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Author Topic: wow ,almost 30,000 unconfirmed trans  (Read 13742 times)
Lauda
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November 24, 2016, 09:14:33 AM
 #121

That means that transactions which paid at least BTC0.0002 in fee are getting confirmed without much delay (provided that their size is more or less equal to the median transaction size). The delay is mostly happening to those who paid a lower tx fee.
Wrong. 0.0002 BTC is equal to 20000 satoshis. For a transaction of the media size (226 bytes) that is still under the recommended, as it is 88.49 bytes/satoshis. That said, due to the incompetence of most users they are likely creating unnecessarily large transactions which require even bigger fees than that. A fixed fee does not guarantee anything. Including a fee of 0.0004 may be inadequate. It has to be measured in satoshis/byte.

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November 24, 2016, 09:20:18 AM
 #122

That means that transactions which paid at least BTC0.0002 in fee are getting confirmed without much delay (provided that their size is more or less equal to the median transaction size). The delay is mostly happening to those who paid a lower tx fee.
Wrong. 0.0002 BTC is equal to 20000 satoshis. For a transaction of the media size (226 bytes) that is still under the recommended, as it is 88.49 bytes/satoshis. That said, due to the incompetence of most users they are likely creating unnecessarily large transactions which require even bigger fees than that. A fixed fee does not guarantee anything. Including a fee of 0.0004 may be inadequate. It has to be measured in satoshis/byte.
Yes bitcoin must come with slogan:
ONLY FOR PROS.NOT FOR INCOMPETENT OR NEW USERS.
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November 24, 2016, 09:21:26 AM
 #123

Yes bitcoin must come with slogan:
ONLY FOR PROS.NOT FOR INCOMPETENT OR NEW USERS.
The same applies for any financial system. Try doing a bank transfer without including the necessary fee and see what happens. In other words, you can't.

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November 24, 2016, 09:25:36 AM
Last edit: November 24, 2016, 09:38:27 AM by kiklo
 #124

Yeah, kiklo is a well known altcoin troll. Almost all of the professional anti-SegWit trolls and UnlimitedCoin worshippers are heavily active in the altcoin world. That's not surprising, because all they hope is to destabilize Bitcoin for that their altcoins become more valuable.



 Cheesy Cheesy Cheesy

Seriously ,
If they fix BTC transactions problems then Great , if not, then not really my problem, I am mainly into Alts anyway.
As far as SegWit, no anti here, LN won't work without.
My main point is the transaction congestion can easily be fixed by increasing block size or decreasing blockspeed, and the people that say that won't work are Lying.
Now once that has been done, yes SegWit & LN will be needed if you want to compete with Visa, but if BTC transactions issues are not fixed, LN will crash.

https://bitcoinmagazine.com/articles/here-s-how-bitcoin-s-lightning-network-could-fail-1467736127
Quote
The Lightning Network’s Failure Mode

The Lightning Network failure scenario described by Todd, takes place when a large number of people on the Bitcoin network need to settle their Lightning Network disputes on the blockchain in a relatively short period of time.

https://bitcoinmagazine.com/articles/here-s-how-bitcoin-s-lightning-network-could-fail-1467736127
“We do have a failure mode which is: Imagine a whole bunch of these [settlements] have to happen at once,” Todd explained. “There’s only so much data that can go through the bitcoin network and if we had a large number of Lightning channels get closed out very rapidly, how are we going to get them all confirmed? At some point, you run out of capacity.”

In a scenario where a large number of people need to settle their Lightning contracts on the blockchain, the price for doing so could increase substantially as the available space in bitcoin blocks becomes sparse. “At some point some people start losing out because the cost is just higher than what they can afford,” Todd said. “If you have a very large percentage of the network using Lightning, potentially this cost is very high. Potentially, we could get this mass outbreak of failure.”

What you call trolling , I call an Honest Opinion.   Smiley

How many trolls actually tell you the solution to the problem so it can be fixed?  Wink
https://bitcoinmagazine.com/articles/why-viabtc-rejects-segwit-soft-fork-in-favor-of-block-size-hard-fork-interview-with-haipo-yang-1479409475
Quote
Instead, the mining pool favors a hard fork to remove the one megabyte block size limit, as proposed by Bitcoin Core fork Bitcoin Unlimited.
Either or Both
http://www.coindesk.com/lower-bitcoin-block-time-scale/
Quote
Using data pulled from their open source simulator of a proof-of-work blockchain (bitcoin and ethereum are two such blockchains), researchers from ETH Zürich argued that bitcoin could securely reduce its block time from 10 to 1 minute.

 Cool
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November 24, 2016, 09:30:43 AM
 #125

Yes bitcoin must come with slogan:
ONLY FOR PROS.NOT FOR INCOMPETENT OR NEW USERS.

Nope... all you need to know is simple addition/subtraction and basic knowledge of computers/browsers. If you are using the Blockchain.info wallet, it will automatically set the transaction fee according to your transaction size. You don't have to worry about anything.

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November 24, 2016, 10:40:42 AM
 #126

BTC Transactions Congestion Problems   Embarrassed

Simulation Example
each block has 1 MB of transactions with a theoretical Limit of 4200 transactions per block with a 10 minute BlockSpeed , [] is a block
One Hour of Blocks
[1] 10 minutes [1] 10 minutes [1] 10 minutes [1] 10 minutes [1] 10 minutes [1] 10 minutes
6 Blocks * 4200 Transactions =  25200 Maximum Theoretical Transactions per Hour

BTC Transactions Congestion Solutions   Grin

Simulation Example Updated with Larger BlockSize and Shorter BlockSpeed
each block has 2 MB of transactions with a theoretical Limit of 8400 transactions per block with a 2½ minute BlockSpeed , [] is a block
One Hour of Blocks
[2] 2½ minutes [2] 2½ minutes [2] 2½ minutes [2] 2½ minutes
[2] 2½ minutes [2] 2½ minutes [2] 2½ minutes [2] 2½ minutes
[2] 2½ minutes [2] 2½ minutes [2] 2½ minutes [2] 2½ minutes
[2] 2½ minutes [2] 2½ minutes [2] 2½ minutes [2] 2½ minutes
[2] 2½ minutes [2] 2½ minutes [2] 2½ minutes [2] 2½ minutes
[2] 2½ minutes [2] 2½ minutes [2] 2½ minutes [2] 2½ minutes

24
Blocks * 8400 Transactions = 201600 Maximum Theoretical Transactions per Hour

Compare Updated Simulation with Original
201600 / 25200  = 8
Updated Version can handle 8X the Transaction Capacity.  Wink

Now the educated asshats that live in these forums will tell you it can't work or it is a security risk, (They are Lying!)
Real World Examples.
PoW coin LTC has a 2½ minute block time with no problems whatsoever from it.
In Fact Chinese Mining Pools are over 51% of the BTC Hash rate , and are also over 51% of the LTC Hashrate.
In Facts some alts run at a 30 second blockspeed.
Oh, they also will complain, it will affect the Block Reward and Halving Dates,
(All of that are Variables that can be modified to compensate for the changes)

If they lower the Blockspeed,
then they will have to increase the Final Supply Number of Bitcoins or allow it to get to the Final Supply Number 4X faster than it would have.

If they only increase the BlockSize ,
then the Block rewards and halving dates are not affected, and will not need modification.
But Transactions grow will be directly proportional to the increase in BlockSize.
IE: 2 MB Block only Double the Transaction Capacity
     8 MB Blocks would increase by 8X also   

 Cool
dreamer81
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November 24, 2016, 10:56:38 AM
 #127

The miners better start to fix this problem. They are the ones with expensive equipment that will be worthless if the bitcoin price drops due to this issue
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November 24, 2016, 11:35:44 AM
 #128

...ithink its tiime btc went to a 10mb block size, HD space is what 20 x or more than 2009 for the same price

satoshi had it at 33mb

it probally time satoshi made some sort of proclamation to sort this mess out.

Admitted Practicing Lawyer::BTC/Crypto Specialist. B.Engineering/B.Laws

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November 24, 2016, 11:39:26 AM
 #129

The miners better start to fix this problem. They are the ones with expensive equipment that will be worthless if the bitcoin price drops due to this issue
There is no fix and the miners can not do anything. They are not in control of the network.

...ithink its tiime btc went to a 10mb block size, HD space is what 20 x or more than 2009 for the same price
Wrong. Please educate yourself before spreading such nonsense. First of all, that "20x or more" is an arbitrary number unless a source is provided. Secondly, there are plenty of factors that need to be included (not just storage space).
1) Computational power (validation time).
2) Bandwidth.
3) Storage.
4) Orphan rates, et. al.

In addition to that, with sighash operations currently having having exponential time, there is a DOS attack vector present even at 2 MB blocks.

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November 24, 2016, 12:20:09 PM
 #130

@jubalix

https://hblok.net/storage_data/storage_memory_prices_large-_hblok.net_.png

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November 24, 2016, 01:36:35 PM
 #131

@jubalix

https://hblok.net/storage_data/storage_memory_prices_large-_hblok.net_.png

2008.00 Jan18  NewEgg.com  ADATA  16GB Flash  74.98$
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Those are going to be inappropriate to use with Bitcoin, cheap NAND like that only does 10MB/s writing sequentially, let alone the more random access workload that maintaining the blockchain entails.

And for the millionth time: storage is the least challenging factor (yet the most simple to understand, and you're relying on that, aren't you? Maybe if you respected the intelligence of your audience, you might get listened to)

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November 24, 2016, 01:57:48 PM
 #132

This is the second time we are with this problem, last time i believe we had achieved something like 80000 transactions pending, bitcoin has value as long keep circulating, if it freeze the way its doing this affects several people, even when people arent putting the  fee accordingly the bytes of the transaction. This have to stop and change, the core must do something to handle this, i remember bitcoin x had made the comunity shared and those had damage bitcoin value, now we need some solution.
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November 24, 2016, 02:21:13 PM
 #133

what wrong with bitcoin net?is the fee to little?
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November 24, 2016, 02:35:18 PM
 #134

@Rinder
Nobody depends from Core, and the solution is already out Smiley

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davis196
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November 24, 2016, 02:36:01 PM
 #135

Wow ,almost 30,000 unconfirmed trans now

Are the miners sleeping? LOL

Lets hope that this won`t affect bitcoin price.

What`s going with the miners really.

Will this problem going to be solved soon?

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November 24, 2016, 02:53:44 PM
 #136

It is funny that my sends have been confirmed but my web wallets are not receiving them and just showing them as pending. So they are there but my wallet is not accepting them.
It is very strange indeed. Undecided

Lol that's because your web wallet is terrible. Let me guess, blockchain.info? They always have problems. Maybe it's someone new this time though haha. Try a better wallet explorer (and a better wallet).
I've had no problems sending Bitcoins using blockchain.info, just gotta set the fees yourself and add enough.
Biggest problem for me has been withdrawing coins from services that set a dynamic fee.
It's not blockchain.info as the web wallet.

The support person that I contacted said they saw the problem but needs to have their tier 1 level support look into it and resolve the issue.
It has been pending (the first three) for 56 hours now and the last and fourth one for 24 hours now. I have not sent anything to this wallet until this has been unblocked from being sent to my available balance and not just stuck in pending as shown in my transactions log.
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November 24, 2016, 03:28:23 PM
 #137

Yes bitcoin must come with slogan:
ONLY FOR PROS.NOT FOR INCOMPETENT OR NEW USERS.
The same applies for any financial system. Try doing a bank transfer without including the necessary fee and see what happens. In other words, you can't.
Ok I thought that bitcoin was supposed to be different from the banks.Something like pro-users. So how about:
BITCOIN: JUST LIKE BANKS , BUT MORE COMPLICATED.
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November 24, 2016, 03:32:01 PM
 #138

increase the blocksize. duhhhhhhhhh.  idiots.


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November 24, 2016, 03:36:37 PM
 #139

Wow ,almost 30,000 unconfirmed trans now

Are the miners sleeping? LOL

Lets hope that this won`t affect bitcoin price.

What`s going with the miners really.

Will this problem going to be solved soon?

It won't affect the price as long as all transactions are not getting stuck, if eventually every second transaction start getting stuck in the network for any reason then it may disappoint some new adopters and which may affect the price a bit, but that is likely to happen.
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November 24, 2016, 03:39:42 PM
 #140

increase the blocksize. duhhhhhhhhh.  idiots.



We are, in the soft-fork.

And thank you for your kind words, do you have any more tips on making friends and influencing people, lol

Vires in numeris
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