Ethereum experiencing major transaction delays because of ICO's

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Ben

Joined
May 2017
From
Colorado
Today, Ethereum is showing how poor this network is at handling any type of major transaction traffic.

The problem with these "race condition" ICO's is that it doesn't matter how good the network is, that just becomes the new race condition. Say the network can handle double the transactions, then people just cram all of their transaction attempts into half the time. Even if the network could handle a billion transactions in a single block there would still be an incentive to transaction flood. ICO's with race conditions are:
  • insecure against mining attacks
  • arbitrary and unfair to those attempting to participate
  • an active incentive to try and break the network
  • totally and easily avoidable if you just design your ICO not to have a stupid race condition in it!
Ethereum has lots of scaling work to do, but problems like this don't have anything to do with Ethereum. They have to do with terribly designed ICO's that rely on race conditions even though experts have repeatedly told them this is insecure and essentially uses participant funds to pay for a DDOS attack.
 

evo

Site Admin
Joined
Apr 2017
The Ethereum blockchain is experiencing major congestion right now too. Every ETH blockchain/transaction ID tool has notices on their sites warning of heavy traffic and long delays.

Coinbase just elevated their Ethereum warning...

i-cdSF6vJ-L.png
 

evo

Site Admin
Joined
Apr 2017
I sent some ETH over 24 hours ago, and it still hasn't showed up in the Ethereum wallet I sent it to :(

Ethereum needs to scale their blockchain. They simply cannot handle this traffic. This is the same problem that Bitcoin has been having.

All of these ICO's are being built using the Ethereum blockchain, and this latest ICO is what caused this to happen. It's basically brought the Ethereum blockchain to a crawl, and has reached a new record high of over 300,000 transactions per day:

i-fWfHhrB-L.png


Ethereum must fix these scaling issues, especially as ETH becomes widely adopted and more ICO's are being introduced using the Ethereum blockchain. As it stands now, they simply cannot handle the traffic. This is the same problem that Bitcoin has been having. In the long run, I believe this to be a good thing for Ethereum, because the ICO's that are built on the Ethereum blockchain will drive the price of ETH upward. Bring on the Lightning upgrade, which is Ethereum's version of SegWit for Bitcoin.
 
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evo

Site Admin
Joined
Apr 2017
Withdrawals and Deposits for Ethereum (ETH) on Poloniex has been disabled. This is the announcement from Poloniex:
Due to ongoing network instability, we've disabled Ethereum deposits/withdrawals. We'll enable once we know the network is functioning properly.
It's been 3 days, and my ETH still hasn't showed up in the wallet I sent it to.

This sucks. I understand the Ethereum blockchain is backlogged, but I wasn't expecting it to take this long. And when you hosted wallets, we don't have control over raising the gas fee to push the transaction through.
 
Joined
Jun 2017
From
toronto
it seems none of these crypto-currenices are ready for mainstream, they are all way to slow and its not even much transactions,

credit and debit do billions of transactions PER day
 

evo

Site Admin
Joined
Apr 2017
it seems none of these crypto-currenices are ready for mainstream, they are all way to slow and its not even much transactions,

credit and debit do billions of transactions PER day
There are only two cryptocurrencies that I know of that are ready for mainstream and can handle speedy transactions in 5 seconds or less... Ripple and Dash.

Ripple is ready for mainstream and enterprise/financial use, with Ripple transactions taking less than 4 seconds, and they are actively showing this.

Dash is also ready for mainstream, with their primary goal simply the speed of transactions, as they have consistently shown they can process transactions within 2 seconds. Dash has gone mainstream in parts of Africa and has become a digital currency at gas stations and peer to peer transactions.
 

evo

Site Admin
Joined
Apr 2017
After 4 days, my Ethereum withdrawals were successfully sent and are in the wallet I sent them to.

Poloniex has enabled withdrawals and deposits of Ethereum again.

I'm surprised Ethereum hasn't taken too bad of a decline on these transaction hangups. I guess the sheer amount of volume has been received as bullish for investors.
 
Joined
Jun 2017
From
toronto
I'm not convinced about dash or ripple, i only bought some because i think it will be good to short it, then get out,

its backed by bankers and i don't trust them


ether has been declining huge, its taken a huge step down, im think of of selling so i break even

i should've sold at 100+ profit, im not a fan of ether or most other coins except bitcoin

i'll hold for now even if it crashes way down, its money i can afford to lose
 

evo

Site Admin
Joined
Apr 2017
its backed by bankers and i don't trust them
I am not a fan of the banks, but that's where the money is. Google knows this, and that's why they are backing Ripple. For the use case of moving currency across domestic/international borders, there's nothing that comes close to Ripple. And they are the only cryptocurrency that is actually selling a ready-made product and generating revenue and signing up clients (the banks).

Read this - This is why I believe in Ripple.

I would encourage you to research some of the long term use cases of Ripple.
 
Joined
Jun 2017
From
toronto
the banks!

it is our mission and my mission to destroy the banks, and it should be your mission too

the banks have long been creating useless wars and putting people in debt, as long as they are in power, we will not have true freedom.

i understand thats where the money is, and yes i agree, but i will just short ripple, i don't want to stay in a world where the non-savers get praised and the savers get punished,


i don't like google at all, they are secretly working with the government, and not only that,

they are de-monitizing people's videos claiming copyright, they are producing censorship

youtube will be on its way out as well, there is a company creating a decentrailized youtube, where we can upload any videos we want and since its not stored on any server, governments wont be able to physically take down videos,

its going to create lots of copyright problems, but all that hollywood junk is not worth paying for,

after getting a taste of decentrailization, we will never go back

thanks for the link i will read it
 
Joined
Jun 2017
From
toronto
i forgot to add, i do thank google for making me smarter, ive used google to research many things and inform myself

so google is good, but they hold too much power, if there was a way we could come up with a decentrailized search, then we wouldn't need google
 
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