Bitcoin Mempool: from over 75000 to less than 10000

[hugeblack]

Do people stop buying coffee using on-chain Bitcoin payment? Or what happened? Mempool has dropped dramatically, you can see the charts here ----> https://jochen-hoenicke.de/queue/#0,1w.
Is it was a spam attack? Is it related to the price? An attempt by BCH to manipulate again? The number of unconfirmed transactions has increased before the price rises.

[Beerwizzard]

People seen a decent price growth. Someone tried to sell his BTC for fiat and fix profits, someone tried to sell his alts for BTC because it is more stable and got more growth then some alts. With a fast growth people had a million reasons to use their Bitcoins and now, when the proce is stable for already some days, everything returned to previous numbers.

[Meysa_richa]

it is absolutely true that it was a drastic decline, and I think it could be a spam attack, and I hope it all can be quickly resolved.

[talkbitcoin]

no it was not coffee purchase and it was not spam attack. it was price rise.

each time bitcoin price rises a large number of people (the traders) start moving funds around:
- from their wallets to exchanges to sell and take the profit
- buying on exchanges out of FOMO or as they see the rise signal and moving it out of risky exchanges back to their wallets
- dumping altcoins and moving the bitcoins they receive to bitcoin exchanges or to their wallets to sell or hold.
and all that increases the number of onchain transactions drastically.

[leea-1334]

I was listening to a podcast and they were talking about the spam attacks but not for transactions,,, rather it was a DDOS attacks of sending server requests to all the good servers, so that people were forcing themselves to choose the bad servers (I forgot the technical term). I am not sure how this impacted the mempool itself because it seems unrelated.

[Baofeng]

I don't know if you have heard this news More Than 30% of BTC Traffic Stems from the Veriblock Project . So prior to the sudden spike of the price, mempool have been somewhat clog already. And when the price goes to more than $5k, lots of online trades pushing the mempool + the supposed 30% from VBK project to a bottleneck. But it seems the hype have run out of steam for now and settled the price around $5k and mempool went to 'normal' again.

[BrewMaster]

BTC needs to get it's act together, otherwise Ethereum & Litecoin are going to steal the thunder.

last time someone created a silly "game" on ethereum platform and because of the whole network went down and exchanges had to close down deposits for over a week.
yeah, dream on...

I don't know if you have heard this news More Than 30% of BTC Traffic Stems from the Veriblock Project . So prior to the sudden spike of the price, mempool have been somewhat clog already. And when the price goes to more than $5k, lots of online trades pushing the mempool + the supposed 30% from VBK project to a bottleneck. But it seems the hype have run out of steam for now and settled the price around $5k and mempool went to 'normal' again.

the only reason was the price spike otherwise all of these things already existed. they can't cause spike for no reason. and mempool wasn't clogged anyways before the price spike.

[zenrol28]

Do people stop buying coffee using on-chain Bitcoin payment? Or what happened? Mempool has dropped dramatically, you can see the charts here ----> https://jochen-hoenicke.de/queue/#0,1w.
Is it was a spam attack? Is it related to the price? An attempt by BCH to manipulate again? The number of unconfirmed transactions has increased before the price rises.

Traders are quite busy monitoring BTC's price. They're all playing inside the exchanges like a casino and will not quit and withdraw out until the volatility calms down again. Nothing unusual I guess.

[MakeMoneyBtc]

During this kind of periods the fees always go up so the number of unconfirmed transactions will be higher. Take for example the growth in 2017 when bitcoin hit its ATH price. The fees could go as high as 20-30$ for a single transaction if you wanted to get a quick confirmation, otherwise you would have to wait at leart a few days. When this happens its normal for the mempool to go up, because a lot of people are moving funds either selling their bitcoin or buying more.

[Mpamaegbu]

My thought is that it has to do with the fact that many traders are boycotting Bitcoin for other means of payment coins. A few days ago, a friend complained of a blockchain transaction that took over 24hrs to confirm. So, what trader or businessman would want such a delay for something they could easily do within a few minutes with Litecoin or BCH?

[buwaytress]

The last time this happened earlier in the year, if I recall, it was because a side project on Counterparty was distributing bitcoin to linked token holdings. It only lasted several days though, so I'm not surprised if another project's causing this backlog. Veriblock's that hyped IEO on Bittrex isn't it? Supposedly ran out in 10 seconds. I completely ignored it.

There was a ddosing of bitcoin servers, from another thread:

Straight away. If it doesn't do that keep switching. Servers are being heavily ddosed because the phishing vulnerability has created an incentive for scammers to control which server you connect to. It's turned into a war!

Not related though I'm sure.

[Haunebu]

My thought is that it has to do with the fact that many traders are boycotting Bitcoin for other means of payment coins. A few days ago, a friend complained of a blockchain transaction that took over 24hrs to confirm. So, what trader or businessman would want such a delay for something they could easily do within a few minutes with Litecoin or BCH?

Boycotting BTC? Seriously? That is your theory? You have got to be kidding. Its pretty obvious that the spike in the price of BTC value or Veriblock are legit reasons behind this problem.

Also, the LN is being improved to tackle the very problem that you mentioned.

[Zadicar]

no it was not coffee purchase and it was not spam attack. it was price rise.

each time bitcoin price rises a large number of people (the traders) start moving funds around:
- from their wallets to exchanges to sell and take the profit
- buying on exchanges out of FOMO or as they see the rise signal and moving it out of risky exchanges back to their wallets
- dumping altcoins and moving the bitcoins they receive to bitcoin exchanges or to their wallets to sell or hold.
and all that increases the number of onchain transactions drastically.

On point. Its not really before the price increases but when its still starting to climb up and some people already know that this is already the right time to switch on from alts to btc
or just simply pulling out their BTC from their cold storages.

Its just normal to think that no. of transactions will deplete after the sudden rise where all have done the things they must do.We are now stabilizing again on 4800-5000 price.

[dothebeats]

The short-term FOMO and hype has since died out after the price has stopped increasing. It's normal for people to move funds around from wallets to exchanges and vice-versa one huge price movements are observed and are recorded. Most traders surely don't want to miss a thing when this happens, and so in order to be in the action when it happens, they are transferring their funds together with a lot of people trying to cash out within the same time. In the coming days, expect the mempool to be cleared of such hindrances and backlogs as the trading action, once again, settles @ $5000 and becomes stale.

[Ucy]

Is this a recent chart? If yes then I guess it's because the traders who caused the bull run are done accumulating  Bitcoin. It further proves that the bull run was cause by single/few momentary buyers?