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Author Topic: Mempool is clean after 2 weeks  (Read 224 times)
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November 10, 2020, 01:49:24 AM
Merited by nutildah (1)
 #1

After 2 weeks, since the day 26 Oct 2020, all unconfirmed and stucked transactions in mempool were confirmed and the mempool was clean at 7:19 UTC.

1 to 3 satoshi per byte can give you confirmation today: https://jochen-hoenicke.de/queue/#1,2h

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November 10, 2020, 03:23:31 AM
 #2

Does that mean all the sellers are done with selling their coins?

Time to buy more before the price increase!  Grin Grin

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November 10, 2020, 05:08:12 AM
 #3

Does that mean all the sellers are done with selling their coins?
it is not just sellers. it is buyers too who buy bitcoin from exchanges and pull it out to their cold storage. it is also a lot of shitcoin traders who dump their shitcoin and move the bitcoin to their bitcoin exchange to trade bitcoin instead while altcoins dump.

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November 10, 2020, 05:41:27 AM
 #4

Traders taking a breather and a good time for all Bitcoin critics to take a nap since they can't throw the usual "network is congested, fees are high, not good for adoption". Some people may also attribute this to the US Presidential election being over. Whatever the reason is, I'm glad that bitcoin is bouncing above $15K. Is this an indication that after a short break a push to $20K is up next? I'd love that to happen but who knows. 

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November 10, 2020, 05:51:15 AM
 #5

So a 1 sat/byte tx sent 2 weeks ago would have cleared now? That's not TOO bad if this is the worst mempool can be these days;) Disappointing;)

Anyway,,, I suppose this is a bit unfortunate I was forced to do an urgent transaction in that period,,, even though I "only" had to pay 52 sat/byte to get reasonable waiting times. That was probably the most I have paid in over 2 years. Not counting when I have to use Bitpay of course,,,

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November 10, 2020, 06:07:41 AM
 #6

Traders taking a breather and a good time for all Bitcoin critics to take a nap since they can't throw the usual "network is congested, fees are high, not good for adoption". Some people may also attribute this to the US Presidential election being over. Whatever the reason is, I'm glad that bitcoin is bouncing above $15K. Is this an indication that after a short break a push to $20K is up next? I'd love that to happen but who knows.  

The US presidential election has nothing to do with the Bitcoin blockchain congestion.The network got congested due to a large amount of transactions conducted in a short time frame.Unfortunately this might happen again and there's nothing we can do about it.
The Bitcoin critics will always find a reason to s*it over Bitcoin.If its' not the blockchain being stuck,it would be "Bitcoin is being used by money launderers and criminals" or "Bitcoin users aren't paying their taxes" or "Bitcoin is way too risky and speculative as an investment".The FUD list just goes on and on.
Ignore the FUDsters and up to the moon! Grin


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November 10, 2020, 07:39:31 AM
 #7

A good time to make transactions in and out of exchanges at this moment before the storm comes.
The number of unconfirmed transactions on the mempool directly proportional to the market condition and bitcoin price.
it won't last long until the next bull run takes place and the price suddenly increases break the resistance level at $16K, which causes the mempool will be flooded again, consequently require higher fees and a longer time to get confirmed.
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November 10, 2020, 07:54:03 AM
 #8

......
The US presidential election has nothing to do with the Bitcoin blockchain congestion.The network got congested due to a large amount of transactions conducted in a short time frame.
Of course it's the people who makes these transactions that clogs the network. There is no proof that it does or it doesn't affect cryptocurrency trading and it could just be a coincidence that it happens the same year Bitcoin halves. It's not really our job to figure out.

The number of unconfirmed transactions on the mempool directly proportional to the market condition and bitcoin price.
What do you mean directly proportional? If bitcoin crashes then the unconfirmed transactions will be less too? I seriously doubt that. The likely scenario is most traders will be rushing to sell their BTC for stable coins or fiat while the smarter investors will be waiting in line to accumulate more then move them out of exchanges. The same activity.

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November 10, 2020, 08:01:21 AM
 #9

Does that mean all the sellers are done with selling their coins?
it is but it also means people use higher fees to confirm the transaction faster . these people might be nervous that if they send with a small fee their transaction will get stuck and missed the price pump .

 i had a thought simillar to them before that what if i pay for more fees but i still proceed to the slow transfer and missed the pump real quick but no regrets because what i lost is only the fee that i could have pay in if i choose to transfer faster . its still the same but the only difference is i have waited for a longer time .

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November 10, 2020, 08:15:57 AM
Merited by dothebeats (2)
 #10

The US presidential election has nothing to do with the Bitcoin blockchain congestion.The network got congested due to a large amount of transactions conducted in a short time frame.Unfortunately this might happen again and there's nothing we can do about it.

The network got congested because we had a drop in hashrate and slower blocks by 16%, instead of 6 blocks per hour we were doing only 5. That's why even with the jump in price we had after the election the mempool is no longer full.

And, the number of transactions actually increased from that date:

On the 3rd we had difficulty retarget, it's pretty obvious who was the culprit.

The number of unconfirmed transactions on the mempool directly proportional to the market condition and bitcoin price.
it won't last long until the next bull run takes place and the price suddenly increases break the resistance level at $16K, which causes the mempool will be flooded again, consequently require higher fees and a longer time to get confirmed.

Again, NOT true.
On November the 5th the price jumped 2000$, if you look at the history of the mempool you will see it was going down.
https://jochen-hoenicke.de/queue/#0,2w
Moreover, the pace right now is up 5%, we're 60 blocks ahead of time so it means that ~60M of mempool was cleared before time, if the pace continues no jump in price that doesn't go above 20k will manage to fill the mempool

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November 10, 2020, 02:45:27 PM
 #11

We had high volume, lots of both buying & selling during a pretty epic price rise. The market seems to have calmed down now before the next potentially explosive move up. It’s now a good time to consolidate your small outputs, take advantage of low fees Smiley


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November 10, 2020, 03:19:41 PM
 #12

Looks good because Bitcoin's settlement costs will increase. This could trigger a strong Bitcoin bull run. Over the past week, Bitcoin has increased in value to $ 16,000 and has now remained steady above $ 15,000, which is the best that lovers are expecting for Bitcoin right now.

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November 13, 2020, 07:32:22 AM
 #13

The number of unconfirmed transactions on the mempool directly proportional to the market condition and bitcoin price.
What do you mean directly proportional? If bitcoin crashes then the unconfirmed transactions will be less too? I seriously doubt that...
Just to add more proof that this isn't the case.

bitcoin price went past $16K already, mempool is about 5MB [5K txs] currently. The highest withing 24 hours was around 20MB [27K txs] which is four to five times lower compared to the mempool from two weeks ago [138K txs].

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November 13, 2020, 10:48:11 AM
 #14

Looks good because Bitcoin's settlement costs will increase. This could trigger a strong Bitcoin bull run. Over the past week, Bitcoin has increased in value to $ 16,000 and has now remained steady above $ 15,000, which is the best that lovers are expecting for Bitcoin right now.

For those who are complaining about high fees, this is the time you can enjoy sending your btc tx with even 5 sat/byte very fast. If we will only have this scenario all throughout, I guess, adoption will increase fast. It also shows that even if btc price is high, still possible to have low tx fees.

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November 13, 2020, 12:44:58 PM
 #15

Looks good because Bitcoin's settlement costs will increase. This could trigger a strong Bitcoin bull run. Over the past week, Bitcoin has increased in value to $ 16,000 and has now remained steady above $ 15,000, which is the best that lovers are expecting for Bitcoin right now.

For those who are complaining about high fees, this is the time you can enjoy sending your btc tx with even 5 sat/byte very fast. If we will only have this scenario all throughout, I guess, adoption will increase fast. It also shows that even if btc price is high, still possible to have low tx fees.

If you look at the Bitcoinfees service, it still shows the high cost of transactions... The queue is observed at 260-340 sat/byte and 100-120 sat/byte...
How long do I have to wait for network confirmation at 5 sat/byte commission?


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stompix
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November 13, 2020, 06:43:06 PM
Merited by Waldschrat2 (1)
 #16

If you look at the Bitcoinfees service, it still shows the high cost of transactions... The queue is observed at 260-340 sat/byte and 100-120 sat/byte...

That's what they always do, stop using that website!
Go to https://mempool.space, it's far better.

Right now as I type this, although the mempool is even bigger than at the time of your post a 40sat/b is still only 0.5m from the top, ending there are only 0.5 M of transactions that will outbid you in the next block. By pure coincidence you looked exactly when there was no block mined for 40 minutes, but even half an hour after that tx of 20sat/b were getting confirmed.


How long do I have to wait for network confirmation at 5 sat/byte commission?

At the time when you said that it would have taken you an hour, right now probably till 2-3 am GMT, it's Friday and usually, the mempool gets cleared during weekends, also we had another slow block time with 7 blocks instead of 12, so once the pace picks up the mempool will be empty again.

hatshepsut93
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November 13, 2020, 06:54:59 PM
Merited by stompix (1)
 #17

The number of unconfirmed transactions on the mempool directly proportional to the market condition and bitcoin price.
it won't last long until the next bull run takes place and the price suddenly increases break the resistance level at $16K, which causes the mempool will be flooded again, consequently require higher fees and a longer time to get confirmed.

The price is itself is irrelevant to the state of mempool. We had congestions at low price levels and clear mempool at higher prices. So, the connection isn't direct, sometimes a lot of price action results in more transactions, and sometimes it does not. If many investors move coins to exchange, and/or many investors move coins out of exchanges, that results in more transactions, but if people keep trading on exchanges without moving coins, there won't be a congestion.





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3meek
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November 13, 2020, 07:16:26 PM
 #18

If you look at the Bitcoinfees service, it still shows the high cost of transactions... The queue is observed at 260-340 sat/byte and 100-120 sat/byte...

That's what they always do, stop using that website!
Go to https://mempool.space, it's far better.

Thank you for the site... In fact, I never set a commission above 30-40 sat/byte because I don't want to pay much... I wonder why Bitcoinfees shows such inflated numbers? It's not the first time I've heard about it...


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stompix
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November 13, 2020, 08:26:16 PM
 #19

Thank you for the site... In fact, I never set a commission above 30-40 sat/byte because I don't want to pay much... I wonder why Bitcoinfees shows such inflated numbers? It's not the first time I've heard about it...

Because their website and their algorithm are two pieces of..
I remember a topic where people discussed how they calculate this and it seems they were taking something like a percentage of the top fees in the last 3h interval to recommend the fee which is purely stupid. Even if you drop the 3h interval there are still problems with only the top, right now there are 250+tx over 200 sat but only 750 over 120sat/b. It's clear that the method is wrong.

Second, their website might be broken again, happened a week ago also:
https://bitcointalk.org/index.php?topic=5284809.0;topicseen
The number they show currently as transactions over 340+ in the last 24h probably is not accurate at all again, you have more tx with +340 than in the 200-300 interval which makes little sense.

But definitely, the worse part about them is that they are still raked on top in google results  Grin



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November 14, 2020, 09:57:59 AM
 #20



That's what they always do, stop using that website!
Go to https://mempool.space, it's far better.




Can confirm, mempool.space is very legit & switched to it privately since a while back and never looked back  Smiley

And Simon is doing a great job keeping the Mempool clean - and if he get's lazy and the blocks pile up, we will take his Tacos away at the next meetup down here in Saigon  Grin

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