Bitcoin Fee Is Going Crazy !?!?

[FruitsBasket]

The blockchain pool is getting overloaded, so the transaction fee will increase dramatically.
This needs to be solved quickly before a huge drama will happen and all transaction will get stuck.

Here is some text: "Whenever somebody sends a Bitcoin transaction with a lower than normal fee, it only makes sense to face a slight delay. The way Bitcoin mining works is by prioritizing transactions based on the transaction fees paid. Low to no transaction fees will usually lead to a delay when waiting for network confirmations, although things never got out of hand as much as they do now.

These days, it is not just the low fee transactions which are faced with network confirmation delays, but the regular fee is no longer sufficient either. This creates a very awkward situation in the Bitcoin world, as the 0.001 BTC fee – worth US$0.43 at the time of writing – is no longer sufficient to get guaranteed confirmations from the next few blocks on the Bitcoin network.

But it is not just the transaction fees that are creating this backlog, as the network blocks mined on February 29th could not take in more transactions. All of the mined blocks were completely full, a strong indication as to how the block size needs to be increased much sooner than people anticipated. As a result, only high priority fees will get transactions confirmed these days, a cost currently sitting at 0.0044 BTC or US$1.90.

With the transaction fees increasing spectacularly to move funds across the Bitcoin network in a quick manner, it becomes even more apparent as to how much the block size debate is hurting the ecosystem right now. Paying close to US$2 per transaction for a money transfer solution supposedly much cheaper than traditional solutions is not acceptable.

By the look of things, there is no improvement in sight anytime soon. The Bitcoin memory pool is full of transactions waiting for network confirmations, and the numbers only keep going up over time. Some people might see this as a sign of how Bitcoin is gaining a lot of popularity, but these confirmation delays are not doing anyone any favors right now.

There is no indication any Bitcoin network stress test is going, like what happened when the Bitcoin XT client started gaining popularity last year. Some people mention how they got lucky and had a transaction confirmed by the next network block while paying regular fees. Others might find themselves waiting for hours, if not days, until the transaction is confirmed. "

Source: http://www.newsbtc.com/2016/03/01/transaction-fees-increase-bitcoin-blocks-get-full/

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[Blind Legs Parker]

Yes, but...
https://bitcointalk.org/index.php?topic=1382622.0
https://bitcointalk.org/index.php?topic=1382566.0
https://bitcointalk.org/index.php?topic=1381490.0
https://bitcointalk.org/index.php?topic=1381992.0
https://bitcointalk.org/index.php?topic=1381391.0

Having said that...
Apart from the miners and Classis supporters I've found a 3rd suspect for this attack, btw: Ethereum supporters.
Despites everyone knowing that Ethereum operates in a whole different field from bitcoin, a lot of people are still trying to oppose the two. Today, the price of Ether raised again, and above the previous ATH, this time. It might be because of this attack on the bitcoin network. Just sayin'.

[--Encrypted--]

tch.

that's a ridiculously high fee for ordinary transaction with normal size. 50 satoshi per byte or around 0.0005BTC per KB should be enough to get all transaction below 1KB confirmed very fast. 20~ spb is good enough.

whoever wrote that thing have no proof to back their statement.

EDIT:
well I've read it again and more thoroughly this time and looks like they are exaggerating the normal fee. it was .0001 and not 0.001

[Bitcoinpro]

your wrong in once instance, Bitcoin does the impossble

it moves money that even Fiat movers will refuse to move,

try sending large sums of fiat anywhere, and you will be sure

to find out when the banks and money transfer agents block them!

one user did try to post here that Trillions in fiat move around all

over the world but honestly he was posting complete BS

because that does not represent cold hard reality,

of course you can move fiat around but at some stage

the Hammer falls and they tell you, for confidential

reasons they are completely blocking all future fiat

transfers,

[Bitcoinpro]

Yes, but...
https://bitcointalk.org/index.php?topic=1382622.0
https://bitcointalk.org/index.php?topic=1382566.0
https://bitcointalk.org/index.php?topic=1381490.0
https://bitcointalk.org/index.php?topic=1381992.0
https://bitcointalk.org/index.php?topic=1381391.0

Having said that...
Apart from the miners and Classis supporters I've found a 3rd suspect for this attack, btw: Ethereum supporters.
Despites everyone knowing that Ethereum operates in a whole different field from bitcoin, a lot of people are still trying to oppose the two. Today, the price of Ether raised again, and above the previous ATH, this time. It might be because of this attack on the bitcoin network. Just sayin'.

above the all time high of crud,

i feel sorry for anyone that falls for this vapour coin

[GermanGiant]

Someone predicted this almost a year ago...

http://gavinandresen.ninja/why-increasing-the-max-block-size-is-urgent

[Red-Apple]

all the regular bitcoin users are the ones that will take the hit and get frustrated, you have to change the fees just to match the network which is turning it into a competition.

[Meuh6879]

Pay the fees, and you can emit on Bitcoin Network.
http://btcaudio.tk/live/

Deal With It.

On Bankster Network, you pay 30 USD to emit internationaly ...  

[nanonymousx]

For normal users, I have two transaction stuck in unconfirmed state for over a day now. The fund is in unspendable state, what a pity.
Okay I am supporter over grow block size, and automatically block size increase needs to be built in. Is there a place a people can vote for this? Or left for the big boys to vote?

[Meuh6879]

Okay I am supporter over grow block size, and automatically block size increase needs to be built in. Is there a place a people can vote for this? Or left for the big boys to vote?

if you want "supported", run a full node ... with 2Mb limit.
... and pay the HDD and bandwith like me ...  




Ah ? It's not easy to run a 24h/24 machine for this ?   ... Bitcoin Network is NOT A COMMERCIAL thing.

[Miiike]

all the regular bitcoin users are the ones that will take the hit and get frustrated, you have to change the fees just to match the network which is turning it into a competition.

What about people with Xapo transaction? As we all know, Xapo give those free transaction fee as part of its service.

[Lauda]

Bitcoin Fee Is Going Crazy !?!?

They aren't. Title is misleading and so is the article. The article claims the following:

As a result, only high priority fees will get transactions confirmed these days, a cost currently sitting at 0.0044 BTC or US$1.90.

This is completely false and an attempt at spreading FUD. I've sent a transaction with a 0.00023305 BTC (0.10$) fee less than 1 hour ago and it confirmed within the next block. The current backlog is the result of an attack and users which include the recommended fee (60 satoshis/byte) should not be affected.

For normal users, I have two transaction stuck in unconfirmed state for over a day now. The fund is in unspendable state, what a pity.

Replace-by-fee.

Okay I am supporter over grow block size, and automatically block size increase needs to be built in.

The increase of the block size limit does not solve this problem. It might even get worse if miners start including these transactions in blocks.

[~Bitcoin~]

Yes, but...
https://bitcointalk.org/index.php?topic=1382622.0
https://bitcointalk.org/index.php?topic=1382566.0
https://bitcointalk.org/index.php?topic=1381490.0
https://bitcointalk.org/index.php?topic=1381992.0
https://bitcointalk.org/index.php?topic=1381391.0

Having said that...
Apart from the miners and Classis supporters I've found a 3rd suspect for this attack, btw: Ethereum supporters.
Despites everyone knowing that Ethereum operates in a whole different field from bitcoin, a lot of people are still trying to oppose the two. Today, the price of Ether raised again, and above the previous ATH, this time. It might be because of this attack on the bitcoin network. Just sayin'.

yes there are lots of movement in eth price over polo but the pump starts when a news came out about microsoft started working with ethereum like they have already stated for IOTA.

[Raimonn]

Today i sent more than one transaction with 0.0002 btc fee and it was confirmed on next block. I don't see a big problem with that, the bigger group of unconfirmed transactions had a low or a very low fee.

[helloeverybody]

Today i sent more than one transaction with 0.0002 btc fee and it was confirmed on next block. I don't see a big problem with that, the bigger group of unconfirmed transactions had a low or a very low fee.

Perhaps you were just lucky getting your fee through when you did. Ive not tried sending any myself but by looking at the backlog you would need to put quite a large fee to get confirmed.

[Denker]

The article is trying to spread FUD as this thread here!!
Pay the recommended fee to get into the next block and you're fine.
2 transactions today with ~65/byte and I had no problems to receive confirmations.

[--Encrypted--]

Today i sent more than one transaction with 0.0002 btc fee and it was confirmed on next block. I don't see a big problem with that, the bigger group of unconfirmed transactions had a low or a very low fee.

Perhaps you were just lucky getting your fee through when you did. Ive not tried sending any myself but by looking at the backlog you would need to put quite a large fee to get confirmed.

fee of .0002 or whatever is actually kind of vague without knowing the transaction size. for all we know he sent a 225 byte tx and/or have over 57,600,000 priority. if his tx meets one of these criteria then it shouldn't take very long to confirm.

[gentlemand]

Someone predicted this almost a year ago...

http://gavinandresen.ninja/why-increasing-the-max-block-size-is-urgent

And don't you think it's ever so slightly convenient that it suddenly descends upon us at the exact moment? This is a blatant spam attack and they could at least have built it up slowly to make it look organic.

[Rmcdermott927]

Today i sent more than one transaction with 0.0002 btc fee and it was confirmed on next block. I don't see a big problem with that, the bigger group of unconfirmed transactions had a low or a very low fee.

Perhaps you were just lucky getting your fee through when you did. Ive not tried sending any myself but by looking at the backlog you would need to put quite a large fee to get confirmed.

fee of .0002 or whatever is actually kind of vague without knowing the transaction size. for all we know he sent a 225 byte tx and/or have over 57,600,000 priority. if his tx meets one of these criteria then it shouldn't take very long to confirm.

I had a 668 byte transaction sent to me with .0001 fee that normally would be confirmed within a few blocks, but has remained unconfirmed for 24 hours.      

https://blockchain.info/tx/986de607b001ee40477cfcd06253e36785b3fa30b841b232a6d493e75651e1e7

[Lauda]

I had a 668 byte transaction sent to me with .0001 fee that normally would be confirmed within a few blocks, but has remained unconfirmed for 24 hours.      

That's unusual. Tell the sender to use Replace-by-fee or ask Shorena or someone to rebroadcast it.

And don't you think it's ever so slightly convenient that it suddenly descends upon us at the exact moment? This is a blatant spam attack and they could at least have built it up slowly to make it look organic.

Exactly. It was timed so that some of their predictions 'come true'.

fee of .0002 or whatever is actually kind of vague without knowing the transaction size. for all we know he sent a 225 byte tx and/or have over 57,600,000 priority. if his tx meets one of these criteria then it shouldn't take very long to confirm.

Correct. People should be talking in satoshis/byte when mentioning fees or adding both their fee and TX size.