Is the mempool being jammed solid for a few days now good or bad for the price?

[silverbox]

Here we go again.  Mempool clogged to hell and back.

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[Carlton Banks]

How about this argument.


Increased fee competition increases the scarcity of Bitcoin transactions, and therefore of BTC itself. Shouldn't that be good for the price? Is there a money velocity argument against this argument? (can't see it, if anything the velocity is increasing, as a higher number of participants are competing for an unchanged transaction throughput)

[Shiroslullaby]

If it isn't resolved in the next few days it will become a problem.
Bitcoin is a payment system first and foremost.

It is used as an investment because the full potential wasn't realized, and as user-base increased, so did the price of each coin.
But if it can't be used for its primary purpose, the value will be decreased.
Or at least stagnate.

[JimboToronto]

>>> the price is rising because the mempool is overflowing<<<

Actually, isn't it the rising price that causes the mempool to overflow? (Ignoring partisan spamming, that is.)

[CoinCidental]

Bitcoin is not and never has been suitable for everyone in the world to buy his coffee with....

It is crippled at the moment and it will be until the block size is dynamic but even then I don't know if it's suitable for microtxs....

I consider my bitcoins to be first and foremost a store of value, like gold bars in a vault and the vault is only secure as long as the hash rate is high (well paid miners)

Of course I would like free txs as much as the next man but if it costs 0.07 or 0.14 or 0.21 to make a transfer I will have to cope with that as a necessary evil....

[Snorek]

Pay the fee.

(right now, with 18,517 tx in wait, the 100% possibility for next block inclusion is 0,0005 BTC which is $0,341, versus the "usual" $0,0682).

Use an intelligent wallet, scanning the average fee atm, and no hold up. I have never been delayed, all my transactions went through to the first possible block. All this mempool backlog is an unnecessary FUD, anyone who pays the actual required fee gets in the first block.

I thought that basically every existing wallet is intelligent and has the ability to set the lowest yet the most suitable transaction fee.
Of course, I am talking about mainstream wallets - like all stuff listed on Bitcoin.org, in their section "Choose your wallet".