Increasing fees and broadcast creates double spend

[metalbean]

Yo peeps,
 
Was trying to send out some coins yesterday, and I guess due to the increasing value of bitcoins the fees also increased, I tried sending with a low fee, and changed it today after waiting for 9 hours. After increasing fees in Electrum and rebroadcasting the transaction now have a double spend warning on the blockchain explorer.

Does double spend warning always spit out if I rebroadcast? thanks

Note: the transaction is finally confirming as we speak and I had to spend 4 USD for it, sucks.

[U2]

It'll say it's a double spend before it confirms, because that's exactly what you're doing. Once either confirms the other is I'll and void. So don't worry about it in the future, and if the person receiving the transaction is worried just have them wait for some confirmations.

[metalbean]

It'll say it's a double spend before it confirms, because that's exactly what you're doing. Once either confirms the other is I'll and void. So don't worry about it in the future, and if the person receiving the transaction is worried just have them wait for some confirmations.

Hey thanks.

Out of curiosity, do nodes selectively sometimes avoid "double spend" transactions out of safety concern, or they don't care. I've receive 2 confirmations after 1 block so I am wondering if that's because some nodes choose not to take it because of the double spend broadcast. Or it could just be the traffic or low fees

[An0nyMoose]

It'll say it's a double spend before it confirms, because that's exactly what you're doing. Once either confirms the other is I'll and void. So don't worry about it in the future, and if the person receiving the transaction is worried just have them wait for some confirmations.

Could not have said it better myself, champ! Nothing to worry about, just pay more attention next time.

[JustMissed]

Transactions were nice and fast right after the 1st, but this week I noticed it slowed way down again. Are the high fee's just the cost of doing business, or is greed setting in again with picking and choosing higher fee transactions first again?

[metalbean]

Transactions were nice and fast right after the 1st, but this week I noticed it slowed way down again. Are the high fee's just the cost of doing business, or is greed setting in again with picking and choosing higher fee transactions first again?

While I can concur greed is always at play, my uneducated guess is that it gets even out with many nodes taking in confirmations. Perhaps a bigger possibility is that more traders are joining, say big time trading firms that has prior shunned crypto investment, all in the anticipation that it will rise after Segwit2X.

[JustMissed]

Transactions were nice and fast right after the 1st, but this week I noticed it slowed way down again. Are the high fee's just the cost of doing business, or is greed setting in again with picking and choosing higher fee transactions first again?

While I can concur greed is always at play, my uneducated guess is that it gets even out with many nodes taking in confirmations. Perhaps a bigger possibility is that more traders are joining, say big time trading firms that has prior shunned crypto investment, all in the anticipation that it will rise after Segwit2X.

That is a good point, and I did not look at the mem pool size, or the number of transactions this week. I would think it is quite high at the moment.

[pooya87]

It'll say it's a double spend before it confirms, because that's exactly what you're doing. Once either confirms the other is I'll and void. So don't worry about it in the future, and if the person receiving the transaction is worried just have them wait for some confirmations.

Hey thanks.

Out of curiosity, do nodes selectively sometimes avoid "double spend" transactions out of safety concern, or they don't care. I've receive 2 confirmations after 1 block so I am wondering if that's because some nodes choose not to take it because of the double spend broadcast. Or it could just be the traffic or low fees

nodes can modify their settings to accept or reject anything they want.
what they should do is that they should reject any transaction that is a double spend.

but what you did is probably an RBF transaction. those things are like an exception. in your first transaction you tell everyone that you may change this transaction to increase its fee (replaceable by fee), so nodes expect it to happen. those nodes that allow RBF transactions won't reject this kind of double spend and simply replace it with the new one.

[metalbean]

It'll say it's a double spend before it confirms, because that's exactly what you're doing. Once either confirms the other is I'll and void. So don't worry about it in the future, and if the person receiving the transaction is worried just have them wait for some confirmations.

Hey thanks.

Out of curiosity, do nodes selectively sometimes avoid "double spend" transactions out of safety concern, or they don't care. I've receive 2 confirmations after 1 block so I am wondering if that's because some nodes choose not to take it because of the double spend broadcast. Or it could just be the traffic or low fees

nodes can modify their settings to accept or reject anything they want.
what they should do is that they should reject any transaction that is a double spend.

but what you did is probably an RBF transaction. those things are like an exception. in your first transaction you tell everyone that you may change this transaction to increase its fee (replaceable by fee), so nodes expect it to happen. those nodes that allow RBF transactions won't reject this kind of double spend and simply replace it with the new one.

Thanks, that's a very good explanation.

Though wondering if RBF might end up being a bad samaritan, since users might start with low fees and rebroadcast again chocking up traffic.