Mempool size is getting smaller, WE ARE HOLDING!

Youghoor

sr. member

Activity: 1036

Merit: 275

The problem in here is that Roger Ver and his friends are still spamming the mempool!

Why do you think that if you send a transaction with a quarter of the actual recommended fee is going to get through? Because they are spamming the mempool to make it look like the LOWEST fee is just 1200 sat/p b.

Quote from: countryfree on December 22, 2017, 12:47:13 PM

I know that at first sight, it looks dramatic. BTC's price is down by more than 25%, but guess what, the number of daily transactions is down, and so is the backlog of unconfirmed transactions. People are holding!

Just stop being so fool, this is getting cleared right now, but it doesn't mean that it got fixed.

I am not sending payments to avoid this mess, but i had to sold some bitcoins yesterday too, and i only paid a little money and it got confirmed too.

Whespers78

newbie

Activity: 51

Merit: 0

believe last correction is game from big player. first time i see high fee like that.

they earn from bitcoin cash and from very high fee of bitcoin

hatshepsut93

legendary

Activity: 2954

Merit: 2145

Mempool size and transaction count is not what you should be looking at!

https://jochen-hoenicke.de/queue/#1w

Those values can be easily manipulated by cheap, like 1sat/byte cheap transactions that have no effect on transaction fees that are estimated by wallet software - that spam is simply there for FUD and it costs almost nothing to sustain it. Plus, if mempool is clearing it might not necessarily mean that fees are going down - maybe a big batch of spam is being evicted due to sitting in mempool for too long.

What you should really be looking at is pending transaction fee and higher price brackets of mempool size. When those values are going down, that means that transactions are becoming cheaper.

kevoh

full member

Activity: 448

Merit: 110

I just checked to be sure, the backlog of transactions that are unconfirmed still remain high. Something is wrong somewhere as I can see over 21700 unconfirmed transactions, which is way higher than the previous weeks.

ronnis.gomes

jr. member

Activity: 518

Merit: 1

It is the way that the Market works. The BTC cannot pump forever, pocketing the profits is a healthy way to BTC gets stronger.

Sadum

jr. member

Activity: 295

Merit: 1

I think, This is a positive sign and that means money leaving the market is only people who liquefy money at a high level...

stompix

legendary

Activity: 2912

Merit: 6403

Blackjack.fun

Quote from: countryfree on December 22, 2017, 12:47:13 PM

I know that at first sight, it looks dramatic. BTC's price is down by more than 25%, but guess what, the number of daily transactions is down, and so is the backlog of unconfirmed transactions. People are holding!

https://blockchain.info/charts/mempool-size

It's true that BTC's price has reached an unexpected height those past few days, and that a correction was due, but data shows there's no panic selling. BTC remains strong.

Sorry but recently I'm not going to trust data from blockchain.info.
Already I have stumbled upon a tx that I can't find on their site but it does show on others.

The number of unconfirmed transactions is still the same, over 275k so I don't see where that drop might come from.
I suspect it's just them purging their own mempool or something broken between the nodes they connect to.

https://jochen-hoenicke.de/queue/#4d
This one shows only a 15% drop in size and those are still enough to fill the blocks for 12-18 hours.

Quote from: jtipt on December 22, 2017, 01:17:03 PM

If people just start using segwit address this pressure on mempool will decrease significantly, but sadly a lot of exchanges and wallets don't support segwit yet.

This situation is one I don't get.
It's not like with the electric cars when there were no charging stations because there were no cars and nobody was buying cause there were no stations.

This time we have users willing and actually desperate to use segwit and services ....just waiting.
Don't they realize they are losing hundreds if not thousands of customers each day?

blooser

newbie

Activity: 6

Merit: 0

Quote from: easynote on December 22, 2017, 01:20:47 PM

Quote from: countryfree on December 22, 2017, 12:47:13 PM

I know that at first sight, it looks dramatic. BTC's price is down by more than 25%, but guess what, the number of daily transactions is down, and so is the backlog of unconfirmed transactions. People are holding!

https://blockchain.info/charts/mempool-size

It's true that BTC's price has reached an unexpected height those past few days, and that a correction was due, but data shows there's no panic selling. BTC remains strong.

Bitcoin has a price that will attract a lot of new investors, when the people holding see the orderbooks and notice new large amounts of money sitting in there then they will panic sell.
The mempool getting smaller doesn't really mean that the price will pump.

What price do you mean? The one before or during crash?
I agree that there is a panic sell going on right now, however this is an overreaction just like the last Bitcoins value increase that was massive as well. Without this correction Bitcoin will never establish itself.

easynote

hero member

Activity: 700

Merit: 500

CryptoTalk.Org - Get Paid for every Post!

Quote from: countryfree on December 22, 2017, 12:47:13 PM

I know that at first sight, it looks dramatic. BTC's price is down by more than 25%, but guess what, the number of daily transactions is down, and so is the backlog of unconfirmed transactions. People are holding!

https://blockchain.info/charts/mempool-size

It's true that BTC's price has reached an unexpected height those past few days, and that a correction was due, but data shows there's no panic selling. BTC remains strong.

Bitcoin has a price that will attract a lot of new investors, when the people holding see the orderbooks and notice new large amounts of money sitting in there then they will panic sell.
The mempool getting smaller doesn't really mean that the price will pump.

jtipt

hero member

Activity: 1064

Merit: 529

If people just start using segwit address this pressure on mempool will decrease significantly, but sadly a lot of exchanges and wallets don't support segwit yet.

scottykarate

member

Activity: 70

Merit: 10

Volume has stayed relatively steady across the exchanges, which I believe is a good thing for the time being. Time shall tell.

signaturecoin

full member

Activity: 322

Merit: 100

The average cost for every transaction is over $135 right now (note, this is not fees rates)
This is really preocupant, but just keep holding, it will get fixed lately, and once that the ligthning network gets implemented, bitcoin will be a 2.0.

Kprawn

legendary

Activity: 1904

Merit: 1073

Yes, a very good observation. The correction clearly shows how much speculation was going on, and how many people are

only invested in Bitcoin, because they want to make a quick profit. These are the people who will run at the slightest bump in

the road. The bigger the bump, the higher the reward for us. {We can buy cheap coins at a bargain price} A lot of us already

took profits between $15 000 to $18 000 and we are using those profits now, to buy these cheap coins. Grin

blooser

newbie

Activity: 6

Merit: 0

Be cool people..
Whats happening right now is a normal correction that HAS to happen so that bitcoin can establish itself with a more stable value. Once a more stable value is established, all those critics that are opening their moulth right now will loose their strongest argument against bitcoin and crypto currencies.

The strong fall of bitcoin value is just as an overreaction just like the increse in value that happend during this month. It will probably countinue to fall untill the panic is over and then rise again. Not like it happend before but more steady.
The questin is what is bitcoin going to be? Right now we are looking at a investment gamble vor lucky cowboys with a huge media publicity that is helping to establish bitcoin as an actual currency that it should be.
Mark my words. This crash is not the end. Its going to be the beginning of bitcoin as an established currency. Blockchain will stay.

Stay chill and watch

777asianinvasian

full member

Activity: 154

Merit: 100

🌟 MIRA ICO 🌟

I wish I knew exactly everything you said but I understood enough I believe which is that we have much less unconfirmed transactions now than prior. This is a positive sign and it means the money leaving the market is simply people cashing out at high levels. Expected but also good to know not to panic (not that I would anyhow but others can feel safe too now).

countryfree

legendary

Activity: 3052

Merit: 1047

Your country may be your worst enemy

I know that at first sight, it looks dramatic. BTC's price is down by more than 25%, but guess what, the number of daily transactions is down, and so is the backlog of unconfirmed transactions. People are holding!

https://blockchain.info/charts/mempool-size

It's true that BTC's price has reached an unexpected height those past few days, and that a correction was due, but data shows there's no panic selling. BTC remains strong.

Topic: Mempool size is getting smaller, WE ARE HOLDING! (Read 191 times)