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bitkilo
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almost-1-billion-worth-bitcoins-stuck-transaction-backlog

Sun Feb 05, 2017 4:44 am

An incredible sum of more than 900,000 bitcoins, worth almost a billion dollars, was stuck at one point last night, waiting to move, due to limited transaction capacity. At the time of writing, more than 300,000 bitcoins remain stuck.

Luke-Jr, a developer of the Bitcoin Core client and a Blockstream contractor, publicly responded to the backlog by stating “[j]ust pay a $5 fee and it’ll go through every time.” Jameson Lopp, a BitGo engineer, publicly stated yesterday that if bitcoin’s price hits $10,000 without an increase in transaction capacity, fees will be $400 based on current data.
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https://www.cryptocoinsnews.com/almost- ... n-backlog/
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Re: almost-1-billion-worth-bitcoins-stuck-transaction-backlog

Sun Feb 05, 2017 4:58 am

And, that is what might be the death of bitcoin.

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Re: almost-1-billion-worth-bitcoins-stuck-transaction-backlog

Sun Feb 05, 2017 7:05 am

I am regularly having transactions stuck for 12+ hours. The easiest fix is to sign a new transaction using the change from the original transaction and set a much her higher fee. Miners will need to confirm the first Tx before they can collect the fee for the second.
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bitkilo
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Re: almost-1-billion-worth-bitcoins-stuck-transaction-backlog

Mon Feb 06, 2017 5:38 am

I am regularly having transactions stuck for 12+ hours. The easiest fix is to sign a new transaction using the change from the original transaction and set a much her higher fee. Miners will need to confirm the first Tx before they can collect the fee for the second.
That is a good trick and i have used the method myself before when waiting for a confirmation but it shouldn't have to be that way.

I wouldn't have even known how to do such a transaction when first starting out so it's not to user friendly.
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Re: almost-1-billion-worth-bitcoins-stuck-transaction-backlog

Mon Feb 06, 2017 6:38 am

We ain't gonna convince more people to use bitcoin if it stays like this longer. :s
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Re: almost-1-billion-worth-bitcoins-stuck-transaction-backlog

Mon Feb 06, 2017 6:55 am

This is why we lazy bitcoiners need to make a move now. My estimate is that of the 85% of nodes running core, nearly half of these nodes are from mining companies, or online bitcoin services. It will greatly help their userbase if they move over. The thing stopping them is laziness, and the fact that bigger companies like bitpay haven't moved over yet.
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Re: almost-1-billion-worth-bitcoins-stuck-transaction-backlog

Mon Feb 06, 2017 6:59 am

I am regularly having transactions stuck for 12+ hours. The easiest fix is to sign a new transaction using the change from the original transaction and set a much her higher fee. Miners will need to confirm the first Tx before they can collect the fee for the second.
Thats a quiet long to wait to that transactions.For now I didn't encountered like that and I hope I will not encountered like that.
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Re: almost-1-billion-worth-bitcoins-stuck-transaction-backlog

Mon Feb 06, 2017 7:12 am

Another thing - I don't see why there's so much fuss on this article.

I made this comment on the bottom of the article, since I am so fed up from reading it over and over again, trying to find what the writer was saying. But technically, all he was saying is that there was 900k bitcoin stuck in the mempool. It could have been for a minute or two, while and exchange was moving their funds. That doesnt mean the funds are 'stuck'.
Ok. So if someone sends a huge 900k btc transaction, and it's in the mempool, that's not "backlog". That's a transaction waiting to be confirmed.

The proof in the tweet is an image of unconfirmed transactions. For all you know, a couple of exchanges or gambling sites transferred their bitcoin to a different storage address. What you need to tell is us HOW LONG the transaction was stuck for. Not just that there was 900k in the mempool. That doesn't mean shit. So if I were Satoshi, and I sent a transaction of a million bitcoin, I could straight away, before the next block had even been CONFIRMED, even with a fee of say, 250 satoshi per byte, and say that there was more than a million coins "stuck in the mempool". Someone would write another bullshit article just like this, and people would freak out. Good job.

Cryptocoinsnews, I usually read your articles and find them pretty good. But this? It's a whole new low. I thought you were meant to be supporting the bitcoin community, not feeding it with lies and twisted facts. Either have your editors informed of what is actually happening in the bitcoin community, or hire writers that don't feed off of retarded twitter posts.
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