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Author Topic: [2017-05-06] The Bitcoin Network’s Transaction Queue Breaks Another Record  (Read 6647 times)
TwoTimes (OP)
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May 06, 2017, 08:35:51 PM
 #1

Not only is the bitcoin price breaking records but the network transaction queue (mempool) has also hit an all-time high on May 5. Around 6 pm EST, the network had about 155,000 unconfirmed transactions with over 85 BTC worth of fees waiting to be settled.

The last time the Bitcoin network’s mempool filled up and broke records was on February 22 with over 100,000 unconfirmed transactions. The record was surpassed on Friday, May 5 as the transaction backlog amassed over 150,000 transactions waiting to be confirmed according to Blockchain.info, Statoshi.info, and Tradeblock statistics.

Read More Here >>> https://news.bitcoin.com/bitcoin-transaction-queue-breaks-record/
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Once a transaction has 6 confirmations, it is extremely unlikely that an attacker without at least 50% of the network's computation power would be able to reverse it.
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May 06, 2017, 09:18:04 PM
 #2

Not only is the bitcoin price breaking records but the network transaction queue (mempool) has also hit an all-time high on May 5. Around 6 pm EST, the network had about 155,000 unconfirmed transactions with over 85 BTC worth of fees waiting to be settled.

The last time the Bitcoin network’s mempool filled up and broke records was on February 22 with over 100,000 unconfirmed transactions. The record was surpassed on Friday, May 5 as the transaction backlog amassed over 150,000 transactions waiting to be confirmed according to Blockchain.info, Statoshi.info, and Tradeblock statistics.

Read More Here >>> https://news.bitcoin.com/bitcoin-transaction-queue-breaks-record/

It has come down to 64k now, so it's not such a bad situation if the damn miners will just start doing their job. The thing is, some of them are

waiting for the Mempool to fill and then they wait until the miners fees are forced to increased... and this increase their profit from these spam

attacks. These miners have find a way to screw us for more miners fees and we just have to suck it up.  Angry

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May 06, 2017, 09:35:53 PM
 #3

You can see the live statistics on the number of unconfirmed transactions on the block chain here:
https://blockchain.info/unconfirmed-transactions

It was going down to below 62,000 last time I check about 5 hours ago.
But it doesn't seem to promising since people are just sending micro transactions compiling to the problem. Embarrassed
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May 06, 2017, 10:08:40 PM
 #4

Aside from the spam attacks -- faucets are heavily contributing towards the nerwork being more and more filled with dust. Seriously, what justifies that you farm your way through faucets for a few days straight, where you gain like 20-30K satoshi, while in order to spend this dust you need to include a fee that is likely double in size.... It's a loss!! Just quit this BS, and the network will greatly appreciate your gesture.
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May 07, 2017, 12:03:42 AM
 #5

Aside from the spam attacks -- faucets are heavily contributing towards the nerwork being more and more filled with dust. Seriously, what justifies that you farm your way through faucets for a few days straight, where you gain like 20-30K satoshi, while in order to spend this dust you need to include a fee that is likely double in size.... It's a loss!! Just quit this BS, and the network will greatly appreciate your gesture.

Why are you mad at them? If they are willing to pay for the fee then it is their blockchain too. Bitcoin was designed to send any amount across the internet and direct to another user, was it not?

On the record high of unconfirmed transactions, would a 2mb blocksize house all that?

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May 07, 2017, 12:53:28 AM
 #6

Not only is the bitcoin price breaking records but the network transaction queue (mempool) has also hit an all-time high on May 5. Around 6 pm EST, the network had about 155,000 unconfirmed transactions with over 85 BTC worth of fees waiting to be settled.

The last time the Bitcoin network’s mempool filled up and broke records was on February 22 with over 100,000 unconfirmed transactions. The record was surpassed on Friday, May 5 as the transaction backlog amassed over 150,000 transactions waiting to be confirmed according to Blockchain.info, Statoshi.info, and Tradeblock statistics.

Read More Here >>> https://news.bitcoin.com/bitcoin-transaction-queue-breaks-record/

It has come down to 64k now, so it's not such a bad situation if the damn miners will just start doing their job. The thing is, some of them are waiting for the Mempool to fill and then they wait until the miners fees are forced to increased... and this increase their profit from these spam attacks. These miners have find a way to screw us for more miners fees and we just have to suck it up.  Angry

In this situation, Bitcoin users are getting to be at the mercy of the miners. Miners are here for profit first and foremost and they will do anything to maximize their overall ROI. We should never expect them to always think of their clients because there seems to be a sort of a monopoly on this area.

Does this means that if we can attract more miners the problem can then be solved? I am just wondering...it is just like opening up or breaking up an industry controlled by a few people.
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May 07, 2017, 08:06:02 AM
Last edit: May 07, 2017, 09:08:59 AM by Carlton Banks
 #7

On the record high of unconfirmed transactions, would a 2mb blocksize house all that?

Arguably yes, but the effects that increasing capacity promote are more complex.

It's the psychology of supply and demand at work, in essence. The effects of more people using the network (as a result of 2MB or whatever blocksize increase) will, of course, increase the supply of the economic good known as the Bitcoin transaction.

But there is a positive feedback loop produced by that change, the increase in supply increases use of the network commensurately, people will simply justify using Bitcoin in further ways than they did before; new users are attracted by their increased opportunity to observe Bitcoin being used, existing users send more transactions because it's cheap to send again, and spammers will spam more, for their spammy reasons.

Metaphorically, it's similar to the problems of creating road infrastructure; when a new road is built, people just compare this nice new clean, empty looking road with the congested roads they already use, and some of those people come up with reasons to use the new road, and before you know it, the new road is just as traffic jammed as the old ones it sought to provide relief for.

The real answer is not more roads, as it simply begets more people buying and using more cars. A different transport paradigm is the solution, something that inherently has more capacity than we could possible imagine ways to use, we're looking for the Bitcoin equivalent of air travel or spaceflight, really.

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May 07, 2017, 08:31:20 AM
 #8

On the record high of unconfirmed transactions, would a 2mb blocksize house all that?

Arguably yes, but the effects that increasing capacity promote are more complex.

It's the psychology of supply and demand at work, in essence. The effects of more people using the network (as a result of 2MB or whatever blocksize increase) will, of course, increase the supply of the economic good known as the Bitcoin transaction.

But there is a positive feedback loop produced by that change, the increase in supply increases use of the network commensurately, people will simply justify using Bitcoin in further ways than they did before; new users are attracted by the increased opportunity to observe Bitcoin being used, existing users send more transactions because it's cheap to send again, and spammers will spam more, for their spammy reasons.

Metaphorically, it's similar to the problems of creating road infrastructure; when a new road is built, people just compare this nice new clean, empty looking road with the congested roads they already use, and some of those people come up with reasons to use the new road, and before you know it, the new road is just as traffic jammed as the old ones it souht to provide relief for.

The real answer is not more roads, as it simply begets more people buying and using more cars. A different transport paradigm is the solution, something that inherently has more capacity than we could possible imagine ways to use, we're looking for the Bitcoin equivalent of air travel or spaceflight, really.
Which is basically what the Lightning Network is.  A new system which allows people to send transactions offchain which are still trustless but are fully scalable instead of just increasing the transaction capacity gradually at users' expense.

The actual Bitcoin system was never practical for microtransactions and it never will be.  Large transactions can still be onchain but the Lightning Network makes Bitcoin a system that people can actually use for everything.

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May 07, 2017, 08:46:40 AM
 #9

Bitcoin "space travel" doesn't have to just be the design backed by Elon Musk, or the different design that Richard Branson funded. It can be any 2nd layer network on top of Bitcoin, there are already a few designs for 2nd layer Bitcoin transaction networks. But I agree that Lightning is a contender.

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May 07, 2017, 09:09:38 PM
 #10

This is from a given address sending to itself 174,000 times. The good part is, the miners took the fees and burned the spammers financially. The bad part is, if there's a rich asshole behind this that doesn't care about the fee cost (*Cough* Ver *Cough*) then he'll just do it again to spite Bitcoin.

For the idiots saying that "they paid the fee, so blah blah blah" go fuck yourself. This is obvious abuse of the system, you clueless gits.

Reference: https://www.reddit.com/r/Bitcoin/comments/69k199/mempool_flooded_today_with_address_paying_itself/


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May 07, 2017, 09:23:23 PM
 #11

Whether it is a spam attack or a regular transaction, Bitcoin should be able to cope with this kind of situation.  Bitcoin scaling really need to  upgrade.  We can  assume the spam attack as the possible transaction in the future, when Bitcoin mainstream adoption is achieved then transaction would be much more than this spam attack.  I hope the two political group that had been ever arguing with the scaling come to a term where they both agree and speed up the process of upgrading Bitcoin capacity to scale. 
richardsNY
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May 07, 2017, 09:58:06 PM
 #12

Why are you mad at them? If they are willing to pay for the fee then it is their blockchain too. Bitcoin was designed to send any amount across the internet and direct to another user, was it not?

Problem is that these faucet farmers aren't willing to pay a decent fee. If they did pay the recommended fee, then there wouldn't be a problem at all, or at least, not as is the case right now. Pools don't care as they are more than happy that blocks are all stacked every single time. It results in people including higher fees in order to get faster confirmations, and thus more income for the miners.

On the record high of unconfirmed transactions, would a 2mb blocksize house all that?

Nope. Obviously, advantage is that 2x more transactions can be included in each block. Currently, even if your transaction has the recommended fee included, it will have to wait for another block in case the previous block was full already. With 2MB as cap size, these transactions don't have to wait anymore. In the time of 2 blocks right now, one 2MB block will be enough to do the same job. It will be a major time advantage that people will gain.
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May 08, 2017, 01:17:48 AM
 #13

On the record high of unconfirmed transactions, would a 2mb blocksize house all that?

Arguably yes, but the effects that increasing capacity promote are more complex.

It's the psychology of supply and demand at work, in essence. The effects of more people using the network (as a result of 2MB or whatever blocksize increase) will, of course, increase the supply of the economic good known as the Bitcoin transaction.

But there is a positive feedback loop produced by that change, the increase in supply increases use of the network commensurately, people will simply justify using Bitcoin in further ways than they did before; new users are attracted by their increased opportunity to observe Bitcoin being used, existing users send more transactions because it's cheap to send again, and spammers will spam more, for their spammy reasons.

Metaphorically, it's similar to the problems of creating road infrastructure; when a new road is built, people just compare this nice new clean, empty looking road with the congested roads they already use, and some of those people come up with reasons to use the new road, and before you know it, the new road is just as traffic jammed as the old ones it sought to provide relief for.

The real answer is not more roads, as it simply begets more people buying and using more cars. A different transport paradigm is the solution, something that inherently has more capacity than we could possible imagine ways to use, we're looking for the Bitcoin equivalent of air travel or spaceflight, really.

That is the answer that I am afraid of. Yes with the word arguably. So it mean that some people can also answer a No and there can be an argument that an 8mb blocksize can also be still be made full.

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