the blockchain I am starting to have doubts about buying more.
Am I worrying about nothing?

do not worry about anything. these people will run out of funds sooner or later and everything is going back to normal again. besides the worst thing that is happening as the result of it is that transactions are getting confirmed with delay.

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July 09, 2015, 08:41:33 AM
 #7

I am relatively new to bitcoin and have been building up a nice little stash over the last few months.
With all this talk of an attack/test on the blockchain I am starting to have doubts about buying more.
Am I worrying about nothing?

history tell you never any attack last longer they will give up when they loss enough money and get nothing in return and it is only effecting late confirmations of transactions but still proforming which is not a big problem i think, and history also tells you bitcoin can hit 1200$ anytime so keep on buying

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July 09, 2015, 08:50:34 AM
 #8

Attack is a strong word, and not backed up by facts. This is more a testing phase by individuals to see how much transactions the blockchain can handle, and if something has to change to accommodate more transactions per second.
There are a lot of theories and most of the testing that has been done, was not on the blockchain.
This would give us a good idea, how mainstream adoption would influence the blockchain and if and when tweaking on the protocol should be done.
The coins you have bought, would not be influenced at all. The only thing people complain about now, is the slow speed at which transactions are being confirmed, due to the high load these test are adding to the network. 

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July 09, 2015, 08:52:27 AM
 #9

if you have the last version of core(and this is the reason why i'm using core only, to avoid problem like this one) you are safe besides the occasional delay due to stress test

keep your coins in a cold storage like always and you are 100% safe

THE FUTURE OF
REAL ESTATE
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July 09, 2015, 08:53:11 AM
 #10

With all this talk of an attack/test on the blockchain I am starting to have doubts about buying more.

This attack/test will only prove once again that blockchain is reliable.
The main goal for this "attack" is to actually stress test some of the services. Which is good, some of them need improvements.

This can be only beneficial for Bitcoin, really. And this should be the least of your worries.

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July 09, 2015, 09:46:20 AM
 #11

I am relatively new to bitcoin and have been building up a nice little stash over the last few months.
With all this talk of an attack/test on the blockchain I am starting to have doubts about buying more.
Am I worrying about nothing?
There is not really a way to destroy bitcoin network unless majority of miners decide to do this. Already the Bitcoin network's computing power is quite ahead of the world's fastest supercomputers,combined.
If you want to know of more bitcoin vulnerabilities you can read more here: https://en.bitcoin.it/wiki/Weaknesses

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July 09, 2015, 11:24:54 AM
 #12

If you are using the current latest version of Bitcoin Core, or any other wallet, then I do not think that you need to worry about anything...
Developers are doing their work by doing stress tests on blockchain and this is what we need to testify the limits of blockchain...

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July 09, 2015, 05:28:36 PM
 #13

THIS
IS
NOT
A
TEST......

WE ARE UNDER ATTACK


Our inability to act does make me worry a bit but not much.
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July 09, 2015, 05:35:21 PM
 #14

I am relatively new to bitcoin and have been building up a nice little stash over the last few months.
With all this talk of an attack/test on the blockchain I am starting to have doubts about buying more.
Am I worrying about nothing?

do not worry about anything. these people will run out of funds sooner or later and everything is going back to normal again. besides the worst thing that is happening as the result of it is that transactions are getting confirmed with delay.

Yes and I don't think you have to worry even if you are new to the bitcoin. I think you got into the right time as it is the best time to invest in bitcoins as the prices are relatively low So I suggest you to invest as much as possible from your end and in future you would be a rich gentleman.
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July 09, 2015, 05:37:10 PM
 #15

THIS
IS
NOT
A
TEST......

WE ARE UNDER ATTACK


Our inability to act does make me worry a bit but not much.

I just posted in your other thread....what do you suggest we(the community) do in our effort to "act" to ease your worries?

OP, as many of the previous posters have said, you can continue to passively buy more btc as usual. (IMHO)
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July 09, 2015, 05:42:22 PM
 #16

I am relatively new to bitcoin and have been building up a nice little stash over the last few months.
With all this talk of an attack/test on the blockchain I am starting to have doubts about buying more.
Am I worrying about nothing?

Depends on for how long you wanna be on crypto. If your mission is for a few months from now... you have reasons to worry. Not only this spam experiment, but also hard fork is coming. But, if your mission is for a few years... just buy around 10% of your wealth and hold. Dont get disturbed by all the circus that is awaiting for the end of 2015 and the beginning of 2016. Look back again in 2017 and there is going to be reasons to smile... a move, that you would cherish for a lifetime.

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July 09, 2015, 06:14:29 PM
 #17

I've suggested a fee increase or mimicing LTC's anti spam measures.
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July 09, 2015, 06:25:01 PM
 #18

...

I concur with spazzdla.  I see NO GOOD REASON that some anonymous group(s) are spamming / attacking the BTC Ecosystem.  This inconveniences all of us.  There is no good reason, for example, why I should have to wait almost two days for my bitmixer.io payment to confirm (yes, yes, I know, it's small, but it is a PRINCIPLE I am discussing here).

Until someone comes up with a better idea, yeah, raise either (both?) the transaction minimum or the miner's fee.  If too small, let the miners NOT recognize them.


Do we want a secure and fast Bitcoin Ecosystem w/ out the spam?

or

Do we want to have micropayments and microfees that slow everything down?



I know which one I want....




EDIT: Perhaps someone could explain what the LiteCoin anti-spamming features are...
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July 09, 2015, 07:35:35 PM
 #19

Thanks for all the replys, you have reassured me to carry on buying bitcoin ☺
I keep all my coins in paper wallets that I print straight from my local ATM which I think is the safest storage method for a man of my capabilities.
What I was initially worried about was that this was a malicious attack on Bitcoin, that made me question whether it was safe to carry on investing.
Thanks again!!😊
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July 09, 2015, 07:40:35 PM
 #20

I am relatively new to bitcoin and have been building up a nice little stash over the last few months.
With all this talk of an attack/test on the blockchain I am starting to have doubts about buying more.
Am I worrying about nothing?

Seriously, what can possible go wrong?
Just make sure to secure you bitcoin in a good way.
Stash them away and cashout 10-20 years from now.
Bitcoin is still in its prototype phase there will be many more up and downs to come,
this problem with the tx fee is just a small bumb on the way, devs and community will
sort it out.
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