mempool exploding

[kwukduck]

So mempool backlog has been exploding again. With almost 100k btc awaiting confirmation and people waiting hours/days for their transaction to be included in a block, how do you guys think this will affect the price and adoption of bitcoin? Will it be resolved, if so, how?

[Lauda]

So mempool backlog has been exploding again.

No, it has not been exploding. It's been actually lower than it used to be (at least for my node).

With almost 100k btc awaiting confirmation and people waiting hours/days for their transaction to be included in a block, how do you guys think this will affect the price and adoption of bitcoin?

What do you mean with "100k BTC", as in the number of Bitcoin? That amount could be a in singular transaction and does not necessarily have to correlate to the mempool size. This won't affect the price nor the adoption.

[Scott J]

If this is true, then transaction fees will go up.

Over time, this could affect adoption especially considering zero-fee alternatives.

[Snorek]

So mempool backlog has been exploding again. With almost 100k btc awaiting confirmation and people waiting hours/days for their transaction to be included in a block, how do you guys think this will affect the price and adoption of bitcoin? Will it be resolved, if so, how?

The only valid number you can estimate bitcoin network capacity is ability to process transactions. Number of sent/received BTC doesn't matter.

Currently (this number is constantly changing, it won't be the same when you will see it) we have about 4200 Unconfirmed Transactions, 10 minutes ago when I checked- it was ~2000.

In the past, it was time, when this number was stuck above 10k unconfirmed transactions.

Reference: https://blockchain.info/unconfirmed-transactions

[podyx]

It would have to affect the price positively.

[ronald98]

It would have to affect the price positively.

During the last spam transactions attack Bitcoin's price mooned rather than crashed. The attackers couldn't afford to keep paying for spam transactions for long, and if you wanted fast confirmations all you had to do was pay a higher mining fee than normal.

Ironically the last attack was good for Bitcoin's price, but as the mempool currently has only a few thousand transactions in it the network isn't under attack today.

[Meuh6879]

no problem here :

https://blockchain.info/unconfirmed-transactions

or

https://tradeblock.com/bitcoin

[pooya87]

there must be some kind of rule on this forum against False information.

i propose removal of the topics with FUD as the first offense and then for those who repeatedly commit FUD a series of bans each growing in length ending with perma-ban.

[Holliday]

Well, since this thread happened I was curious so I watched my node until a new block was found.

The block took around 23 minutes to find. My mempool filled up to around 2200 transactions with about 3MB memory usage. When the block was found, both were cleared to near zero.

What's the problem?

My node has fee rules which filter obvious spam.

PS: For noobs like kwuk who don't run nodes, there is no "the mempool", it's different for every node. Basing your claims on a node which forwards transactions which are clearly spam is silly. Don't kwuk up and make the same mistake.

[Lauda]

PS: For noobs like kwuk who don't run nodes, there is no "the mempool", it's different for every node.

It's probably just a bad FUD attempt.

there must be some kind of rule on this forum against False information.

As several members besides me have verified and concluded that this information is false, I'm locking this thread.