0-10 Byte fees starting to clear up from the mempool

[deisik]

According to — https://github.com/jhoenicke/mempool / https://jochen-hoenicke.de/queue/#2d.

Seems like overall fees are on their way down! Thoughts?

That would be the best news ever for bitcoin community and bitcoin currency as well. I think we'll definitely see a surge in the value if that happens. This may also quicken up the transactions, hence great but a big IF, if that happens

I don't think that the price is going to rise specifically due to fees going down

First, the fees has been rising along with Bitcoin prices, so the decline in fees may as well be associated with the decline in Bitcoin price (or just stagnating price). In other words, no more hype (which gave rise to recent steep rally) and thus no more high fees (due to people transacting less). Further, the price is determined on exchanges, and these don't involve fees besides initial deposits. But after you move your funds to your exchange account, you no longer care for the fees. The bottom line is that lower fees will hardly make the price rise on their own. Quite the contrary, they may in fact be a circumstantial evidence of future price decline

if anything the opposite should be true.
if the price declines more or plans on declining in the future there will be a lot more transactions filling the mempool and it won't drop. and also if you put the two charts (charts for bitcoin price and chart for memory pool size) they don't overlap much apart from when price is either rising or falling there is a rise in number of txs (because in both cases many people move bitcoin around, some move it to sell and some buy it from them at cheap prices and move to their cold storages) and when it becomes stable and doesn't move more than $20 the number of txs drop

You are missing the whole picture

If we assume that fees correlate with the number of transactions (which seems to be a pretty solid assumption) and this number is going down (in the long term, obviously, apart from usual variation), it means that Bitcoin is used less, i.e. it loses its appeal and value. I can't possibly see how that could mean higher prices. If we talk about daily volatility, people may transact more, of course, since they are most likely moving funds to buy the dips and sell the highs, but if the number of transactions gradually declines over time (together with fees) this in general doesn't bode well for Bitcoin

[deisik]

According to — https://github.com/jhoenicke/mempool / https://jochen-hoenicke.de/queue/#2d.

Seems like overall fees are on their way down! Thoughts?

Roger Ver and Jihad Wu have turned off their spamming bots for the time being. I guess they will turn them on again to push for the hardfork later on after the so called segwit2x activation. That will be fun, except if it wasn't for the fact that the price will crash again in October.

Evidence?

You were basically kicked out with your evidence requests in another thread, and now you start asking for evidence here. Do you deny that network gets heavily spammed? Do you need evidence for that? If you don't and don't deny transaction spam, then you should ask yourself who is paying for these spam transactions, why would they want that, and who profits most out of that. It is sort of a duck test. For example, miners are paying for these transactions and they get back the fees (i.e. they basically don't pay anything), they want higher fees and spamming network does just that, and therefore they profit most (in fact, they are likely the only ones who profit from this)

And what conclusion should we now arrive at?

[The_Dark_Knight]

This is good news. Transactions will finally have lower fees after a very long while. But the effect of the spam attack will linger on. The exchanges I use charge a fix fee and when fees skyrocketed, they adjusted the fees they deduct. Now, even the fees are lower, I will still have to pay high fees on those exchanges.

We must be optimist but cautious, there is no guarantee we are not going to see other spam attacks on the network, also at the moment I checked the bitcoinfees website and I don’ see the prices to be that cheap, in fact transactions seems to be a s expensive as the last time I saw them.

[stompix]

Those 0-10 tx fee transactions had no real effect on the congestion.
Almost all were ignored by miners, the tx were just sitting in the mempool.

The problem were the larger ones with 25-50 fees that were getting by and we were getting blocks with only 200 transactions.
Stuff like this one :
https://blockchain.info/en/tx/f9a8ea587894ac4a5c961bc707fe7794a27a37e1e563348c0e02719f5f908c51
that got instant confirmation while mine with 290 sqatoshi/b waited 4 hours.