Coinwallet attack is causing backlog in the network and blockchain...hurting BTC

[russokai]

http://motherboard.vice.com/read/great-job-everyone-bitcoiners-are-ddosing-bitcoin

The number of backlogged transactions is currently above 90,000 and climbing, and the size of the “memory pool,” the database that stores them, is shooting past 150MB. It usually sits below 10. On the Bitcointalk forum, where much of today’s action is going down, users are reporting that their Bitcoin clients are crashing when they try to collect the coins.

https://blockchain.info/unconfirmed-transactions

Here is a better view...look at 7 days "Recent Mempool"  

https://tradeblock.com/bitcoin

Coinwallet changed the strategy for their attack, but it's still working.  This is really bad for bitcoin and for the price.

I think I will sell some of my BTC and buy it back for a lower price after this attack.  We bounced so hard and due for a pullback anyway and once news of this attack spreads, it will force the price down lower.  Might as well sell now and buy back even more BTC afterwards...the safer strategy.

[AgentofCoin]

More than 9000+, that is just what Blockchain.info is reporting.



The backlog, according to tradeblock.com:
85,687 pending tx
155.75MB mempool size

For the record, during the last spam tests/attack, btc prices when up.

[russokai]

For the record, during the last spam tests/attack, btc prices when up.

There hasn't been a spam attack like this in the past and it forces down the price for obvious reasons.

[Mickeyb]

Well all is in our handy, no? People just need to turn off the greed and stop trying collecting those free coins! I haven't even tried or thought about trying. Why would I be pulling out the chair on which I sit on, I don't get it.

People just give it up and stop trying!!!

[achow101]

For the record, during the last spam tests/attack, btc prices when up.

There hasn't been a spam attack like this in the past and it forces down the price for obvious reasons.

What do you mean that there hasn't been a spam attack like this? The last spam attack was sending dust to the brainwallet for cat which people were trying to claim. The attack before it was pretty bad. I'm fairly certain that all three of these attacks are run by the same people.

[RustyNomad]

I think CoinWallet knew exactly what they were doing.

This whole thing about stopping the attack and giving away the coins instead is nothing but a smokescreen for a very planned and executed attack.

How long do you guys think its going to take to clear out that backlog?

[LFC_Bitcoin]

its not really hurting us

It's not affecting the price at all really, just let them carry on with their pathetic self promoting spam attack.

Unconfirmed transactions now above 23,000 according to blockchain.info which is the highest I think I've seen it - https://blockchain.info/unconfirmed-transactions

[turvarya]

Meanwhile, there are not even full blocks mined.

[unamis76]

Well all is in our handy, no? People just need to turn off the greed and stop trying collecting those free coins! I haven't even tried or thought about trying. Why would I be pulling out the chair on which I sit on, I don't get it.

People just give it up and stop trying!!!

Either that or just try to spend all the funds on fees once and for all...

Meanwhile, there are not even full blocks mined.

The usual

[chek2fire]

coinwallet is scammers and a very shady company. I don't know what they what to prove with this but i am sure that they have break forever their reputation.

[spazzdla]

coinwallet is scammers and a very shady company. I don't know what they what to prove with this but i am sure that they have break forever their reputation.

That we stand zero chance of even 1% of the population using BTC at the moment as this would happen...

It also proves BTC can have a massive backlog...

They are more so proving a point.

[MF Doom]

its not really hurting us

It's not affecting the price at all really, just let them carry on with their pathetic self promoting spam attack.

Unconfirmed transactions now above 23,000 according to blockchain.info which is the highest I think I've seen it - https://blockchain.info/unconfirmed-transactions

its not hurting as of yet.  The thing about this "test" is it COULD cause a panic if something happens to go wrong.

As weak as the buy support is right now, I wouldnt be surprised if the slightest hiccup makes people panic sell.  Price probably can go back down to where it was 2 weeks ago ($210 range) maybe lower.

Another reason I think the slightest hiccup could cause panic selling is that the whole xt debate is still ongoing, cause instability within the small btc community, possibly making it even smaller and more fragmented

[Mickeyb]

its not really hurting us

It's not affecting the price at all really, just let them carry on with their pathetic self promoting spam attack.

Unconfirmed transactions now above 23,000 according to blockchain.info which is the highest I think I've seen it - https://blockchain.info/unconfirmed-transactions

its not hurting as of yet.  The thing about this "test" is it COULD cause a panic if something happens to go wrong.

As weak as the buy support is right now, I wouldnt be surprised if the slightest hiccup makes people panic sell.  Price probably can go back down to where it was 2 weeks ago ($210 range) maybe lower.

Another reason I think the slightest hiccup could cause panic selling is that the whole xt debate is still ongoing, cause instability within the small btc community, possibly making it even smaller and more fragmented

But I don't think none of this will happen. Why? Well this is a 10th stress test already in a short period of time. What's the point of having this 10th stress test? After like 2nd, we knew that we do need bigger blocks, so point was proven even then. People are not falling into despair anymore that easy.

Then yes, XT fork situation is not over yet but their nodes are stagnant, they are not increasing. Also people are waiting for the next 2 workshops, at least the 1st in Montreal to judge what should they do. If we get good news from Montreal, we might leave behind $200 forever. If the news are to be bad we might retest this $200.

Just my 2 cents!

[Q7]

Just wondering how long these can last. Everytime they want to carry test they will need funding. Where does the free money comes from and for what purpose for all these remains a question.

[biggus dickus]

Just wondering how long these can last. Everytime they want to carry test they will need funding. Where does the free money comes from and for what purpose for all these remains a question.

Some think the purpose for these tests is the agenda of people involved in the XT fork situation. There are players in the Bitcoin economy with money to burn, and they might be using the tests to force through bigger blocks because it suits their agenda. Coinwallet.eu said their stress testing days are over, then announced this giveaway that's spamming the network exactly the same as a stress test does. What worries me is if they announce further similar giveaways in the future that spam the network worse than this one.

[Hugroll]

Just wondering how long these can last. Everytime they want to carry test they will need funding. Where does the free money comes from and for what purpose for all these remains a question.

they are using their own money. the keys have a lot of inputs from the previous test, they aren't really spending alot

[monsanto]

Clever in its own way, but ultimately the biggest fucking waste of 200 btc I've seen in a while.

[gambleaddiction]

But the core developers should do something because with this tps Bitcoin going major won't be happening easy.

[Kprawn]

Just wondering how long these can last. Everytime they want to carry test they will need funding. Where does the free money comes from and for what purpose for all these remains a question.

Some think the purpose for these tests is the agenda of people involved in the XT fork situation. There are players in the Bitcoin economy with money to burn, and they might be using the tests to force through bigger blocks because it suits their agenda. Coinwallet.eu said their stress testing days are over, then announced this giveaway that's spamming the network exactly the same as a stress test does. What worries me is if they announce further similar giveaways in the future that spam the network worse than this one.

There are definitely someone or a group of people behind this, that knew the inner workings of Bitcoin and what would cause it to crash 'n burn. The timing for this attack is

even more sinister. I presume that this is only a front company for a group of people who might be out to hurt Bitcoin or it's image. We know very little about them and they

are not saying much, so it's open for discussion. In my opinion nobody with a long term vision for their company, would attack Bitcoin and think people would be cool with that.

They are hurting the community by doing this, and they could care less.     

[fairglu]

Meanwhile, there are not even full blocks mined.

Blocksize limit is not what is limiting the block size.

The whole blocksize debate is about as useful as counting angels on a pinhead, without the propagation & orphans risk fixed, thrifty pool operators will not fill blocks, they just have very limited incentive to do so as total fees are still small compared to the risk of getting orphaned and losing the whole block reward.