Reason of recent high fee- Twitter API hack

[Little Mouse]

I have been buying btc in local on a regular basis and sell them instantly for a short profit (profit in term of BDT). But now it has been a pain that fee has been increased significantly and the part of my profit has decreased a lot.
Anyway, is twitter API compromise the reason of recent high fee as people had so many tx?

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[The Cryptovator]

As we know bitcoin transaction fee increase once transaction quantity increase on the bitcoin blockchain. We have noticed few ongoing scams by Twitter hack, so if hackers transaction effect much of the blockchain, then we might say current increased fee due to Twitter hack. But personally I don't think this is the real reason behind the increased fee. Sometimes normally increase and decrease transaction on the blockchain without any specific reason.

[sunsilk]

Even without the twitter hack, the fees were always adjusting and the reason was always due to the network congestion. But it could be a factor why the fee has surged recently.

But most of the time, it's all due to the network traffic and coolcryptovator said, it increases and decreases for unknown reasons. CMIIW

[Luzin]

Anyway, is twitter API compromise the reason of recent high fee as people had so many tx?

I think not, sorry if wrong. I think the blocksize problem is a major factor, like the number of bytes in a transaction, so using multisig or using coins from some previous transaction will be more expensive than a normal transaction. The blocksize transactions on bitcoin starting in 2017 has been enlarged from 1mb to 4mb but in reality at present it only reaches 2-2.5MB. We know that "the smaller the size of data and storage needed, the more immune the system from attack." But there is a lot of actual debate about blocksize problem.

[Little Mouse]

I think not, sorry if wrong. I think the blocksize problem is a major factor, like the number of bytes in a transaction, so using multisig or using coins from some previous transaction will be more expensive than a normal transaction.

That's the technical side you are explaining. The point is when number of tx increases, it is not possible to include all the tx into blocks due to the size. I know what you mentioned and what I have also related to the block size limit issue. I hope you got my point here.

[pooya87]

these are all the fee spikes over the past 30 days. as you can see such rises are not really that uncommon and happening almost every week. and the current fee has already gone back down to 2-3 satoshi/byte as i am writing this whereas the news about the twitter hack is just starting to spread all over the internet!
you can see more here: https://jochen-hoenicke.de/queue/

[Welsh]

The hack would have minimal effect if any of the transaction fees, as pointed out by others not a lot of transaction volume is associated with the addresses, and if the figure above (400) is accurate that is nothing in the grand scheme of things. Although, a little off topic was it confirmed that it was an API hack, as I believe there's no information given by Twitter at this time.

[coupable]

Anyway, is twitter API compromise the reason of recent high fee as people had so many tx?

I don't think the recent twitter hack has a direct/indirect impact over btc network in general. This possibility is so far to be real.
Just two days after the last reply here, Twitter officially announced that it was not an API hack.

What happened

At this time, we believe attackers targeted certain Twitter employees through a social engineering scheme. What does this mean? In this context, social engineering is the intentional manipulation of people into performing certain actions and divulging confidential information.

The attackers successfully manipulated a small number of employees and used their credentials to access Twitter’s internal systems, including getting through our two-factor protections. As of now, we know that they accessed tools only available to our internal support teams to target 130 Twitter accounts. For 45 of those accounts, the attackers were able to initiate a password reset, login to the account, and send Tweets. We are continuing our forensic review of all of the accounts to confirm all actions that may have been taken. In addition, we believe they may have attempted to sell some of the usernames.

For up to eight of the Twitter accounts involved, the attackers took the additional step of downloading the account’s information through our “Your Twitter Data” tool. This is a tool that is meant to provide an account owner with a summary of their Twitter account details and activity. We are reaching out directly to any account owner where we know this to be true. None of the eight were verified accounts

Source: https://blog.twitter.com/en_us/topics/company/2020/an-update-on-our-security-incident.html

[nelson4lov]

I'm not sure the Twitter hack/attack had a significant impact on bitcoin's network enough to have an effect on the transaction fees. Bitcoin's network fees have always been on the high side and it's usually caused by network congestion as the transaction throughput isn't that high. If possible, you could use an altcoin for transacting and then converting back to btc.

[eaLiTy]

I have been buying btc in local on a regular basis and sell them instantly for a short profit (profit in term of BDT). But now it has been a pain that fee has been increased significantly and the part of my profit has decreased a lot.
Anyway, is twitter API compromise the reason of recent high fee as people had so many tx?

The problem with the high fees started well before the twitter hack if that is what you are talking about. I was having trouble for the past two weeks in getting the transaction confirmed in time and it is taking a long time even with higher fees to get it confirmed. We are seeing this problem every now and then and now with every transaction i make sure i will be monitoring the mempool stats before deciding on the fees to avoid waiting for 10 hours for confirmation.

[Bttzed03]

I doubt the twitter hack had any effect on the network congestion. It's probably just a coincidence. News on exchange hacks had bigger impact.

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The problem with the high fees started well before the twitter hack if that is what you are talking about. I was having trouble for the past two weeks in getting the transaction confirmed in time and it is taking a long time even with higher fees to get it confirmed. We are seeing this problem every now and then and now with every transaction i make sure i will be monitoring the mempool stats before deciding on the fees to avoid waiting for 10 hours for confirmation.

Are you sending on weekdays? Try sending on a weekend instead. The mempool is usually less congested around those times and you can send quite fast with <5 sats fee.

[Wexnident]

If you were doing daily trading for a long time, experiencing a period of high fees shouldn't really be a question for you. Anyone who daily trades should be fairly familiar about how the fees always change erratically at times. Having an increase in fees and the recent twitter hack seems likely to be just coincidence. Plus, even with the hack happening, I doubt it could affect the market that much, whether it be in terms of price or fees. The hack basically happened in a high scale, considering famous accounts were hacked, but that was it, only twitter was heavily affected imo. Crypto community? I doubt it. The only reason why crypto was even involved in the issue was that the hackers used it as a medium to scam.