Stress test is underway - Watch your fees.

[Cryptology]

As announced CoinWallet has started spamming the blockchain.
The backlog of unconfirmed transactions is know at 10 MB (ca 2 hours) and growing.
To get your transactions confirmed in a decent amount of time make sure to include an
appropriate fee.
CoinWallet disclosed target is to create a 1 month (720 hours) backlog.

https://bitcoinmagazine.com/21842/coinwallet-begins-pre-test-bitcoin-network-schedules-largest-stress-test-begin-september-10/

https://blockchain.info/unconfirmed-transactions

[meatmeat]

As announced CoinWallet has started spamming the blockchain.
The backlog of unconfirmed transactions is know at 10 MB (ca 2 hours) and growing.
To get your transactions confirmed in a decent amount of time make sure to include an
appropriate fee.
CoinWallet disclosed target is to create a 1 month (720 hours) backlog.

https://bitcoinmagazine.com/21842/coinwallet-begins-pre-test-bitcoin-network-schedules-largest-stress-test-begin-september-10/

https://blockchain.info/unconfirmed-transactions

So a 1 month wait for 1 confirmation by the time they are done?

Or if we add a decent fee we should be ok?

[Cryptology]

Looks like spam transaction have 0.0001 BTC fee so I would definitely put a bigger fee.
An example of a spam transaction: https://blockchain.info/tx/e94a0da26e9c580cc0282a2efa5ac4dcd5f79473adc3a58ab1a002dac3303698
However keep in mind that CoinWallet may increase this fee at any time. Apparently they will be spending 150 BTC in this "experiment".

[maokoto]

So nice of them to experiment slowing all other people transactions down 

I'll never understand things like this. They convince themselves that they are doing this for the public good or something?

[LFC_Bitcoin]

I wasn't sure exactly when it started but thanks OP, I am now aware & will be sure to include a bigger fee when I send bitcoins now. I can't believe it's a month in duration, ridiculous really. This is going to annoy, confuse & cause a lot of problems.

[tspacepilot]

They threatened it for early september.  I appreciate the warning.  I got caught with my pants down during a few of their "stress tests" this summer when I wasn't paying attention to fees.  One time a transaction took almost 3 days. 

[ImI]

They threatened it for early september.  I appreciate the warning.  I got caught with my pants down during a few of their "stress tests" this summer when I wasn't paying attention to fees.  One time a transaction took almost 3 days. 

you are aware of that you can resend the same transaction with fees again immediately?

[BNO]

So what would be the best strategy to get btc out of the exchanges like Bitstamp or btc-e, since i can not control how much they pay on transaction. A thing that is starting to worry me. Otherwise your money is just locked down in the exchanges.

[--Encrypted--]

thanks for the warning, OP.
I hate these stress tests. it doesn't even have any benefit for anyone.
I wonder how much BTC they will waste trying to create 1 month backlog...

[Cryptology]

They threatened it for early september.  I appreciate the warning.  I got caught with my pants down during a few of their "stress tests" this summer when I wasn't paying attention to fees.  One time a transaction took almost 3 days.  

you are aware of that you can resend the same transaction with fees again immediately?

Can you elaborate on this? How can you do that via Bitcoin Core 0.11? I've checked the GUI and cannot find that possibility.

So nice of them to experiment slowing all other people transactions down  
I'll never understand things like this. They convince themselves that they are doing this for the public good or something?

They are making their point in support for bigger blocks.

[DannyHamilton]

thanks for the warning, OP.
I hate these stress tests. it doesn't even have any benefit for anyone.
I wonder how much BTC they will waste trying to create 1 month backlog...

The last I read, I think they stated they were planning on spending 200 BTC.

I have no idea if they will actually waste a full 200 BTC on their little stunt, or if that's just meant to be some sort of scare tactic.  I guess we'll see.

[russokai]

thanks for the warning, OP.
I hate these stress tests. it doesn't even have any benefit for anyone.
I wonder how much BTC they will waste trying to create 1 month backlog...

The last I read, I think they stated they were planning on spending 200 BTC.

I have no idea if they will actually waste a full 200 BTC on their little stunt, or if that's just meant to be some sort of scare tactic.  I guess we'll see.

The network will go back to normal eventually...but could take days or weeks with lag in the system.  It is pretty serious situation.  I am going to sell some of my BTC and buy back lower as this is certainly going to hurt the price in the next few days/weeks.  We just had a big rebound and due for a pullback and this will push it off the cliff.

[DannyHamilton]

So what would be the best strategy to get btc out of the exchanges like Bitstamp or btc-e, since i can not control how much they pay on transaction. A thing that is starting to worry me. Otherwise your money is just locked down in the exchanges.

Yes, it is always risky to turn complete control of your money over to someone else.  Especially if that person or organization isn't well regulated, isn't insured, and isn't audited.  Even riskier if you have no idea how to reliably contact anyone from that organization.

Essentially, you donate your money to them (and it for all intents and purposes becomes the exchange's money, not yours), and in exchange they give you a promise that they will give an equivalent amount of money back to you if you ask for it, or will send it elsewhere on your request.

How reliable is that promise?  I prefer not to find out, so I tend not to leave bitcoins (or any other money) with a bitcoin exchange for any more time than it takes to accomplish the exchange transaction.

[DannyHamilton]

The network will go back to normal eventually...but could take days or weeks with lag in the system.  It is pretty serious situation. I am going to sell some of my BTC.

I read somewhere that they were planning on continuing this for an entire month.  Again, I don't know if we can believe that or not.

and buy back
- snip -

Please take your predictions about future value of bitcoin to the proper sub-forum:
https://bitcointalk.org/index.php?board=57.0

[tspacepilot]

They threatened it for early september.  I appreciate the warning.  I got caught with my pants down during a few of their "stress tests" this summer when I wasn't paying attention to fees.  One time a transaction took almost 3 days. 

you are aware of that you can resend the same transaction with fees again immediately?

Yes, I am aware of it in principle, of course in practices it depends on how important it is to get a quick confirmation balanced against the trouble of resetting your wallet.  In my case, it was sent from a mobile phone wallet so I would have probably had to export the private keys and manually made the transaction and sign it and push it and it turned out I was okay just to wait as the other party could see the transaction and that it would be confirmed eventually.

[spazzdla]

They threatened it for early september.  I appreciate the warning.  I got caught with my pants down during a few of their "stress tests" this summer when I wasn't paying attention to fees.  One time a transaction took almost 3 days.  

you are aware of that you can resend the same transaction with fees again immediately?

Can you elaborate on this? How can you do that via Bitcoin Core 0.11? I've checked the GUI and cannot find that possibility.

So nice of them to experiment slowing all other people transactions down  
I'll never understand things like this. They convince themselves that they are doing this for the public good or something?

They are making their point in support for bigger blocks.

Indeed, I'd like to know how to do this.. I have one method but it's not as fast LOL.

What I do is delete the wallet on the core and load up a back up and resend.

[Mickeyb]

You guys are aware that Coinwallet isn't even spamming the network (well they are not spamming theoretically, but they still are spamming in the sense). They are just giving away free bitcoins located in many different addresses, they are providing private keys for these addresses. What's clogging up the network actually is human greed, many users are trying to claim these free coins. Essentially, Bitcoin users are destroying its own network at the moment.

Pretty clever, ha? If they were not ranting all over the place how they will spam and they just did this "giveaway" we wouldn't even blame them for nothing. But now we know that they are bunch of bastards which just found another way to spam anyways.

If you want your transaction to confirm, just send with bigger fee.

[tspacepilot]

You guys are aware that Coinwallet isn't even spamming the network (well they are not spamming theoretically, but they still are spamming in the sense). They are just giving away free bitcoins located in many different addresses, they are providing private keys for these addresses. What's clogging up the network actually is human greed, many users are trying to claim these free coins. Essentially, Bitcoin users are destroying its own network at the moment.

Pretty clever, ha? If they were not ranting all over the place how they will spam and they just did this "giveaway" we wouldn't even blame them for nothing. But now we know that they are bunch of bastards which just found another way to spam anyways.

If you want your transaction to confirm, just send with bigger fee.

I actually didn't realized that.  I haven't looked into the details of the "stress tests".  But what do you mean when you say "giving away the private keys"?

[onemorexmr]

You guys are aware that Coinwallet isn't even spamming the network (well they are not spamming theoretically, but they still are spamming in the sense). They are just giving away free bitcoins located in many different addresses, they are providing private keys for these addresses. What's clogging up the network actually is human greed, many users are trying to claim these free coins. Essentially, Bitcoin users are destroying its own network at the moment.

Pretty clever, ha? If they were not ranting all over the place how they will spam and they just did this "giveaway" we wouldn't even blame them for nothing. But now we know that they are bunch of bastards which just found another way to spam anyways.

If you want your transaction to confirm, just send with bigger fee.

I actually didn't realized that.  I haven't looked into the details of the "stress tests".  But what do you mean when you say "giving away the private keys"?

look here: https://bitcointalk.org/index.php?topic=1175321

they are given away free privatekeys for anyone to sweep...creating thousands of transactions and doublespent attempts

[funkenstein]

There's only one way to deal with spam.  Ignore it.
Perhaps you have something more interesting to do with your time.