More than 50,000 unconfirmed transactions

[countryfree]

Sh*t! It's happening again! We really need to increase that damned block size!

I've been waiting for more than 6 hours for a transaction to be confirmed, and I'm shocked to see there are more than 50,000 in the queue.

https://blockchain.info/unconfirmed-transactions

We need SegWit, or an urgent block size increase. For the sake of BTC, something needs to be done, fast!

[1714150892]

1714150892

[1714150892]

1714150892

[1714150892]

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[1714150892]

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[kiklo]

Sh*t! It's happening again! We really need to increase that damned block size!

I've been waiting for more than 6 hours for a transaction to be confirmed, and I'm shocked to see there are more than 50,000 in the queue.

https://blockchain.info/unconfirmed-transactions

We need SegWit, or an urgent block size increase. For the sake of BTC, something needs to be done, fast!

This is the Chinese Cashing Out before the Price Drop.

Longer you wait to do the same , the more capital you will lose.  


 

[Viscount]

Sh*t! It's happening again! We really need to increase that damned block size!

I've been waiting for more than 6 hours for a transaction to be confirmed, and I'm shocked to see there are more than 50,000 in the queue.

https://blockchain.info/unconfirmed-transactions

We need SegWit, or an urgent block size increase. For the sake of BTC, something needs to be done, fast!

SegWit will give us block size increase that's all we need need. no fucking hardforks!

[Viscount]

This is the Chinese Cashing Out before the Price Drop.

Longer you wait to do the same , the more capital you will lose.  


 

What makes you think the price will drop? We can see big volumes no small down tick it's an indicator that whales buying furtively. 
Bitcoin makes x3 by summer 2017 

[-ck]

You're right, it appears to be another concerted spam effort rather than real transactions though.
This graph is telling:
http://statoshi.info/dashboard/db/transactions

Likely another political stunt.

[countryfree]

You're right, it appears to be another concerted spam effort rather than real transactions though.
This graph is telling:
http://statoshi.info/dashboard/db/transactions

Likely another political stunt.

Thanks for info. I was wondering whether it was an attack or something.
Well, I hope it doesn't last.

[kiklo]

This is the Chinese Cashing Out before the Price Drop.

Longer you wait to do the same , the more capital you will lose.  


 

What makes you think the price will drop? We can see big volumes no small down tick it's an indicator that whales buying furtively.  
Bitcoin makes x3 by summer 2017  

Price has gone down $15 in the last 20 minutes, BTC is heading down,
Chinese are selling because the new trading fees on their exchanges mean they won't be able to manipulate the price like when it was zero fees.
Watch the Charts tonight and decide for yourself.  
http://coinmarketcap.com/currencies/bitcoin/#charts
Select 1d so you can see the decline begin.

 

[hdtqisg]

many unconfirmed transactions at the moment, but i think it is still normal

[kiklo]

many unconfirmed transactions at the moment, but i think it is still normal

https://blockchain.info/
unconfirmed transactions will get alot higher if they keep doing this,  
Height    Age            Transactions   Total Sent            Relayed By    Size (kB
449723    2 minutes         1                 12.50 BTC        BTCC Pool       0.27


 

[dihari]

This is the Chinese Cashing Out before the Price Drop.

Longer you wait to do the same , the more capital you will lose.  


 

What makes you think the price will drop? We can see big volumes no small down tick it's an indicator that whales buying furtively.  
Bitcoin makes x3 by summer 2017  

Price has gone down $15 in the last 20 minutes, BTC is heading down,
Chinese are selling because the new trading fees on their exchanges mean they won't be able to manipulate the price like when it was zero fees.
Watch the Charts tonight and decide for yourself.  
http://coinmarketcap.com/currencies/bitcoin/#charts
Select 1d so you can see the decline begin.

 

Why it's all about the Chinese? Why they have big amount of money in this business? Why another countries can't be like Chinese so they can make a move for bitcoin too? Why?
So many unconfirmed transactions from Chinese users before the price down is mean they know what will happen next.

[Hydrogen]

You're right, it appears to be another concerted spam effort rather than real transactions though.
This graph is telling:
http://statoshi.info/dashboard/db/transactions

Likely another political stunt.

Maybe they're doing it to push the price down.

So they can buy a lot of BTC for their next pump and dump cycle?

 

[-ck]

You're right, it appears to be another concerted spam effort rather than real transactions though.
This graph is telling:
http://statoshi.info/dashboard/db/transactions

Likely another political stunt.

Maybe they're doing it to push the price down.

So they can buy a lot of BTC for their next pump and dump cycle?

Many of these done in the past have even announced their intent and they were mostly political and rarely technical, but never financial; no doubt this one is something about block size again.

[ArticMine]

This kind of attack works because the spammer sends spam at a much faster rate than the Bitcoin network with its fixed 1 MB blocksize can possibly mine. There is consequently little or no cost to the spammer other than the spammer's own bandwidth. There is a significant cost to the network; however in driving up the bandwidth costs of those of us who run full nodes, with the likely result of driving down the number of full Bitcoin nodes.

A ~60% effective blocksize increase via say SegWit alone will not address this kind of spam attack.

[bitsolutions]

This kind of attack works because the spammer sends spam at a much faster rate than the Bitcoin network with its fixed 1 MB blocksize can possibly mine. There is consequently little or no cost to the spammer other than the spammer's own bandwidth. There is a significant cost to the network; however in driving up the bandwidth costs of those of us who run full nodes, with the likely result of driving down the number of full Bitcoin nodes.

A ~60% effective blocksize increase via say SegWit alone will not address this kind of spam attack.

Feerate filters will generally drop spam transactions and prevent those with too low of fees from getting relayed. The block size limit is actually fairly effective at preventing most of the spam from getting mined. What you're missing is that the resources costs to nodes for spam transactions that get mined are far higher than those that do not. Raising the block size actually has the effect of making spam attacks worse since more spam would be mined and take up resources/create more UTXO's.

[ArticMine]

...

Feerate filters will generally drop spam transactions and prevent those with too low of fees from getting relayed. The block size limit is actually fairly effective at preventing most of the spam from getting mined. What you're missing is that the resources costs to nodes for spam transactions that get mined are far higher than those that do not. Raising the block size actually has the effect of making spam attacks worse since more spam would be mined and take up resources/create more UTXO's.

Actually the spammer simply increases her fees. One must keep in mind that the spammer relies the fact that only a very small portion of the spam transactions will actually get mined regardless of the fees because of the fixed blocksize. A dynamic blocksize with a proper fee structure can be a very effective deterrent against this type of spam attack because by threatening to mine the spam it imposes a very significant risk to the spammer.

[rexxarofmoknathal]

Out of curiousity, what's the worst it's ever gotten to, whether because of spammers or other reasons?

[bitsolutions]

Actually the spammer simply increases her fees. One must keep in mind that the spammer relies the fact that only a very small portion of the spam transactions will actually get mined regardless of the fees because of the fixed blocksize. A dynamic blocksize with a proper fee structure can be a very effective deterrent against this type of spam attack because by threatening to mine the spam it imposes a very significant risk to the spammer.

The spammer increasing their fees just causes legitimate transaction fees to increase since wallets use dynamic fee calculators, this prices the spammer out of the blocks since transaction fees are relatively small for the legitimate users but large for the spammer(since they are trying to buy a lot of block space). Without a cap fees would likely be too low to price the spammer out of the blocks.

[bL4nkcode]

As this current time, there are already 71208 unconfirmed transactions in live updating list of new bitcoin transactions in blockchain https://blockchain.info/unconfirmed-transactions, and expect that it will increase later it this kind of attack will continue. But I guess this is bit normal, as I saw already more 70k unconfirmed transaction last year.

[mobnepal]

Out of curiousity, what's the worst it's ever gotten to, whether because of spammers or other reasons?

In worst case this may last for few days but if you look at http://statoshi.info/dashboard/db/transactions in monthly stats you can see similar attack during 6th of January which haven't lasted for more than a day. So may be this will be settled down by tomorrow or by end of today. Nothing to worry about just you have to send bitcoin with a bit more fee than what you used to today.  

[ArticMine]

...
The spammer increasing their fees just causes legitimate transaction fees to increase since wallets use dynamic fee calculators, this prices the spammer out of the blocks since transaction fees are relatively small for the legitimate users but large for the spammer(since they are trying to buy a lot of block space). Without a cap fees would likely be too low to price the spammer out of the blocks.

The point of the spam is not to buy blockspace since there is way too much spam for that, or even compete with the ham but only to spam the nodes. Fee filters are not a defense since the spammer sets her fees above the filter but below the ham.