Bitcoin Spammed by 1Sats TX

[Jercyhora2]

Do you experience slow Bitcoin Send & Recieving transaction lately?
Bitcoin BlockChain is now Clogged by many Sats Transactions. Currently, BTC works through 350,000 confirmed transactions per day.

The BTC transaction fee, however, has not increased and is at $0.43. Although, whale-scale transactions usually pay higher fees. Still, for BTC, this is the biggest mempool congestion since January 2018. The backlog is also higher in comparison to the summer of 2019, when the Bitcoin network was used for a form of verification for other crypto projects.

What do you think this kind of attack effects to the Blockchain?
I think this will cause the price more lower due to slow transaction

See Blockchain transaction here :
https://www.blockchain.com/btc/tx/5151e688f5ad2410cf92dc142dfc114d3a4ff4090f14082ffa0a33dc967a46ec

See visualization here :
TxStreet.com

Source :

https://bitcoinist.com/bitcoin-network-spammed-by-one-satoshi-transactions/

[ranochigo]

The speed of you getting a transaction in the block is not fully dependent on the number of transactions with low transaction fees. Your transactions are only competing with those who have paid a larger fee/size for their transactions. It doesn't matter if there are thousands of transactions paying low fees, as long as you pay a higher fee than them.

[piebeyb]

See visualization here :
TxStreet.com

on this link you will see BCH vs BTC, it looks like Roger Ver always says in his tweet every day always comparing the transaction costs and transaction speed, so I'm not accusing anyone who is spamming transactions on BTC and ETH for some time, if not for competitors , once again I do not accuse anyone here  

[Jating]

As far as I can remember, there were some invdiviual or groups in 2017 wherein they spam the hell of the bitcoin network, Possible Bitcoin Network Spam Attack is One User's Moby Dick.

So this is not new, if there are effects on the price, probably just short term though, and as explain by @ranochigo, if you pay good fees then you're not going to be affected by it. Sooner or later it will pass by, because those people or groups need money to fuel their spamming and I doubt that they will go on forever with this kind of activity.

[Jercyhora2]

As far as I can remember, there were some invdiviual or groups in 2017 wherein they spam the hell of the bitcoin network, Possible Bitcoin Network Spam Attack is One User's Moby Dick.

So this is not new, if there are effects on the price, probably just short term though, and as explain by @ranochigo, if you pay good fees then you're not going to be affected by it. Sooner or later it will pass by, because those people or groups need money to fuel their spamming and I doubt that they will go on forever with this kind of activity.

What if spend a huge amount of BTC just to congest transactions just to make fun of it.
I think it's possible mostly if the attacker holds large amount of BTC

[AB de Royse777]

~snip~

What if spend a huge amount of BTC just to congest transactions just to make fun of it.
I think it's possible mostly if the attacker holds large amount of BTC

I think it's possible but this will have a cost. Imagine if this 85MB (yesterday it was) were sent using 100Sat/byte fees then the one was sending would make the miners rice and rest of us either would have to wait until these 85MB clears up or pay higher fees than that to get quick confirmation.

[Steamtyme]

This is a non issue. It's exactly what people should be doing with their small inputs at a time when fees are low. Like the article said that the average fee wasn't affected, the only thing different here is that there shouldn't have been any empty blocks mined - They all should have had transactions available for miner fees. Some pools still mine empty blocks though so this period should have been an eye opener for those miners.

In the end if you needed to get a transaction through, you really just had to set it at a 2 sat/byte fee, then your transaction took priority over these. That is unless a pool was choosing these transactions in the blocks they mined. This could happen if they were consolidating or something, which is perfectly fine. The problem before was people congesting the system at their own expense with high fee, low value transactions. This does congest the network and cause people to pay more to get their transaction confirmed asap.

[Icygreen]

 

What do you think this kind of attack effects to the Blockchain?

This is probably not an attack but perhaps an exchange taking advantage of low cost tx consolidation at 1sat.

 
 

 

[bounceback]

As far as I can remember, there were some invdiviual or groups in 2017 wherein they spam the hell of the bitcoin network, Possible Bitcoin Network Spam Attack is One User's Moby Dick.

So this is not new, if there are effects on the price, probably just short term though, and as explain by @ranochigo, if you pay good fees then you're not going to be affected by it. Sooner or later it will pass by, because those people or groups need money to fuel their spamming and I doubt that they will go on forever with this kind of activity.

yes it seems right that you said there are a number of groups that deliberately send spam to the bitcoin network.

I also think a spike like this also means the bitcoin protocol is threatened because the speed of shipping transactions is not confirmed as usual, maybe also with this confirmation jam, of course the price will also be low.

[buwaytress]

Nah, not spam, just people consolidating a lot of inputs, or just plain old testing. Let them. I have been doing 1 sat/byte transactions for as long as I switched over to native segwit, sure, on the rare occassion I have to wait a couple of days, in general just a few hours, if not even faster, and almost everything I use considers my transaction paid the moment it's detected on the network. I don't even really check for mempool congestion anymore. If I need it confirmed absolutely in the next block, I RBF.

This is a non issue. It's exactly what people should be doing with their small inputs at a time when fees are low.

Yeah, complete non-issue.

I remember when a project I was in (using counterparty) had sent all of us their tokens, perhaps 100k transactions over a few days? People all thought the network was getting spammed. It wasn't. Ups and downs, people do use the network a lot sometimes.

[AGD]

Bitcoin is working as expected. You're welcome. 

[alyssa85]

Lots of 1 satoshi transactions are not a problem - they simply won't get confirmed and in two weeks time the transaction returns back to the sender.

Mempool backlogs are only a problem if there are thousands and thousands of high fee transactions unconfirmed, which then forces people to increase the sending fees even further to get their stuff confirmed. Maybe this spam is designed to scare people into paying higher fees, but it isn't a problem right now.

[MURONDI]

maybe that's what causes altcoin prices lately tends to decrease, if this incident continues to repeat whether people will leave bitcoin, because no one likes problematic and slow transactions, I hope this problem passes soon, so the price of bitcoin can go up again.

[Jercyhora2]

I think this post is connected to this post :


https://bitcointalk.org/index.php?topic=2848987.0

[alyssa85]

maybe that's what causes altcoin prices lately tends to decrease, if this incident continues to repeat whether people will leave bitcoin, because no one likes problematic and slow transactions, I hope this problem passes soon, so the price of bitcoin can go up again.

This has not been the cause of altcoins decreasing - there is no cause and effect here.

My guess is that all that is happening is that an exchange decided to consolidate all their dust transactions. The problem will disappear shortly.

[veleten]

don't know if this 1 sat tx spam is the same as before when some of the newly opened marketing companies
decided it was a good idea to take money for spamming databases of bitcoin addresses with 1 sat transactions with advertisement in it:
https://www.quora.com/Bitcoin-How-can-I-leave-a-message-in-the-block-chain
so , basically , they offer to spam you for a set price while sending hundreds of thousands of transactions contaminating the chain