Recent spike in output volume on blockchain: Breakout imminent?

[Spekulatius]

Hi blockchain cracks (hope there is one among u pseudo wall street geeks;) ,

Can anyone pls explain to me why that recent spike in output volume occured on the blockchain (I think any past correlation with the exchange rate are obvious).



https://blockchain.info/charts/output-volume

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[Raoul Duke]

SatoshiDice.com , that's the reason. Fuckin' gamblers, poluting the blockchain, hence poluting my HDD, with their tiny transactions

[ElectricMucus]

yup satoshidice.

If you look at what 0.2% of that spike is it seems this turned out pretty profitable for the makers of the service.

[Spekulatius]

But: Its only on the 8th of May, before and after the ouput volume went back to normal (click the link in the OP and then select a smaller time range on the site).
Number of transactions is up way before that:



https://blockchain.info/charts/n-transactions

[Raoul Duke]

Yeah, it went down a bit and I can tell you why. They send so much spam into the block chain that many transactions don't confirm for days, so people stop playing.
Hopefully this madness will stop, or at least they should be paying the fee of 0.0005 for every transaction.

Also, on May 8 someone posted some martingale scripts to play at SatoshiDice, so people were experimenting with them for sure

[SkRRJyTC]

Yeah, it went down a bit and I can tell you why. They send so much spam into the block chain that many transactions don't confirm for days, so people stop playing.
Hopefully this madness will stop, or at least they should be paying the fee of 0.0005 for every transaction.

Also, on May 8 someone posted some martingale scripts to play at SatoshiDice, so people were experimenting with them for sure

For BTC to become popular the network needs to figure out how to deal with "this much spam"...

[Raoul Duke]

Yeah, it went down a bit and I can tell you why. They send so much spam into the block chain that many transactions don't confirm for days, so people stop playing.
Hopefully this madness will stop, or at least they should be paying the fee of 0.0005 for every transaction.

Also, on May 8 someone posted some martingale scripts to play at SatoshiDice, so people were experimenting with them for sure

For BTC to become popular the network needs to figure out how to deal with "this much spam"...

They deal with it already. It's called a fee, in the value of 0.0005 BTC. If there is no fee, there is no guarantee the transaction will confirm, when it's low value and with inputs coming from recent outputs

[Spekulatius]

The fee is actually only 0.0001 BTC 
But Gavin & Goons have decided to make set the default fee on their Standard Client to 0.0005 BTC

[SkRRJyTC]

Yeah, it went down a bit and I can tell you why. They send so much spam into the block chain that many transactions don't confirm for days, so people stop playing.
Hopefully this madness will stop, or at least they should be paying the fee of 0.0005 for every transaction.

Also, on May 8 someone posted some martingale scripts to play at SatoshiDice, so people were experimenting with them for sure

For BTC to become popular the network needs to figure out how to deal with "this much spam"...

They deal with it already. It's called a fee, in the value of 0.0005 BTC. If there is no fee, there is no guarantee the transaction will confirm, when it's low value and with inputs coming from recent outputs

Well SatoshiDice was already sending fees with every TX...

[Raoul Duke]

The fee is actually only 0.0001 BTC 
But Gavin & Goons have decided to make set the default fee on their Standard Client to 0.0005 BTC

The fee used to be 0.01, like 1 year ago.
Where did you took that 0.0001 value from? Never heard of it before.

Well SatoshiDice was already sending fees with every TX...

So, now they just need to start sending their transactions from older coins lol

[mem]

SatoshiDice.com , that's the reason. Fuckin' gamblers, poluting the blockchain, hence poluting my HDD, with their tiny transactions

sorry

I do pay the default tx though and most people using it are newbs (some bots so they do as well. As someone else said, this looks to be a good thing, its increasing miner reward and could possibly make up for the halving due to tx volume.

If btc really takes off it will only get worse/better (depending how you see it) as more and more gamblers flock to it.

[JayCoin]

I think that this is a great test for the Bitcoin feasibility on a larger scale.  This increase in transactions is nothing compared to the transaction volume once Bitcoin actually catches on.  Bitcoin is going to evolve.  The only guarantee in Bitcoin is change.

[REF]

I think that this is a great test for the Bitcoin feasibility on a larger scale.  This increase in transactions is nothing compared to the transaction volume once Bitcoin actually catches on.  Bitcoin is going to evolve.  The only guarantee in Bitcoin is change.

your right this is a good test. with the difficulty always adjusting to have 6 blocks solved an hour there are going to be tons and tons of transactions needing to be processed if bitcoins really does take off.