exchanges – Is it credible {that a} “caught transaction” was the true explanation for binance pausing bitcoin withdrawals?

on

|

views

and

comments


Within the questions you linked, the phrase “caught transaction” is one usually utilized by people who find themselves unaware of the impact of chosen transaction charge on affirmation time.

As everyone knows, this form of “caught transaction” can’t delay different individuals’s transactions.


In line with a Coindesk article

Cryptocurrency trade Binance defined what prompted the short-term withdrawal points involving bitcoin on Monday in a collection of tweets, saying they stemmed from repairs it was doing to handle small {hardware} failures.

  • Binance wrote that it was “repairing a number of minor {hardware} failures on pockets consolidation nodes earlier right now, which prompted the sooner transactions that had been pending to be broadcast to the community after the nodes had been repaired.”

  • The corporate stated that “these pending consolidation transactions had a low fuel charge, which resulted within the later withdrawal transactions – which had been pointing to the pending consolidation UTXO – getting caught and never capable of be processed efficiently.” (UTXO refers to unspent transaction output.)

  • So as to repair these points, Binance stated it needed to “change the logic to solely take profitable UTXO from consolidation transactions or profitable withdrawal transactions. This repair can even forestall the identical challenge from occurring once more.”


So basically, the issue was inside Binance. Some mixture of {hardware} challenge and bugs of their inside software program. The transactions they constructed to hold out buyer’s requests had been depending on a consolidation transaction that had been affected by repairs to {hardware} failures.

The reference to “fuel charges” appears a bit odd to me, they in all probability imply low transaction charges. Nonetheless I imagine it’s clear the issue was not merely the identical kind of “caught transaction” usually referred to by informal Bitcoin customers. It was not merely an exterior challenge of Bitcoin blockchain congestion or charge escalation. The fault lay wholly inside Binance.

Share this
Tags

Must-read

Waymo raises $16bn to gas international robotaxi enlargement | Know-how

Self-driving automobile firm Waymo on Monday stated it raised $16bn in a funding spherical that valued the Alphabet subsidiary at $126bn.Waymo co-chief executives...

Self-driving taxis are coming to London – ought to we be anxious? | Jack Stilgoe

At the top of the nineteenth century, the world’s main cities had an issue. The streets had been flooded with manure, the unintended...

US regulators open inquiry into Waymo self-driving automobile that struck youngster in California | Expertise

The US’s federal transportation regulator stated Thursday it had opened an investigation after a Waymo self-driving car struck a toddler close to an...

Recent articles

More like this

LEAVE A REPLY

Please enter your comment!
Please enter your name here