Millions of bitcoins move amidst an "attack" keeping transaction fees high

[alani123]

2 Million bitcoins included in a newly mined block, second such block in the last 3 days and yet no significant increase of days destroyed...



Fees to increase transaction priority are on the rise though

[Bitcoinpro]

how much is the fees as of right now, as percentage

of mining power eanings (ie without the fees)

[Yogafan00000]

follow the money...

Who has the most to gain from higher tx fees?

[Lauda]

This is because somebody is moving the same coins back and forth within the same block. This started from 17MhK5V3d2LA9xPgA88h3a1rsfCAFFq7H3 with a balance of 3,731.5 BTC. OP you might want to correct your title and first post since it is not 2 million Bitcoins but rather the same ones sent back and forth.

follow the money...

If you have time to go through so many transactions be my guest. I've posted the starting address from that block.

[Blind Legs Parker]

how much is the fees as of right now, as percentage

of mining power eanings (ie without the fees)

26k to 47k satoshis, that's 4 times as high as last week... no less.

[alani123]

how much is the fees as of right now, as percentage

of mining power eanings (ie without the fees)

Last ten blocks (up to 400695) had fees totaling 4.11729394 BTC, which is 1.65% of 250 (the sum of block rewards).

That's a rough estimate though due to the small sample, perhaps someone could write a script to check, (I'm not aware of any block explorer that measures this).

[pedrog]

follow the money...

Who has the most to gain from higher tx fees?

As of now no one gains with it, miners have much more to gain with adoption and increased bitcoin valuation.

With current situation bitcoin may lose a lot of its value.

[alani123]

This is because somebody is moving the same coins back and forth within the same block. This started from [ DO NOT POST SESC LINKS /17MhK5V3d2LA9xPgA88h3a1rsfCAFFq7H3]17MhK5V3d2LA9xPgA88h3a1rsfCAFFq7H3 [/url]with a balance of 3,731.5 BTC. OP you might want to correct your title and first post since it is not 2 million Bitcoins but rather the same ones sent back and forth.

follow the money...

If you have time to go through so many transactions be my guest. I've posted the starting address from that block.

You're right, technically it's not millions of individual bitcoins but still millions in the total sum of transactions. That becomes clear enough after reading the OP and/or visiting the links doesn't it?

[7788bitcoin]

how much is the fees as of right now, as percentage

of mining power eanings (ie without the fees)

Last ten blocks (up to 400695) had fees totaling 4.11729394 BTC, which is 1.65% of 250 (the sum of block rewards).

Maybe the miners really hired the professional DDoS to perform the stress test, so that everyone will increase their tx fee to ensure fast confirmations? Oh... I think I am imagining too much!

[Yogafan00000]

follow the money...

Who has the most to gain from higher tx fees?

As of now no one gains with it, miners have much more to gain with adoption and increased bitcoin valuation.

With current situation bitcoin may lose a lot of its value.

So this 'attack' is overall bad for Bitcoin, but being caused by some entity with access to millions of Bitcoin.....

Are we sure there is no advantage to some group in the industry?
How much in Bitcoin fees does this attack cost them?

[Bitcoinpro]

how much is the fees as of right now, as percentage

of mining power eanings (ie without the fees)

Last ten blocks (up to 400695) had fees totaling 4.11729394 BTC, which is 1.65% of 250 (the sum of block rewards).

i thought it would be stuff all only a big deal if minining pool owner keeps it

but i was also trying to make sense of the 4th comment down

or more like trying to unscramble my brain after reading it

https://bitcointalk.org/index.php?topic=1381391.0

[Blind Legs Parker]

how much is the fees as of right now, as percentage

of mining power eanings (ie without the fees)

Last ten blocks (up to 400695) had fees totaling 4.11729394 BTC, which is 1.65% of 250 (the sum of block rewards).

That's a rough estimate though due to the small sample, perhaps someone could write a script to check, (I'm not aware of any block explorer that measures this).

Oh sorry, he meant in terms of earnings for miners. I didn't understand at first.
Well, according to https://blockchain.info/stats, here are the stats for the past 24 hours :
Blocks Mined : 133
Bitcoins Mined : 3,325 BTC
Total Transaction Fees : 57.87275582 BTC

Transactions fees (57.87275582) have now represented 1.71% of total miners' earnings (3,325+57.87275582) for the past 24 hours.

That's close enough to your 1.65%.

[Yogafan00000]

Transactions fees (57.87275582) have now represented 1.71% of total miners' earnings (3,325+57.87275582) for the past 24 hours.

That's close enough to your 1.65%.

If the attack costs less than the increase due to this fee squeeze, then it's advantage: miners....

[Bitcoinpro]

follow the money...

Who has the most to gain from higher tx fees?

As of now no one gains with it, miners have much more to gain with adoption and increased bitcoin valuation.

With current situation bitcoin may lose a lot of its value.

So this 'attack' is overall bad for Bitcoin, but being caused by some entity with access to millions of Bitcoin.....

Are we sure there is no advantage to some group in the industry?
How much in Bitcoin fees does this attack cost them?

their is no such thing as bad for Bitcoin,

finding weaknesses is what this game is all about

[Blind Legs Parker]

follow the money...

Who has the most to gain from higher tx fees?

As of now no one gains with it, miners have much more to gain with adoption and increased bitcoin valuation.

With current situation bitcoin may lose a lot of its value.

So this 'attack' is overall bad for Bitcoin, but being caused by some entity with access to millions of Bitcoin.....

Are we sure there is no advantage to some group in the industry?
How much in Bitcoin fees does this attack cost them?

their is no such thing as bad for Bitcoin,

finding weaknesses is what this game is all about

I'll agree with bitcoinpro on this one. This "transaction spammer" is merely putting the stress on one of bitcoin's weaknesses: its unability to proceed large amounts of transactions efficiently.
As long as developers can come up with solutions to the problems, there's no such thing as "bad for bitcoin". And they have solutions for this problem. From the tip of my tongue: sewgit and block size increase are both solutions. Now we only need all these good sirs to agree on a way to implement these solutions in a way that is best. And quickly, if I may.

If the attack costs less than the increase due to this fee squeeze, then it's advantage: miners....

Miners or a Classic supporter. Spamming transactions cloacks the mempool, thus creating dissatisfaction amongst users, thus bringing more people to side with Classic, since the obvious and easiest (but not necessarily best) solution would be a block size increase.

[alani123]

how much is the fees as of right now, as percentage

of mining power eanings (ie without the fees)

Last ten blocks (up to 400695) had fees totaling 4.11729394 BTC, which is 1.65% of 250 (the sum of block rewards).

Maybe the miners really hired the professional DDoS to perform the stress test, so that everyone will increase their tx fee to ensure fast confirmations? Oh... I think I am imagining too much!

Well this isn't close to a DDoS as it isn't bringing anything down. It is more like a stress test but with the exclusive goal to bring fees up and it's been quite successful at that. 

[ebliever]

Transactions fees (57.87275582) have now represented 1.71% of total miners' earnings (3,325+57.87275582) for the past 24 hours.

That's close enough to your 1.65%.

If the attack costs less than the increase due to this fee squeeze, then it's advantage: miners....

That would be foolish for the miners unless they had a sudden severe need for a quick profit. Jacking around with bitcoin transaction fees too much will cause people to abandon bitcoin, driving the price down and slowing or reversing adoption. That's precisely the opposite of what the miners want.

[Zeke2345]

So we are not going with this person having "ocd"?

So this person obviously wants to make a statement but would there not be a link to a thread somewhere on the net or they just presuming people will get the gist of the problem they are addressing!

Bit of a issue if some one with a big dump of coins can turn the market upside to this extent.

[Lauda]

This is as far as I've went with my current machine (inadequate for huge visualizations). You can clearly see the money trail of the same person and the pattern (it's always 1 smaller amount that splits), in addition to the connections between different 'nodes' on the path. I'm sure that there are better (private) tools for doing such analysis. However, the conclusion is pretty simple for this block.

This started from 17MhK5V3d2LA9xPgA88h3a1rsfCAFFq7H3 with a balance of 3,731.5 BTC.

[The Sceptical Chymist]

Jesus, this graph looks like the FTIR spectrum of chymotrypsin.  Bad memories. 

But bitcoin has been under attack before and it'll survive.  It'll survive high transaction fees, slow confirmation times, all that stuff.