Topic: Is the mempool being jammed solid for a few days now good or bad for the price? - page 2. (Read 2060 times)

Does it matter if it's an IPO scamcoin if it's gaining steady adoption from exchanges, marketplaces, and businesses, plus a major increase in users, while BTC's tx capacity continues to be limited with no end in sight?

Bitcoiners have gone full retard. You are not a "socialist freeloader" for pointing out the obvious fact that an un-needed artificial fee market has negative effects.

Ethereum is an IPO scamcoin:

This scaling stupidity has directly contributed to the rise of Ether.

I had someone tell me today that I'm a "socialist freeloader" for pointing out the fact that an artificial fee market is unnecessary at this point right now.

Fucking morons. I really do wonder if some of these people are paid shills.

You are a paid shill that spams the price will crash to $0 every day of the week.  Anyone can look at your post history and see 20 pages in a row of this garbage to verify this.  The moron that used to own that account sold it and now banking shill spammers use it.

Who cares about its effect on the price? Only if you're interested in bitcoin to make profit in fiat i guess one woule care.

This should be if much greater concern to all of us that want bitcoin to actually work and bring something good to the world economy and financial freedom for the people.

I've been warning ahout this for well over a year now but people in large numbers seem to happily stick their heads in the sand and act as if there is no huge ass problem right in front of them.

I'll say it again, this will kill bitcoin within the year if it is not fixed. So far i got 2 people on board that are willing to work on a future proof scaleable Bitcoin but it would be even better if we got the entire community and specially main devs to actually solve this.

That's the problem.  For other coins to get big, people's desire for low transaction fees would have to weigh in higher importance than price stability.  Even if all you did was buy cryptocurrency X solely to send a transaction and never held it for anything else, someone somewhere down the line has to desire to want to hold it for more than that for the system to function.  Before MatTheCat pulls his "blah blah Bitcoin is not stable", Bitcoin is still in price discovery phase, it will eventually become much more stable, but it's more stable now than it was in the past already.

To use an altcoin for payment the other party needs to want to have it in exchange, litecoin might have people who want to have some. But you can't use any old alt if no-one wants to exchange it. So I guess as fees become too high in one coin another will become more desirable which has lower fees by natural market forces.

Because nobody is using Litecoin for anything, so if people actually started to use it, you'd have the same problem.  Then if you keep expanding out to another coin with the sole purpose of getting "cheap" microtransactions to buy cigarettes, you'd end up with 1000 low hashrate, dead or insecure chains.  Blockchains aren't viable for microtransactions, only for high value transactions or settlement network.  You can also build 2nd tier solutions on top of it like Lightning Network for microtransactions.

But then again, there's no way to be certain about that. As much as I'd like to believe that it's organic usage it's something that sounds unlikely based on transactions on other days when the price was rising.

And yet I can transfer 50p worth of Litecoin within 60 seconds.

This is all you need to know about the so called "mempool problem":

The fee is rising exponentially.  A bigger 10kbyte transaction is already over $5 usd.  The price to make a transaction happen in next block has more then tripled in a week.  The mempool is now 34 Mbytes..

Blockstream Core wants to make it so that Bitcoin fees will be comparable in price to sending a Bank Wire ($10-20) in the long run. Unless you use the unproven and untested Lightning Network, of course!

Considering that a majority of their $75M funding came from donors affiliated with the Central Banks, it is not surprising they would try to force this on all of us.

We will never reach the point where fees are $10-20. People will have switched to altcoins by then.

Sure, for now it works.  But how long until the fee gets really high?  Basically the fee will rise until a sufficient amount of people get squeezed out because the fee is getting too painful for them to be using bitcoin.  High net worth individuals and businesses doing international transactions won't have a problem with this, so certainly bitcoin will keep on being used for a long time.  But I get irritated when I read this 'sack up and pay the damn fee whiners, everything is fine attitude' (not necessarily yours to that degree, but certain members of the community have this stance).  There is not a reasonable fee to be paid whereby everyone's transaction will go through, the amount of transactions are limited.  I really appreciate all the work Core is doing for scaling, and I think that maintaining (or in fact archieving) a significant degree of decentralization is paramount.  However, I get irritated when people act like there is no problem, and that paying 10 bucks per transaction in the future is fine.  So what, is bitcoin only meant for the 1% and the techies and libertarians who jumped on board quick enough to be wealthy now?  The rest can have their savings eroded by central banks ?  I hope bitcoin scales as quickly as technologically possible (especially hoping for LN to become reality quickly).

yeah it is not a spam attack but in addition to what you said about the people's interest i think the reason for so many unconfirmed transactions is the long time difference between finding blocks.
as i am writing this comment, last block (416413) was found 44 minutes ago, and if you ask me only 27K unconfirmed is so small in this time!

It's not a spam attack. People are using bitcoin thanks to the increased price. Interest has increased. Bitcoin can't scale because certain people *cough* have refused to implement a blocksize increase in favor of their own egos and convoluted plans. To address the OP, it's obviously not good, and if Bitcoin could scale I'm willing to bet the price would have broken over 1k by now.

If this is a spam attach, which I wouldn't find unlikely, attackers are also paying a high price to flood the network. It sure is the right time to make transactions more expensive for everyone in terms of FIAT value as the price has gone up but it certainly won't last long. Mempool size in my node is already almost 30% down from yesterday.  

34 cents for the honor of making a guaranteed transaction? If that keeps up then I hope some merchants start accepting LTC. I'm not willing to pay that.

It's getting worse.  22 Mb mempool now.

There's no "the" mempool. Every node has its own individual mempool, and its own policy on how many and which transactions to store and for how long.