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Author Topic: 173000 unconfirmed transactions, 13 transactions per second  (Read 4050 times)
Matias
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November 12, 2017, 03:28:30 PM
 #1

https://blockchain.info/unconfirmed-transactions

With absolute maximum on 7 transactions per second and in practice less than 4, and new transmissions coming in 13/second, how can this backlog ever be processed?
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November 12, 2017, 03:43:55 PM
 #2

people will eventually stop trying and the backlog will get processed.

more or less retired.
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November 12, 2017, 03:45:43 PM
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It's rising fast though, yesterday when I checked we were around 120k unconfirmed transactions.
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November 12, 2017, 03:49:49 PM
 #4

A few weeks ago it was also 100k transactions, in a short time they were all proceeded.

Though, this proves that Bitcoin is not yet ready for mass adoption and needs deep upgrades to support more transactions.

Will others Crypto take advantage if this ?  Smiley

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November 12, 2017, 04:03:43 PM
 #5

A few weeks ago it was also 100k transactions, in a short time they were all proceeded.

Though, this proves that Bitcoin is not yet ready for mass adoption and needs deep upgrades to support more transactions.

Will others Crypto take advantage if this ?  Smiley

They are already, look at the Bitcoin Cash pump. But just like spamming the Bitcoin network is a futile and short lived strategy, the pump money on BCash is also short lived and futile. Sooner or later Roger Ver and whoever else is orchestrating this attack will run out of money and things will go back to normal, because there is no fucking way that out of nowhere all this transaction growth is organic and not part of an altcoin pump and dump scheme.
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November 12, 2017, 04:15:15 PM
 #6

This is attack to Bitcoin network

https://theflippening.github.io/open-letter-to-bitcoin-miners-from-another-miner/

Bitaps - Bitcoin processing. https://bitaps.com
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November 12, 2017, 04:38:31 PM
 #7

Well its obvious that they pushing Bitcoin Cash (BCH) and they spam BTC network.

It can be reason why people use BCH unstead of BTC.
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November 12, 2017, 04:47:06 PM
 #8

Blockchain.info is wrong. See my discussion here:
https://bitcointalk.org/index.php?topic=2392134.msg24463368#msg24463368

The number of unconfirmed transactions is correct but the rate per second and the mempool size are incorrect.
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November 12, 2017, 04:47:22 PM
 #9

This really generates some queries upon survival of bitcoin because if it cannot cater a large amount of people on the network no one is really going to use it. Two of my transactions are unconfirmed for last 2 days. The fact that I have attached a fees of around 170 sats/byte makes it worse. Dont quite know what is happening.
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November 12, 2017, 04:47:43 PM
 #10

Relax, it will settle. Just give it another day or two.

In a few hours the difficulty at BCH will adjust and all the miners will come back to mommy.

Even if it didn't, the transactions backlog caused the fees to raise so much that the BTC's block reward would soon double, like here already -  that would bring the hashes back as well Smiley


I just love watching Bitcoin at work - it never stops to surprise me, how it deals with obstacles and people trying to pull it their own way.

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November 12, 2017, 04:49:39 PM
 #11

How could they fix this backlogs? I visit the site, 174200 unconfirmed transactions and still keep on going. This is really disappointing to those who are involve into that transaction. How could they manage it?
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November 12, 2017, 04:54:38 PM
 #12

How could they fix this backlogs? I visit the site, 174200 unconfirmed transactions and still keep on going. This is really disappointing to those who are involve into that transaction. How could they manage it?
They just need to mine more blocks - be patient.

If you really care to have your tx mined quickly and you can afford it, then you can use RBF to increase the fee - ATM I'd advise at least 1000 SPB

Check out gocoin - my original project of full bitcoin node & cold wallet written in Go.
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Matias
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November 12, 2017, 05:36:30 PM
 #13

Is the cause Bitcoin cash’s price surge, which has made it more profitable to mine Bitcoin cash and has reduced Bitcoin’s hash rate?


https://coinmarketcap.com/currencies/bitcoin-cash/


https://blockchain.info/charts/hash-rate?timespan=30days

For 24 hours Time Between Blocks   24.56 minutes
piotr_n
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November 12, 2017, 05:37:17 PM
 #14

Yes

I also like this website https://fork.lol/

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cellard
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November 12, 2017, 05:41:36 PM
 #15

Yes

I also like this website https://fork.lol/

From what I've read, they are planning on forking Bitcoin Cash again to fix the stupid current EDA that makes these fluctuations... I was wondering, will this split of Bitcoin Cash create another Bitcoin Cash? (so that's 2 different tokens, which means if you are holding Bitcoin Cash you will receive that other token too??). How can they guarantee both chains will not live?

Im really confused at the current situation, too many forks to keep track off. The mempool spam was to be expect so im not surprised of any current events.

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November 12, 2017, 05:42:05 PM
 #16

However many people would argue that the backlog is intentionally created, with someone throwing some money on it.

Nevertheless, mining less than 3 blocks per hour, instead of the normal 6 per hour - it's making it worse.
And its also making such an alleged attack cheaper.

Check out gocoin - my original project of full bitcoin node & cold wallet written in Go.
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piotr_n
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November 12, 2017, 05:45:27 PM
 #17

Yes

I also like this website https://fork.lol/

From what I've read, they are planning on forking Bitcoin Cash again to fix the stupid current EDA that makes these fluctuations... I was wondering, will this split of Bitcoin Cash create another Bitcoin Cash?

Any fork creates another something.
Whether that another something will be kept alive, respected, distinguished and traded separately - that's more of a social science Smiley

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Matias
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November 12, 2017, 05:46:28 PM
 #18

Yes

I also like this website https://fork.lol/

Thank you. Very informative. Apparently cash’s difficulty will rise a lot after approximately 2 hrs 21mins. Difficulty is much too easy at the moment with this hash rate. There’s a new block every minute

https://blockchair.com/bitcoin-cash/blocks
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November 12, 2017, 05:50:48 PM
 #19

Thank you. Very informative. Apparently difficulty will rise a lot after approximately 2 hrs. Difficulty is much too easy at the moment with this hash rate. There’s a new block every minute

And then there will be one every hour.
Or they will stop mining blocks for 6 hours, just to trigger the emergency adjustment.

It's really a very bad system thet they use.
Whoever is buying this shit must be very strong on investing in certain social behaviours, having them not minding the technical aspect behind.
but then, they have been buying fiat for centuries Smiley

Check out gocoin - my original project of full bitcoin node & cold wallet written in Go.
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Matias
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November 12, 2017, 05:57:59 PM
 #20

Thank you. Very informative. Apparently difficulty will rise a lot after approximately 2 hrs. Difficulty is much too easy at the moment with this hash rate. There’s a new block every minute

And then there will be one every hour.
Or they will stop mining blocks for 6 hours, just to trigger the emergency adjustment.

It's really a very bad system thet they use.
Whoever is buying this shit must be very strong on investing in certain social behaviours, having them not minding the technical aspect behind.
but then, they have been buying fiat for centuries Smiley

I haven’t been following situation, has this been happening  before? I mean BTC hashrate dropping this much because of miners moving to BCH?
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