Bitcoin Mempool Attack?

[konfuzius5278]

Is this a possible Mempool attack with small TX.

Maybe because of Bitcoin SV "Independance day"

https://btc.com/stats/unconfirmed-tx

How much size is possible? Does this matter in any way even if 400 or 500 MB?

[AB de Royse777]

Is this a possible Mempool attack with small TX.

Maybe because of Bitcoin SV "Independance day"

https://btc.com/stats/unconfirmed-tx

How much size is possible? Does this matter in any way even if 400 or 500 MB?

What Bitcoin SV "Independance day"?

It looks like this now:


https://jochen-hoenicke.de/queue/#0,2d

And I think there are nothing to be worried. I had two tx with 5 sat/byte and both got confirmed in less than two hours it I am not wrong.

Edit:
Just now in less than 10 minutes I had another tx got confirmed which had only 4.5 sat/byte fees.

[gentlemand]

There's a thread on this here - bitcointalk.org/index.php?topic=5201697

It appears to be Binance doing stuff with USDT.

The fact that the fee is so low is showing good practice. If you're in a hurry it's only a tiny bump in fees to bypass it. If it were a spam fest they'd be much higher in an attempt to cock block you.

[o_e_l_e_o]

It appears to be Binance doing stuff with USDT.

Yup. It's not an attack, just some consolidation.

The address in question is 1FoWyxwPXuj4C6abqwhjDWdz6D4PZgYRjA, which is known to belong to Binance. Each USDT transaction leaves behind 546 satoshi in dust, and so Binance seem to be currently consolidating hundreds of thousands of these. You can see pages and pages of unconfirmed transactions here: https://blockchair.com/bitcoin/address/1FoWyxwPXuj4C6abqwhjDWdz6D4PZgYRjA. Since each transaction is only consolidating in to 0.0007 BTC UTXOs, I would expect that once these are all confirmed they would sent out another batch (albeit a much smaller batch) of transactions to consolidate further. It's just Binance taking advantage of the current low fees. Not an attack by any means, and trivial for your transaction to overcome it all by using a fee higher than the absolute minimum.

[alyssa85]

It appears to be Binance doing stuff with USDT.

Yup. It's not an attack, just some consolidation.

The address in question is 1FoWyxwPXuj4C6abqwhjDWdz6D4PZgYRjA, which is known to belong to Binance. Each USDT transaction leaves behind 546 satoshi in dust, and so Binance seem to be currently consolidating hundreds of thousands of these. You can see pages and pages of unconfirmed transactions here: https://blockchair.com/bitcoin/address/1FoWyxwPXuj4C6abqwhjDWdz6D4PZgYRjA. Since each transaction is only consolidating in to 0.0007 BTC UTXOs, I would expect that once these are all confirmed they would sent out another batch (albeit a much smaller batch) of transactions to consolidate further. It's just Binance taking advantage of the current low fees. Not an attack by any means, and trivial for your transaction to overcome it all by using a fee higher than the absolute minimum.

I wish this was publicised a bit more. The amount of scare stores the current mempool has generated is crazy - and a lot of them from so-called experts in the crypto media.

[o_e_l_e_o]

The amount of scare stores the current mempool has generated is crazy - and a lot of them from so-called experts in the crypto media.

I'm not sure there is such a thing as an "expert" in the crypto media. Most of the crypto "news" sites are just click-bait machines, churning out the maximum amount of content in the minimum time possible, with no editorial oversight and very little reliance on research or facts.

The one that always annoys me is the "whale" stories, or "whale alerts". Any time there is a large transaction, the amount of panic that is stirred up by these idiots is phenomenal. When Coinbase moved all their coins from their old cold storage set up to a new one last year, despite all the addresses being known to belong to Coinbase, despite Coinbase announcing the move days before it happened, and despite blog posts from Coinbase during the move stating that all was going smoothly, a bunch of crypto "news" sites still published scare stories about 800,000 BTC being moved and an incoming massive dump, which was obviously complete bull.

I've long since learned to ignore these crypto sites. If you want reliable information, go to the source yourself.

[Carlton Banks]

The amount of scare storeis the current mempool has generated is crazy - and a lot of them from so-called experts in the crypto media.

But alyssa!! You are queen of scare stories when it suits you


here's one of your posts where you tried to scare everyone into buying etheruem, "because Flippening"

I can't see utility coming through. The mempool backlog has dropped because no-one is using bitcoin anymore, they're using alts to move money. The few transactions there are are from exchange to exchange.

Steam, Stripe and others that disabled bitcoin have not changed their minds. And there have been no new merchants saying they'll enable bitcoin, but plenty have enabled ethereum, litecoin and other alts.

I think we'll struggle back to $15000, and then drop back in earnest when it becomes clear that the action is in the alt space.

...except when people are using mempool space, then everyone else is telling scare stories, huh? how many transactions do people make in ethereum and litecoin these days compared to bitcoin, it's still almost nothing, isn't it?



I like this one, where you say crypto isn't money because taxes:

If the legislatures of Arizona and Georgia allow people to pay tax in crypto, then cryptocurrency becomes money.

Anything a govt will accept in lieu of taxes is money. At the moment it's just fiat (they won't let you pay in gold, which makes gold an asset). So if crypto makes the tax breakthrough, it will be huge.

more "Flippening" scare stories, backed up by good old bitcoin judas:

Roger Ver has weighed in on The Flippening:

https://www.newsbtc.com/2018/03/05/roger-ver-ethereum-will-overtake-bitcoin-in-market-cap/

According to Roger Ver, Ether is well underway to surpass Bitcoin. All it takes is doubling in price one more time to effectively reach this goal. That is, assuming the Bitcoin price doesn’t increase further.

More specifically, Ether has surpassed Bitcoin in a few other key metrics. It is cheaper to use most of the time, and a lot faster in terms of confirmations. Ethereum’s throughput has also surpassed that of Bitcoin on multiple occasions in the past.

Roger Ver is also impressed with Ethereum’s developers, by the look of things. In his opinion, Bitcoin no longer holds the top spot in a lot of regards. Once people start to realize that is exactly the case, things will get very interesting across all markets.

this never actually happened, right? oh but it will, it just needs time (and maybe more pump & dump FUD stories from you)  



How come you're telling it straight today, need to build up some reputation for credibility again?

[Ucy]

There's a thread on this here - bitcointalk.org/index.php?topic=5201697

It appears to be Binance doing stuff with USDT.

The fact that the fee is so low is showing good practice. If you're in a hurry it's only a tiny bump in fees to bypass it. If it were a spam fest they'd be much higher in an attempt to cock block you.

Interesting.
 I noticed that the huge increase did not affect Bitcoin fee and I was a bit surprised. It made me wonder whether something big was fixed in the past that I missed.
I wonder what binance did exactly that could increase the transactions to such extent without affecting the fee.

[Carlton Banks]

I noticed that the huge increase did not affect Bitcoin fee and I was a bit surprised. It made me wonder whether something big was fixed in the past that I missed.
I wonder what binance did exactly that could increase the transactions to such extent without affecting the fee.

it's easy, they only sent transactions with the minimum fee, but 90MB of them. Because there wasn't much demand for transactions over the weekend, the backlog got cleared up pretty quick.

Additionally, the transactions were all standard pay-to-public-key-hash, which meant they were not segwit, and blocks with those type of transactions are weighted more heavily, and so drag the possible maximum block size lower. And it didn't really make any difference despite that.