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How to remove Ethereum pending transaction

Until recently, we thought the Ethereum network was fail-safe as a AK-47 assault rifle. But a few days ago, the machine got stuck. What is the problem? If you send a transaction to the network with a gas price insufficient to make a transaction or execute the code, your transaction will hang out in the status of pending for some long indefinite time. And if your business process depends on this account, then your business can completely stop. What actually happened to us — we wanted to transfer the received investments to our team of traders, but one of the accounts had a transaction on the status of pending for almost a day. We could not sign the withdrawal of funds from multisig purse. By the way, multisig 3of3 is a very bad idea.

fail-safe as a AK-47 assault rifle

We have sent a transaction to the network for Approve withdrawal of funds from the multisig wallet, accidentally a minimum cost per gas of 1 gwei was set. The transaction was sent into the network and hung in the status of Pending. All subsequent transactions for it also hung in the status of pending, regardless of whether the price of gas was set at 21 or even 41 gwei.

In attempts to somehow influence the situation — you generate more new transactions. Such transactions can accumulate 20 or even 100 until the very first problem transaction with the price for gas in 1 Gwei is processed — you will not be able to do anything. Given that the last week the network was overloaded a little more than always:


an unpleasant picture emerges … How much to wait is unknown, you can’t just to call to miners and beg them “please include my transaction in the next block”.

Moreover, if your account is also the Owner of some smartcontract then no action to configure the smartcontract you also can’t do.

But the solution was found!

You need to send a new transaction to the network, indicating that it has the same nonce as the transaction, which caused a congestion. Set the price of gas above, for example 20 Gwei. The transaction may send nothing — that is, you can send 0 Eth.

To do this you need: on the site https://etherscan.io find your “problem” transaction and copy the nonce.

Go to https://www.myetherwallet.com, then go to the Send Offline tab:

Enter your address in the From Address field, any address in the To Address field, Value / Amount to Send, leave 0, Gas price set at 20 gwei — 20000000000 (9 zeros after 20):

Then specify the nonce that you learned on the etherscan, select Keystore File (UTC / JSON), select the file keystore of your account, enter the password and unlock your account with the Unlock button. There will have to wait a little — there is a process of unlocking the account.

Then click on Generate Transaction, and then send the transaction by clicking the Send Transaction button.

That’s all! Let’s look on Ethetscan. Your transactions began to walk.

P.S. If you have sent several transactions with cheap gas to the network, you must repeat it for each of them.

Source: https://www.reddit.com/r/EtherDelta/comments/72tctz/guide_how_to_cancel_a_pending_transaction/

If you have any questions — don’t hesitate to write us at https://t.me/fidcomRu or info@fidcom.net

Join our ICO https://fidcom.net



How to remove Ethereum pending transaction was originally published in Fidcom on Medium, where people are continuing the conversation by highlighting and responding to this story.

How to remove Ethereum pending transaction

Until recently, we thought the Ethereum network was fail-safe as a AK-47 assault rifle. But a few days ago, the machine got stuck. What is the problem? If you send a transaction to the network with a gas price insufficient to make a transaction or execute the code, your transaction will hang out in the status of pending for some long indefinite time. And if your business process depends on this account, then your business can completely stop. What actually happened to us — we wanted to transfer the received investments to our team of traders, but one of the accounts had a transaction on the status of pending for almost a day. We could not sign the withdrawal of funds from multisig purse. By the way, multisig 3of3 is a very bad idea.

fail-safe as a AK-47 assault rifle

We have sent a transaction to the network for Approve withdrawal of funds from the multisig wallet, accidentally a minimum cost per gas of 1 gwei was set. The transaction was sent into the network and hung in the status of Pending. All subsequent transactions for it also hung in the status of pending, regardless of whether the price of gas was set at 21 or even 41 gwei.

In attempts to somehow influence the situation — you generate more new transactions. Such transactions can accumulate 20 or even 100 until the very first problem transaction with the price for gas in 1 Gwei is processed — you will not be able to do anything. Given that the last week the network was overloaded a little more than always:


an unpleasant picture emerges … How much to wait is unknown, you can’t just to call to miners and beg them “please include my transaction in the next block”.

Moreover, if your account is also the Owner of some smartcontract then no action to configure the smartcontract you also can’t do.

But the solution was found!

You need to send a new transaction to the network, indicating that it has the same nonce as the transaction, which caused a congestion. Set the price of gas above, for example 20 Gwei. The transaction may send nothing — that is, you can send 0 Eth.

To do this you need: on the site https://etherscan.io find your “problem” transaction and copy the nonce.

Go to https://www.myetherwallet.com, then go to the Send Offline tab:

Enter your address in the From Address field, any address in the To Address field, Value / Amount to Send, leave 0, Gas price set at 20 gwei — 20000000000 (9 zeros after 20):

Then specify the nonce that you learned on the etherscan, select Keystore File (UTC / JSON), select the file keystore of your account, enter the password and unlock your account with the Unlock button. There will have to wait a little — there is a process of unlocking the account.

Then click on Generate Transaction, and then send the transaction by clicking the Send Transaction button.

That’s all! Let’s look on Ethetscan. Your transactions began to walk.

P.S. If you have sent several transactions with cheap gas to the network, you must repeat it for each of them.

Source: https://www.reddit.com/r/EtherDelta/comments/72tctz/guide_how_to_cancel_a_pending_transaction/

If you have any questions — don’t hesitate to write us at https://t.me/fidcomRu or info@fidcom.net

Join our ICO https://fidcom.net



How to remove Ethereum pending transaction was originally published in Fidcom on Medium, where people are continuing the conversation by highlighting and responding to this story.

Cryptocurrency market manipulation. Part 2 — manipulator, crowd, punctures.

First, let’s see who this mythical manipulator is. A manipulator is just a big player who has such a resource (money) that allows him to move the price of an asset to the right side or keep the asset at the right level while making sales/purchases. Everything depends on the market, the liquidity of the asset, its price and quantity.

For example, John issued his coins in the amount of 100 pieces at a price of 1 dollar apiece and brought them to the stock exchange. All coins belong to John, and he and his friends begin to resell them to each other, pushing the price up to 2, 5, 10 dollars. John is a manipulator specifically in this coin, he can move it as he wants and where he wants. The only problem is that nobody needs the coin and John s going out of business.

Bitcoin, Ethereum and other popular coins with a capitalization of tens of billions of dollars are very different story. There in a role of a manipulator can be an investment fund, just a large investor, Vitalik Buterin :), etc., those who have the same tens of billions of dollars. At the same time, it should be noted again that the market of cryptocurrency relative to the world financial markets is insignificant. Large stock markets of stocks and bonds have portfolios that are many times higher than the value of all cryptocurrencies for today and, therefore, if they want they will draw any graph they want to. They will set absolutely any price in absolutely any asset in the cryptocurrency world.

These funds are constantly in the search mode of profit, and we are sure that they have already come to the cryptocurrency market. The main technology of their work is to force the crowd to sell at low prices and buy at high prices. For this they use various techniques and algorithms of psychological impact:

Puncture — a sharp and very strong price movement in any direction, with a rapid subsequent recovery.

A vivid example of such manipulation was the collapse of Ethereum on the GDAX exchange on June 21, 2017, when the price dropped to the level of $ 0.1 per coin. Of course, the exchange said that it was a technical failure, but it’s hard to believe. This exchange provided loans to its participants in the marginal trade, was aware of all the positions of its customers and their level of the debt burden. Firstly the fall of the asset to almost 0 led to the massive margin-call of those who used to trade borrowed funds and, consequently, to automatically sell all their assets, and secondly to the triggering of stop-losses for those who were reinsured from falling prices and again selling all of their assets. This decline was made possible because the large player simply drastically poured into the market a huge number of coins, fulfilling all bids for the purchase. From the side, it may seem that he lost money selling coins of $ 200, $ 100, $ 50, $ 10, but this is far from the case since he bought them back much more and at much lower prices. It is worth noting that in this case only investors from this exchange have been affected, and such a puncture became possible due to the relatively low liquidity of a specific asset specifically on this exchange at a particular time.

The conclusion is that on a thin and relatively illiquid cryptocurrency market don’t work with borrowed funds (don’t use margin), do not place automatic stop-loss, and manage the portfolio manually.

This was an example of purely technical impact for momentary gain. From the psychological point of view, punctures are made to expand the range of the usual, psychologically important, for the crowd prices for the asset. When the crowd no longer believes in the possible growth or drop in prices to some level, manipulator using colossal means (sometimes even at a loss) makes a puncture and shows that the price is possible. After the expansion of the range, as a rule, the crowd begins to move the asset to its specified goal, because it no longer seems unattainable. Imagine that tomorrow you will be shown the price of Ethereum in the area of 600–700 dollars, albeit very briefly, and all news portals will blow about it nonstop. Don’t you want to buy everything for 300 now? :) While the crowd starts to sweep everything on the way to $ 600, a large player will gradually sell out his giant portfolio, fixing profits, and then repeat everything exactly the opposite.

If you have any questions — don’t hesitate to write us at https://t.me/fidcomRu or info@fidcom.net

Join our ICO https://fidcom.net



Cryptocurrency market manipulation. Part 2 — manipulator, crowd, punctures. was originally published in Fidcom on Medium, where people are continuing the conversation by highlighting and responding to this story.

Cryptocurrency market manipulation. Part 2 — manipulator, crowd, punctures.

First, let’s see who this mythical manipulator is. A manipulator is just a big player who has such a resource (money) that allows him to move the price of an asset to the right side or keep the asset at the right level while making sales/purchases. Everything depends on the market, the liquidity of the asset, its price and quantity.

For example, John issued his coins in the amount of 100 pieces at a price of 1 dollar apiece and brought them to the stock exchange. All coins belong to John, and he and his friends begin to resell them to each other, pushing the price up to 2, 5, 10 dollars. John is a manipulator specifically in this coin, he can move it as he wants and where he wants. The only problem is that nobody needs the coin and John s going out of business.

Bitcoin, Ethereum and other popular coins with a capitalization of tens of billions of dollars are very different story. There in a role of a manipulator can be an investment fund, just a large investor, Vitalik Buterin :), etc., those who have the same tens of billions of dollars. At the same time, it should be noted again that the market of cryptocurrency relative to the world financial markets is insignificant. Large stock markets of stocks and bonds have portfolios that are many times higher than the value of all cryptocurrencies for today and, therefore, if they want they will draw any graph they want to. They will set absolutely any price in absolutely any asset in the cryptocurrency world.

These funds are constantly in the search mode of profit, and we are sure that they have already come to the cryptocurrency market. The main technology of their work is to force the crowd to sell at low prices and buy at high prices. For this they use various techniques and algorithms of psychological impact:

Puncture — a sharp and very strong price movement in any direction, with a rapid subsequent recovery.

A vivid example of such manipulation was the collapse of Ethereum on the GDAX exchange on June 21, 2017, when the price dropped to the level of $ 0.1 per coin. Of course, the exchange said that it was a technical failure, but it’s hard to believe. This exchange provided loans to its participants in the marginal trade, was aware of all the positions of its customers and their level of the debt burden. Firstly the fall of the asset to almost 0 led to the massive margin-call of those who used to trade borrowed funds and, consequently, to automatically sell all their assets, and secondly to the triggering of stop-losses for those who were reinsured from falling prices and again selling all of their assets. This decline was made possible because the large player simply drastically poured into the market a huge number of coins, fulfilling all bids for the purchase. From the side, it may seem that he lost money selling coins of $ 200, $ 100, $ 50, $ 10, but this is far from the case since he bought them back much more and at much lower prices. It is worth noting that in this case only investors from this exchange have been affected, and such a puncture became possible due to the relatively low liquidity of a specific asset specifically on this exchange at a particular time.

The conclusion is that on a thin and relatively illiquid cryptocurrency market don’t work with borrowed funds (don’t use margin), do not place automatic stop-loss, and manage the portfolio manually.

This was an example of purely technical impact for momentary gain. From the psychological point of view, punctures are made to expand the range of the usual, psychologically important, for the crowd prices for the asset. When the crowd no longer believes in the possible growth or drop in prices to some level, manipulator using colossal means (sometimes even at a loss) makes a puncture and shows that the price is possible. After the expansion of the range, as a rule, the crowd begins to move the asset to its specified goal, because it no longer seems unattainable. Imagine that tomorrow you will be shown the price of Ethereum in the area of 600–700 dollars, albeit very briefly, and all news portals will blow about it nonstop. Don’t you want to buy everything for 300 now? :) While the crowd starts to sweep everything on the way to $ 600, a large player will gradually sell out his giant portfolio, fixing profits, and then repeat everything exactly the opposite.

If you have any questions — don’t hesitate to write us at https://t.me/fidcomRu or info@fidcom.net

Join our ICO https://fidcom.net



Cryptocurrency market manipulation. Part 2 — manipulator, crowd, punctures. was originally published in Fidcom on Medium, where people are continuing the conversation by highlighting and responding to this story.