Blockchain Monday Blues Due to Spam Transactions on Bitcoin Network
The Bitcoin Network suffered from slow transactions due to a spam attack originating from a rogue wallet that was creating loops by sending bitcoins to itself over the blockchain. This Monday, the bitcoin community woke up to the beginning of a new week and a new month. As the day progresses, they thought that their worst fears about the bitcoin network are coming true. The bitcoin network was overloaded and transactions were taking unusually longer to get processed. The first question that went through everyone’s mind was whether the bitcoin network is under attack, but at first glance,....
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As Bitcoin blocks get closer to full capacity, some members of the community are claiming many of the transactions on the network are nothing more than spam. Defining a spam transaction on the Bitcoin network is somewhat difficult. In fact, Mastering Bitcoinauthor Andreas Antonopoulos believes it’s impossible for such transactions to exist. According to Antonopoulos, the fact that someone is willing to pay the fee associated with a particular transaction means that the transaction is not spam by default. During a meetup at Paralelni Polis in Prague, Czech Republic, Antonopoulos explained....
Spamming the network with transactions makes no sense whatsoever, though. The bitcoin network has suffered from multiple attacks over the past few months. These are not attacks against the technology, but rather individuals flooding the network with transactions. It occurs one such spam campaign is underway once again, although it is unclear who is behind this unusually high amount of bitcoin transfers. Some people speculate this is someone who favors Bitcoin Unlimited, albeit that is not confirmed. Spam attacks against the bitcoin network have become a major problem. Due to the nature of....
New information has come to light regarding the latest bitcoin spam attack which has exposed the weakness of the bitcoin network. The attack group is now targeting the non-profit, journalistic organization WikiLeaks and the Reddit clone Voat, according to a Motherboard report. Dust or thousands of tiny bitcoin transactions are now hitting WikiLeaks and Voat. However, there is no news regarding why the two are being targeted. Earlier this week, the bitcoin network witnessed an onslaught of thousands of tiny bitcoin transactions aimed at clogging the network and bringing it down. The....
The price of Bitcoin has been slowly dipping downwards since Wednesday, March 2nd and Monday’s spam attack fiasco. The price had previously wavered within the USD $430-440 range up until late Tuesday after the network problems. Now the price has fallen below the sub $400 level and is showing signs of volatility. On February 29th, 2016 the network had what some called a spam or fee attack which slowed trades down and left many unconfirmed transactions in the mempool. I personally waited three and a half days for a large sum of coin I sent over the blockchain for a small two-cent fee. This....
Due to the continued spam attack on the blockchain network that Bitcoin Magazine has previously reported on, multiple bitcoin wallets have implemented either increased fees or the ability for individuals to increase the fees paid for a given transaction. Based on the nature of the software, miners prioritize which transaction to process first based on the fees associated with it, among other factors. The standard bitcoin fee is 0.0001 BTC per kilobyte. However, with so many spam transactions occurring, the standard transaction fee is not sufficient to ensure quick confirmations. BitGo....