diff --git a/src/qt/walletmodel.cpp b/src/qt/walletmodel.cpp
index 7317c3276..7df8812cc 100644
--- a/src/qt/walletmodel.cpp
+++ b/src/qt/walletmodel.cpp
@@ -35,6 +35,8 @@ WalletModel::WalletModel(CWallet *wallet, OptionsModel *optionsModel, QObject *p
     cachedEncryptionStatus(Unencrypted),
     cachedNumBlocks(0)
 {
+    fProcessingQueuedTransactions = false;
+
     addressTableModel = new AddressTableModel(wallet, this);
     transactionTableModel = new TransactionTableModel(wallet, this);
     recentRequestsTableModel = new RecentRequestsTableModel(wallet, this);
@@ -492,8 +494,15 @@ static void ShowProgress(WalletModel *walletmodel, const std::string &title, int
     if (nProgress == 100)
     {
         fQueueNotifications = false;
-        BOOST_FOREACH(const PAIRTYPE(uint256, ChangeType)& notification, vQueueNotifications)
-            NotifyTransactionChanged(walletmodel, NULL, notification.first, notification.second);
+        if (vQueueNotifications.size() > 10) // prevent balloon spam, show maximum 10 balloons
+            QMetaObject::invokeMethod(walletmodel, "setProcessingQueuedTransactions", Qt::QueuedConnection, Q_ARG(bool, true));
+        for (unsigned int i = 0; i < vQueueNotifications.size(); ++i)
+        {
+            if (vQueueNotifications.size() - i <= 10)
+                QMetaObject::invokeMethod(walletmodel, "setProcessingQueuedTransactions", Qt::QueuedConnection, Q_ARG(bool, false));
+
+            NotifyTransactionChanged(walletmodel, NULL, vQueueNotifications[i].first, vQueueNotifications[i].second);
+        }
         std::vector<std::pair<uint256, ChangeType> >().swap(vQueueNotifications); // clear
     }
 }
diff --git a/src/qt/walletmodel.h b/src/qt/walletmodel.h
index 7ad54ff8e..2bb91d85a 100644
--- a/src/qt/walletmodel.h
+++ b/src/qt/walletmodel.h
@@ -133,6 +133,7 @@ public:
     qint64 getWatchImmatureBalance() const;
     int getNumTransactions() const;
     EncryptionStatus getEncryptionStatus() const;
+    bool processingQueuedTransactions() { return fProcessingQueuedTransactions; }
 
     // Check address for validity
     bool validateAddress(const QString &address);
@@ -196,6 +197,7 @@ public:
 
 private:
     CWallet *wallet;
+    bool fProcessingQueuedTransactions;
 
     // Wallet has an options model for wallet-specific options
     // (transaction fee, for example)
@@ -256,6 +258,8 @@ public slots:
     void updateAddressBook(const QString &address, const QString &label, bool isMine, const QString &purpose, int status);
     /* Current, immature or unconfirmed balance might have changed - emit 'balanceChanged' if so */
     void pollBalanceChanged();
+    /* Needed to update fProcessingQueuedTransactions through a QueuedConnection */
+    void setProcessingQueuedTransactions(bool value) { fProcessingQueuedTransactions = value; }
 };
 
 #endif // WALLETMODEL_H
diff --git a/src/qt/walletview.cpp b/src/qt/walletview.cpp
index 1cef48344..b40ddc0a2 100644
--- a/src/qt/walletview.cpp
+++ b/src/qt/walletview.cpp
@@ -137,7 +137,7 @@ void WalletView::setWalletModel(WalletModel *walletModel)
 void WalletView::processNewTransaction(const QModelIndex& parent, int start, int /*end*/)
 {
     // Prevent balloon-spam when initial block download is in progress
-    if (!walletModel || !clientModel || clientModel->inInitialBlockDownload())
+    if (!walletModel || walletModel->processingQueuedTransactions() || !clientModel || clientModel->inInitialBlockDownload())
         return;
 
     TransactionTableModel *ttm = walletModel->getTransactionTableModel();