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by mbmott 3710 days ago
I call it a DOS attack because blocks aren't regularly full anymore and the transaction data showed that the flood of transactions were "peeling chains", meaning they mostly had the same source. There is blockchain data to back this up.

The blocksize hasn't been increased yet. It blew over due to wallets improving their fee support. If you are in a hurry and need quick confirmations you increase your fee by 10 cents, but if the transaction doesn't need priority you may wait for quite a while.

1 comments

Currently the calculations show that for your transaction to be processed first it should have a $.06 fee. Transactions with fees down to about $.01 are basically guaranteed to be processed but may take longer. Many 0 fee transactions are processed but they have no guarantee.

The modern wallet softwares all calculate and offer different fees based on the expediency of the transaction.

"The fastest and cheapest transaction fee is currently 60 satoshis/byte, shown in green at the top. For the median transaction size of 226 bytes, this results in a fee of 13,560 satoshis (0.06$)."