--- a/src/net.cpp
+++ b/src/net.cpp
@@ -35,7 +35,7 @@
 void ThreadMapPort2(void* parg);
 #endif
 void ThreadDNSAddressSeed2(void* parg);
-bool OpenNetworkConnection(const CAddress& addrConnect, const char *strDest = NULL, bool fOneShot = false);
+bool OpenNetworkConnection(const CAddress& addrConnect, CSemaphoreGrant *grantOutbound = NULL, const char *strDest = NULL, bool fOneShot = false);
 
 
 
@@ -66,10 +66,7 @@
 set<CNetAddr> setservAddNodeAddresses;
 CCriticalSection cs_setservAddNodeAddresses;
 
-static CWaitableCriticalSection csOutbound;
-static int nOutbound = 0;
-static CConditionVariable condOutbound;
-
+static CSemaphore *semOutbound = NULL;
 
 void AddOneShot(string strDest)
 {
@@ -463,10 +460,6 @@
             LOCK(cs_vNodes);
             vNodes.push_back(pnode);
         }
-        {
-            WAITABLE_LOCK(csOutbound);
-            nOutbound++;
-        }
 
         pnode->nTimeConnected = GetTime();
         return pnode;
@@ -612,14 +605,8 @@
                     // remove from vNodes
                     vNodes.erase(remove(vNodes.begin(), vNodes.end(), pnode), vNodes.end());
 
-                    if (!pnode->fInbound)
-                        {
-                            WAITABLE_LOCK(csOutbound);
-                            nOutbound--;
-
-                            // Connection slot(s) were removed, notify connection creator(s)
-                            NOTIFY(condOutbound);
-                        }
+                    // release outbound grant (if any)
+                    pnode->grantOutbound.Release();
 
                     // close socket and cleanup
                     pnode->CloseSocketDisconnect();
@@ -1295,8 +1282,11 @@
         vOneShots.pop_front();
     }
     CAddress addr;
-    if (!OpenNetworkConnection(addr, strDest.c_str(), true))
-        AddOneShot(strDest);
+    CSemaphoreGrant grant(*semOutbound, true);
+    if (grant) {
+        if (!OpenNetworkConnection(addr, &grant, strDest.c_str(), true))
+            AddOneShot(strDest);
+    }
 }
 
 void ThreadOpenConnections2(void* parg)
@@ -1312,7 +1302,7 @@
             BOOST_FOREACH(string strAddr, mapMultiArgs["-connect"])
             {
                 CAddress addr;
-                OpenNetworkConnection(addr, strAddr.c_str());
+                OpenNetworkConnection(addr, NULL, strAddr.c_str());
                 for (int i = 0; i < 10 && i < nLoop; i++)
                 {
                     Sleep(500);
@@ -1335,13 +1325,9 @@
         if (fShutdown)
             return;
 
-        // Limit outbound connections
-        int nMaxOutbound = min(MAX_OUTBOUND_CONNECTIONS, (int)GetArg("-maxconnections", 125));
+
         vnThreadsRunning[THREAD_OPENCONNECTIONS]--;
-        {
-            WAITABLE_LOCK(csOutbound);
-            WAIT(condOutbound, fShutdown || nOutbound < nMaxOutbound);
-        }
+        CSemaphoreGrant grant(*semOutbound);
         vnThreadsRunning[THREAD_OPENCONNECTIONS]++;
         if (fShutdown)
             return;
@@ -1374,11 +1360,15 @@
 
         // Only connect to one address per a.b.?.? range.
         // Do this here so we don't have to critsect vNodes inside mapAddresses critsect.
+        int nOutbound = 0;
         set<vector<unsigned char> > setConnected;
         {
             LOCK(cs_vNodes);
-            BOOST_FOREACH(CNode* pnode, vNodes)
+            BOOST_FOREACH(CNode* pnode, vNodes) {
                 setConnected.insert(pnode->addr.GetGroup());
+                if (!pnode->fInbound)
+                    nOutbound++;
+            }
         }
 
         int64 nANow = GetAdjustedTime();
@@ -1408,7 +1398,7 @@
         }
 
         if (addrConnect.IsValid())
-            OpenNetworkConnection(addrConnect);
+            OpenNetworkConnection(addrConnect, &grant);
     }
 }
 
@@ -1442,7 +1432,8 @@
         while(!fShutdown) {
             BOOST_FOREACH(string& strAddNode, mapMultiArgs["-addnode"]) {
                 CAddress addr;
-                OpenNetworkConnection(addr, strAddNode.c_str());
+                CSemaphoreGrant grant(*semOutbound);
+                OpenNetworkConnection(addr, &grant, strAddNode.c_str());
                 Sleep(500);
             }
             vnThreadsRunning[THREAD_ADDEDCONNECTIONS]--;
@@ -1485,7 +1476,8 @@
         }
         BOOST_FOREACH(vector<CService>& vserv, vservConnectAddresses)
         {
-            OpenNetworkConnection(CAddress(*(vserv.begin())));
+            CSemaphoreGrant grant(*semOutbound);
+            OpenNetworkConnection(CAddress(*(vserv.begin())), &grant);
             Sleep(500);
             if (fShutdown)
                 return;
@@ -1500,7 +1492,8 @@
     }
 }
 
-bool OpenNetworkConnection(const CAddress& addrConnect, const char *strDest, bool fOneShot)
+// if succesful, this moves the passed grant to the constructed node
+bool OpenNetworkConnection(const CAddress& addrConnect, CSemaphoreGrant *grantOutbound, const char *strDest, bool fOneShot)
 {
     //
     // Initiate outbound network connection
@@ -1522,6 +1515,8 @@
         return false;
     if (!pnode)
         return false;
+    if (grantOutbound)
+        grantOutbound->MoveTo(pnode->grantOutbound);
     pnode->fNetworkNode = true;
     if (fOneShot)
         pnode->fOneShot = true;
@@ -1770,6 +1765,12 @@
 #endif
 #endif
 
+    if (semOutbound == NULL) {
+        // initialize semaphore
+        int nMaxOutbound = min(MAX_OUTBOUND_CONNECTIONS, (int)GetArg("-maxconnections", 125));
+        semOutbound = new CSemaphore(nMaxOutbound);
+    }
+
     if (pnodeLocalHost == NULL)
         pnodeLocalHost = new CNode(INVALID_SOCKET, CAddress(CService("127.0.0.1", 0), nLocalServices));
 
@@ -1823,7 +1824,8 @@
     fShutdown = true;
     nTransactionsUpdated++;
     int64 nStart = GetTime();
-    NOTIFY_ALL(condOutbound);
+    for (int i=0; i<MAX_OUTBOUND_CONNECTIONS; i++)
+         semOutbound->post();
     do
     {
         int nThreadsRunning = 0;

--- a/src/net.h
+++ b/src/net.h
@@ -147,6 +147,7 @@
     bool fNetworkNode;
     bool fSuccessfullyConnected;
     bool fDisconnect;
+    CSemaphoreGrant grantOutbound;
 protected:
     int nRefCount;
 

--- a/src/util.h
+++ b/src/util.h
@@ -23,7 +23,7 @@
 #include <boost/filesystem/path.hpp>
 #include <boost/interprocess/sync/interprocess_recursive_mutex.hpp>
 #include <boost/interprocess/sync/scoped_lock.hpp>
-#include <boost/interprocess/sync/interprocess_condition.hpp>
+#include <boost/interprocess/sync/interprocess_semaphore.hpp>
 #include <boost/interprocess/sync/lock_options.hpp>
 #include <boost/date_time/gregorian/gregorian_types.hpp>
 #include <boost/date_time/posix_time/posix_time_types.hpp>
@@ -275,24 +275,10 @@
 };
 
 typedef CMutexLock<CCriticalSection> CCriticalBlock;
-typedef CMutexLock<CWaitableCriticalSection> CWaitableCriticalBlock;
-typedef boost::interprocess::interprocess_condition CConditionVariable;
-
-/** Wait for a given condition inside a WAITABLE_CRITICAL_BLOCK */
-#define WAIT(name,condition) \
-   do { while(!(condition)) { (name).wait(waitablecriticalblock.GetLock()); } } while(0)
-
-/** Notify waiting threads that a condition may hold now */
-#define NOTIFY(name) \
-   do { (name).notify_one(); } while(0)
-
-#define NOTIFY_ALL(name) \
-   do { (name).notify_all(); } while(0)
 
 #define LOCK(cs) CCriticalBlock criticalblock(cs, #cs, __FILE__, __LINE__)
 #define LOCK2(cs1,cs2) CCriticalBlock criticalblock1(cs1, #cs1, __FILE__, __LINE__),criticalblock2(cs2, #cs2, __FILE__, __LINE__)
 #define TRY_LOCK(cs,name) CCriticalBlock name(cs, #cs, __FILE__, __LINE__, true)
-#define WAITABLE_LOCK(cs) CWaitableCriticalBlock waitablecriticalblock(cs, #cs, __FILE__, __LINE__)
 
 #define ENTER_CRITICAL_SECTION(cs) \
     { \
@@ -306,6 +292,61 @@
         LeaveCritical(); \
     }
 
+typedef boost::interprocess::interprocess_semaphore CSemaphore;
+
+/** RAII-style semaphore lock */
+class CSemaphoreGrant
+{
+private:
+    CSemaphore *sem;
+    bool fHaveGrant;
+
+public:
+    void Acquire() {
+        if (fHaveGrant)
+            return;
+        sem->wait();
+        fHaveGrant = true;
+    }
+
+    void Release() {
+        if (!fHaveGrant)
+            return;
+        sem->post();
+        fHaveGrant = false;
+    }
+
+    bool TryAcquire() {
+        if (!fHaveGrant && sem->try_wait())
+            fHaveGrant = true;
+        return fHaveGrant;
+    }
+
+    void MoveTo(CSemaphoreGrant &grant) {
+        grant.Release();
+        grant.sem = sem;
+        grant.fHaveGrant = fHaveGrant;
+        sem = NULL;
+        fHaveGrant = false;
+    }
+
+    CSemaphoreGrant() : sem(NULL), fHaveGrant(false) {}
+
+    CSemaphoreGrant(CSemaphore &sema, bool fTry = false) : sem(&sema), fHaveGrant(false) {
+        if (fTry)
+            TryAcquire();
+        else
+            Acquire();
+    }
+
+    ~CSemaphoreGrant() {
+        Release();
+    }
+
+    operator bool() {
+        return fHaveGrant;
+    }
+};
 
 inline std::string i64tostr(int64 n)
 {