Too much unconfirmed transactions suddenly

[OmegaStarScream]

What's up with these unconfirmed transactions that came up suddenly? I doubt it has anything to do with that BTCC closing their exchange because users still have much time to withdraw their funds from the exchange. It literally skyrocketed: https://blockchain.info/fr/charts/mempool-count

[staggerpines]

You are right, Ive been waiting for 6 hours.... Segwit, my arse! 

[bitjoin]

What's up with these unconfirmed transactions that came up suddenly? I doubt it has anything to do with that BTCC closing their exchange because users still have much time to withdraw their funds from the exchange. It literally skyrocketed: https://blockchain.info/fr/charts/mempool-count

Everytime the price is going down largely i have found the network starts to slow down and take longer to confirm.  Its likely because more people are trying to move bitcoin at that time, some trying to move it to sell, some people just bought the dip and are moving it off exchange.  Other than that is some kind of conspiracy between miner to slow network down to increase panic maybe.

[Argon2]

What's up with these unconfirmed transactions that came up suddenly? I doubt it has anything to do with that BTCC closing their exchange because users still have much time to withdraw their funds from the exchange. It literally skyrocketed: https://blockchain.info/fr/charts/mempool-count

The MM's are spamming the network to prevent dumping because if we lose support in the next 72 hours BTC is screwed back to $2677.00.

[Preclus]

The miners choose which transactions to process. Mining is basically Chinese because Chinese miners own a majority of the hash rate.

Because of that, they can choose whose transactions to verify and whose not to verify.

Imagine there were some big Chinese holders of bitcoin who wanted out. They could get their transactions approved while other transactions were not approved. If they could keep non-Chinese transactions unapproved, they might keep the price up.

The Chinese sellers would be able to sell, other sellers wouldn't. It's a good idea and because it is a good idea, I would imagine that's the way it would work.

[MoonIsBlue]

Probably because at the moment with such drastic price actions there's a lot more activity going on, people selling/withdrawing/depositing and buying.
So the network(if I can call it that?) gets flooded and then well you get the scenario screenshotted.

[Preclus]

Probably because at the moment with such drastic price actions there's a lot more activity going on, people selling/withdrawing/depositing and buying.
So the network(if I can call it that?) gets flooded and then well you get the scenario screenshotted.

If you were China and you controlled mining and you had large Chinese exchanges that were shutting down, wouldn't you make sure the miners processed the Chiense exchange transactions and not other transactions? Wouldn't you put the Chinese exchange transactions at the front of the list?

[Wipro]

What's up with these unconfirmed transactions that came up suddenly? I doubt it has anything to do with that BTCC closing their exchange because users still have much time to withdraw their funds from the exchange. It literally skyrocketed: https://blockchain.info/fr/charts/mempool-count

Whenever the supply and transaction limit stagnated at anytime, we can find the boon in the price chart for sure. I would like to everyone that we should not sell any of our bitcoins or top altcoins. That all coins will be increase again with in the month. Price will be touch to 4500$ before this month ends.

[SM23031997]

Today Bitcoin reached 30 day low may be the reason behind people are now looking to book loss to stop further loss.
It is a good time for those who want to book profit in future. May be the reason behind the sudden change in the number of transaction that increased dramatically.

[Maheshkumar_Hrangkhawl]

It is still below the 50K mark. In July, if I remember correctly, we got close to the 100K mark. The 2 MB block size needs to be implemented without any further delay. Else, it is going to bleed the users dry. I am not saying that 2 MB blocks are a permanent solution, but right now even a temporary one would do the trick.

[Preclus]

It is still below the 50K mark. In July, if I remember correctly, we got close to the 100K mark. The 2 MB block size needs to be implemented without any further delay. Else, it is going to bleed the users dry. I am not saying that 2 MB blocks are a permanent solution, but right now even a temporary one would do the trick.

It is climbing pretty quickly. Went up 5K since the start of this thread.

[boyptc]

What's up with these unconfirmed transactions that came up suddenly? I doubt it has anything to do with that BTCC closing their exchange because users still have much time to withdraw their funds from the exchange. It literally skyrocketed: https://blockchain.info/fr/charts/mempool-count

Woah that's a lot, last time there's no stuck in transactions and everything was smooth. It was around 3k transactions that are unconfirmed and now it's on 33k. There's nothing to do with the closing of exchange or something like that, this has cause a congestion and traffic in the network. Anyway it was 30% lower now as before the hard fork occurs it was 90k-99k transactions.

[Carlsen]

... or this is another spam attempt.
We had these in the past, and with declining price of bitcoin it got cheaper to pull one off.
If somebody wanted to take another hit on bitcoin, now would be the time he would choose to do so.

[erikalui]

It was 60 k just 3 months ago and then last month it used to be less than 10k. It's still normal to have 32k unconfirmed transactions as till now all the transactions are getting confirmed soon based on 150-200 sats/byte. I myself get 3 confirmations in less than 10 minutes and hence even the spam is not a concern right now.

[Razick]

Not sure what OP is getting at? Fees at the moment are around the same rates they have been for a long time. They aren't too high, even low sats/byte is clearing right now.

Maybe something to do with China? Everyone is selling, but the fact this is happening and fees are still not too bad goes to show how much SegWit is helping...

[stompix]

Always if in doubt of a spam attack check this page:

https://blockchain.info/unconfirmed-transactions

It shows both the size of the transactions and the fee.

Currently 9 BTC for 23M.
If I did the math correctly it is 900 million satoshi for 23 million bytes, so the price is around 39 satoshi/byte, I personally don;t think it's all spam at this moment.
In the morning bitcoinfee was showing 40 satoshi per byte...

[Reid]

A spam attack or just a spam withdrawal from those who want to get out of the China exchanges as quickly as possible? There might be limits to what they could withdraw or they are doing this on purpose?
If I am also in that cage of what China is doing then I might retaliate just so I could my coins back. This is not good, we are back to this problem then what? An increase in tx fees again? Ergh!

[slaman29]

It is still below the 50K mark. In July, if I remember correctly, we got close to the 100K mark. The 2 MB block size needs to be implemented without any further delay. Else, it is going to bleed the users dry. I am not saying that 2 MB blocks are a permanent solution, but right now even a temporary one would do the trick.

Didn't we even get past 200k at one point? But anyway, OP is right. It was well below 5k even 24 hours ago as I recall, having sent a transaction with less than 10 satoshi/byte and still getting it confirmed in the very next block mined. Can't really tell if there's volume from exchanges. Wouldn't people selling their bitcoins to exchanges NOT be withdrawing btc though? Or are people trying to send their BTC so need to transfer it to exchange wallets?

[staggerpines]

It really sucks... You send a bit of bitcoin to the exchanges to profit from the price drops and its stuck in limbo because of political wars between coins....

[eternalgloom]

I've been waiting 5 hours so far.. blows

I really don't understand why this keeps happening to people... Do you not check the fees before you send a transaction or do you just let your wallet add a fixed fee?

I would think that people would always check the fees by now, it's not the first time this has happened.

Just check on https://bitcoinfees.21.co/ before you send any coins.