Remember just a few days ago when Bitcoin’s Blocks were full, transaction fees were high and everybody was talking about a scaling solution?
Well, for some magical reason transactions have disappeared after miners agreed to upgrade to Segwit and increase the block size limit.
Was the Spam politically driven?
I can’t help but think that the small Bitcoin Transactions that were spamming the network were used to manipulate the block size debate.
Today, transactions can be handled by the network with a small transaction fee. Moreover, the implementation of Segwit would increase network capacity by at least 70%, so there wouldn’t really be any need to increase block size in the near future.
What are your thoughts on this issue, what do you think happened to all the low-fee Bitcoin transactions?
While mining fees are low, now would be a good time to consolidate wallets and spend out any dust that you have just in case we see another spike in fees/traffic. Last weekend, I was able to get some transactions to confirm with only 1 penny paid as a fee using Airbitz's custom fees.
Just remember to check https://bitcoinfees.21.co/ to see what fees are being paid to see what you should set it to and how much time to expect to wait for it to get confirmed.
I hear airbitz has the Safest wallet too (compared to
Jaxx and mycelium). It also fully encrypts your cell phone from end to end.
Is there any possibility segwit2x won't happen?
You can make the argument that the mempool was clogged because bitcoin was rallying really hard during that time period.
It's possible that there was some spam in there to exacerbate the glut to make a point, but those excessive transaction volumes could also be due to darknet users attempting to use tumblers, which generate lots of transactions in short periods.
Imho, a lot more evidence needs to be gathered!
Sick of Bitcoin fees and waiting times. We need urgent solution for this. Just owning bitcoins makes you a trader and gambler, not an investor. So many people bumping on board with powerful mining equipment and dumping everyday. I see Bitcoin downtrend in the future. ETH is under breakout, which is a positive thing and it will eventually reach the Bitcoin in a sense of using. I mean it's already all over the market and platforms. Bitcoin might become elitistic coin after all this.
I think they are all going up in the longterm...Just have to keep buying during the dips.
The mining fee's are a lot less when we are in a crypto correction. Kinda like we are now.
Interesting. I still think bitcoin will rule over eth.
Yesss...even I think the same.
Rootstock is coming to uphold Bitcoin.
Thanks. I'll be checking more into this.
I agree with you.
Increase in block size will require more resources for nodes and hence push control to the miners with large infrastructures. It will force consolidation and wont be good for the bitcoin ecosystem. My personal view is decreasing the block size could actually help in improving scalability as transactions can get confirmed faster.
That's interesting but even if we can rise TPS with this system, POW will still consume to much energy and it's exponential. Over long term I hope Bitcoin will switch to a "greener" consensus protocol.
A great paper on this http://bitfury.com/content/5-white-papers-research/block-size-1.1.1.pdf
thanks for this, I'll read it !
I don't understand this argument. Increasing resource requirements for nodes isn't really a big deal. Nodes don't require much, they require data speed and data storage, that's it. Why would miners have an advantage? Anyone can buy a 10TB HDD and be perfectly capable of acting as a node for years.
Chinese miners are spamming the network to push their agenda - it's obvious.
why the Chinese?
That is where most miners are, do to cheap electricity costs.
Hey, good luck on your journey in our fine community! I'll follow your account to see how you doing :). Please follow me @nakedchef89.
Ive been noticing that also but I took it as the "cost to be the boss" per say. I think because of the increase in people using BTC they are seeing a way to get more from more people.
Could definitely be the case makes sense in terms of profit for the miners I think
Amazing post. Good job @chitty.
good post
when the price tanks nobody wants or needs to transact.....
this is true for steem as well. U can see tx volume retracing along with the price of steem, though not as bad as for bitcoin.
Très bon article qui est bien écrit par vous merci beaucoup czla me fait plaisir.
Curious indeed @chitty. If miners are now confirming tx's fee agnostic, are we back to segwit2x being simply a scaling move?
b-b-but democracy can't be hacked!
I just followed you and upvoted.
so is the whole issue settled now and segwit is the new normal for bitcoin?
We will know soon enough, take a look at this post: https://steemit.com/bitcoin/@chitty/what-will-happen-to-bitcoin-on-the-1st-of-august
yes - i like the look of a settled solution but a split means having bitcoin on both chains ,so really cant lose
I guess it could be possible . it's so much stuff going on in this industry.
bit-coin will back to at 1500Euro!
Interesting analysis!
I have to agree that it seems a lot of self-referential transactions using "dust" were pushed into the mempool to create an artificial crisis.
Some of the activity points to two participants, Roger Ver and Jihan Wu as primary culprits. They are well-funded and certainly have the motive and means to carry out such a campaign.
It is rather suspicious that so close to the August 1st deadline that the mempool is nearly empty and the fee market has adjusted to a much lower level. Its almost as if someone has false confidence that their plan is a "dead lock" to be the winner.
I think they will be bitterly disappointed.
The transactions are down because the price of bitcoin has dropped a little bit. Watch what happens when the price starts climbing again. Thanks for sharing
Completely agree
I Love Bitcoin, Please follow me
understand but i hope everything is okey
Spamming the mempool?
IDK something is brewing and I have a bad feeling it is tied to the government!
Well There are 2 cases to be considered:
SegWit - They are proposing to increase the Bitcoin block from 1 MB to 2MB.
I don't think, this is the solution because in future they may ask for even more block size.
BTC unlimited - They are proposing the block size to unlimited size.
I don't think it is a permanent solution either. Because, Blockchain will be huge in size then.
This is actually wrong.
Segwit is an upgrade that solves a lot of bugs, an added value of segwit is that it will allow more room for transactions, the block size remains in 1MB.
Bitcoin Unlimited supporters want a block size increase to at least 2 MB.
That's not how it works:
Both have issues. BIP100 or Bitcoin ABC might be better solutions.
It seems that there are "invisible hands" of Bitcoin Mafia in the market. They want to manupulate the market to somewhere they try to go. Regardless, I believe that segwit is essential for the Bitcoin's future. Transaction should be much faster like lightning. Transaction fee should go lower.
Thanks for shedding more light on this! I don't know much about all this kinds of stuff! But it's really interesting to see what is going to happen to Bitcoin going forward. And I didn't realize that people could influence it that way.
This is a good post, I really like it. Hopefully the next post is better than this. Thank you already share. And thank you too, If you get time, to see my post today and upvote and like it I'm very grateful.