EMERGENCY - BITCOIN IS IN BIG TROUBLE!!!

in bitcoin •  3 years ago 

Bitcoin seems to have serious troubles right NOW, and I don't see the main developers addressing the issue. I can't send a transaction for more than 48 hours, because it just doesn't confirm. Then I checked the number of unconfirmed transactions:

https://blockchain.info/unconfirmed-transactions

HOLY SHIT!!!

WTF.png

Excuse my language, but I am very frustrated, this is the first time it happens to me. I have had problems with unconfirmed transactions before, but that was like 3-6 hours way, but now it's more than 48 hours for my first transaction, and more than 24 hours for my second transaction.

It has never happened before in this magnitude, and I don't know how to interpret this. And the most scary thing is that everybody is keeping quiet about this, when I go to the Bitcoin subreddit, nobody is addressing this issue, and it's very problematic.

https://www.reddit.com/r/Bitcoin
CARE.png

This is the BIGGEST PROBLEM IN BITCOIN that has ever existed to my knowledge and nobody is talking about it?

If this doesn't get fixed soon, then we can say bye-bye to Bitcoin. What good is a currency if you can't spend it? Somebody please fix this problem immediately!


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I do not know the specifics, but most of the unconfirmed transactions tend to be ones in which the miner fee is not being paid since the miners will not get paid they tend to overlook those transactions. I have herd the free payments at times have taken up to a week. But really depends on where the wallet is, I would ask them. Also part of the unconfirmed transactions are ones that have been posted but no miner has added to the blockchain as in new transactions that were just submitted since the last block. I would check with the wallet creator and see if they can shed some light on why that transaction has not posted. Other reason might also be an update to the main fork, I have not completely followed the Bitcoin network in a few months as most of my coins are a an exchange and they take care of all the wallet issues on there end.

I did pay the miner fee, as usual 10,000-15,000 satoshi, but nothing, unconfirmed for 48 hours...

This should be really fixed, I mean the segwit is like 20% approved, but the transaction system is already breaking down, people should start approving it faster damnit, this makes the bitcoin experience very bad.

http://www.segwit.co/

True, have you checked with the wallet operator? I'm just guessing it is an exchange!

No it's my own wallet, it has nothing to do with the wallet, it's the network that is this clogged.

Wow, your right just checked, I'm wondering how many of these are added to the next block found though?

The same as always, average TX size is about 226 bytes so only 4424 transactions fit into a block, the other 40,000 will wait until eternity!!

Yes. I have had transactions that take forever to confirm. It's usually because one of my wallet programs has the fee set too low. Many bitcoin wallets now have the ability to add a higher fee to an already sent transaction.

Yea but the throughput of the network won't increase. The capacity is limited, and changing the fee wont make space for 45k transactions.

This isn't uncommon and not out of the ordinary. Unfortunate yes, but expected.

It has never been so bad before. There were some times when the network was slow, but I cannot remember any time in my 4 years in bitcoin that it was this bad as it is this week.

I noticed it took several hours for my last transaction to go through. def something needs to change.

Only 20% activated, damn, they should hurry, because this will make Bitcoin very very unattractive.

http://www.segwit.co/

Blockchain bloat strikes again...

As others have side, you'll have to up the miner's fee. All hail the fee market (sigh).

I always use a higher fee when sending after one of my transactions took over 5 hours to confirm.

Yeah...you have to now.

I have one of those transactions now. I paid a fee of .07 on $31.00 and my transaction is stuck. It seems to be an issue with a bunch of transactions that I have now seen on the blockchain. Somethings is definitely up.

That's way too low of a fee. My wallet automatically updates with the fluctuating fees, and just had a $30.00 transaction with a $0.70 network fee that went through fine.

Well that seems clear now. But problem is still bigger than just this transaction. If everyone increases the fee that they are paying at the same time then the same bottleneck would just be more expensive. I did not even think to look at the transaction fee as I just have not run into this before. My mobile wallet had this as the default fee and I never noticed.

Chinese are panicking and buying crazy amounts: http://fiatleak.com/ these demands may also be an issue.

Its really bad that we have all this demand and money sitting there, but cant engineer a network that can solve the transaction problem.

You should not have to wait days for your transaction to confirm, when we have a 12 billion dollar system.

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