Ethereum Network Overwhelmed and Backed up- No transactions processing
Quick Announcement
Ethereum Network is experiencing a slow down due to all the ICOs and ICOs related transfer.
Few Technicians I spoke with informed me that the slow down can last for additional 6-12 hours as the number of contracts are backing up the network.
On a separate note some Smart Contracts with buggy code (Yes possibly inefficient Code) is causing the network to not process transactions correctly, I would recommend Not to transfer ethereum or any ERC-20 based tokens for now.
Until the issue at hand is resolved, Please re-steem to get the word out.
I know it sucks! :-/
Yes it does I was trying to transfer some ethereum based tokens TAAS.fund and they been pending for past 6 hours and they are dropping in value making me lose real $
Why didn't you temporarily convert them into BTC or USDT?
Great question: The problem is the transaction cannot be processed as the the tokens which are ERC-20 based tokens are need ether/gas to transfer from the ICO account to exchange. Due to transaction backlog the Tokens (TAAS.FUND) are not being able to process as they run on ethereum network so they are just seating there, unable to be transferred to the exchange. Hope that answers your question.