Spamming Continues on BItcoin Network, Delays Transactions
Spamming on Bitcoin network fills up mempool with almost 40,000 unconfirmed transactions. The Bitcoin network seems to be under attack again. The digital currency network was clogged yesterday by what is suspected as a spamming attempt, partially disrupting the transactions. The spamming attack has got close to 30,000 transactions queued up in the mempool, awaiting confirmation. Every time the Bitcoin network comes under attack, it renews the debate on block size and scalability. However, no solid action has been taken by any of the Bitcoin Core developers in this regard yet. The Bitcoin....
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Over the past 24 hours, the blockchain has been inundated with small, spam-like transactions that are large in data size, but significantly small in bitcoin value transferred. At the peak, there were more than 50,000 unconfirmed transactions waiting to be mined into a block, resulting in delays for normal transactions to be confirmed. While the network has been working to decrease this backlog - transactions are down to 31,000 at time of this article's writing - the type of transactions that are being sent suggest this is a continuation of a stress test that has been put on the system.....
Coinbase users saw a frustrating Wednesday this week after outbound bitcoin transactions experienced delays while not registering on the blockchain. A Coinbase log revealed that the issue was identified early Wednesday, around 01:40 PDT. “We have identified an issue with slow BTC outbound transactions and are working towards resolution,” the log read. The San Francisco-based bitcoin exchange and wallet provider issued an update a little over three hours later at 04:52 PDT, stating: Outgoing transactions are not being pushed to the Bitcoin network. We are still working on resolving this....
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....
The delays come on a day when the price of bitcoin surpassed its all-time high.
The Ethereum development team officially postponed the execution of EIP150, a hard fork designed to increase the gas cost of transactions, setting the target block to 2463000. While Coinbase warned its users against network instability, Bitcoin experts have begun to criticize the Ethereum network’s security measures. Since late September, an increasing number of denial-of-service attacks have targeted the Ethereum network by spamming the network with transactions. Despite the release of several geth and parity updates, the Ethereum network continuously failed to deal with the intensity of....