Bitcoin mempool reaches 600K transactions

[pooya87]

The ordinals aren't suppose to use bitcoin blockchain network and if there is a way that the devs will make this possible,I will appreciate.

Developers don't seem to be interested in fixing or preventing this exploit and considering how Bitcoin is decentralized people should start acting themselves. By demanding a patch for the clients they run or for example those running bitcoin core should run that patch by Luke Dashjr that would refuse to relay these malicious transactions.

https://gist.github.com/luke-jr/4c022839584020444915c84bdd825831

[1714571044]

1714571044

[1714571044]

1714571044

[1714571044]

1714571044

[1714571044]

1714571044

[1714571044]

1714571044

[Faisal2202]

Yes. There is no halving without 840000 blocks. But that has nothing to do with mempool, nor with transaction fees.

Thanks for the answer. Ok, got it, as I was also not specifically asking about mempool only. I was thinking and abruptly asked the question because I knew I would get a better answer here.

You deserve some bashing You've been here for years, you should know the difference between blocks and transactions by now.

But then I came to remember that once some senior read my post, he could not stop himself from bashing me (hehehe). So I wrote it there to not bash me. But I won't mind if you bash me.. 

[Z-tight]

With the increasing BTC transactions, there is one thing that it shows us, it means that the market is very active and there an in/out transactions happening around. And I hope this won't just affect the fees to increase but also the price to rise.

Not exactly so, these aren't "regular" BTC tx's, instead people are minting, storing, buying and selling insriptions, and the people doing this are ready to pay more in tx fees for confirmation of their transactions, so the increase in tx's isn't with people spending or using BTC, but because of ordinals. Ordinals is not going to cause a rise in price, it is the miners that benefit from all this because they earn more in rewards, but bitcoiners who use BTC for payments are affected by this congestion.

[dragonvslinux]

So mempool is back under 600K unconfirmed, even if the weight of unconfirmed txs is around the same. Low priority remains around 16 sat/vB.



It doesn't look like it's gong to clear out much in a hurry. Lots of users still waiting on 5/6 sat transactions (200K+) but might be a while longer yet.

[The Cryptovator]

I am not sure if all the transactions are real. Because miners would congeal the network by making dust transactions themselves. It won't lose them since they are the ones getting transaction fees. However, if really all transactions are real, then that's a good sign. I don't see anything negative here. Because miners will have great revenue from transaction fees as long as they are increased,

[darkangel11]

If somebody decides to pay a lot of money for a transaction, it means they can afford it, so I'd say the system was designed for that. You can't stop people from placing more and more transactions with higher fees. At some point the market will sort it out and the cost will reach the levels which most people cannot afford and it will stabilize.
As for inscribed messages, I don't like how the network is being used for shit, but I also can't tell people what to do and stop them from doing what they're doing. If that's what the majority wants, so be it.


I usually don't care since I don't need tx to be processed in the next 2 or 3 blocks. I can wait and not get into this rat race.

[pooya87]

If somebody decides to pay a lot of money for a transaction, it means they can afford it, so I'd say the system was designed for that. You can't stop people from placing more and more transactions with higher fees. At some point the market will sort it out and the cost will reach the levels which most people cannot afford and it will stabilize.
As for inscribed messages, I don't like how the network is being used for shit, but I also can't tell people what to do and stop them from doing what they're doing. If that's what the majority wants, so be it.

Your statement would have been true only if these were normal bitcoin transactions made by normal people for normal reasons!! Well they are not. They are spam that aren't only injecting "inscribed messages" to the blockchain, they are injecting these garbages into the blockchain then trade those arbitrary satoshis that no longer have anything to do with the junk data. That market (where they pump and dump satoshis) is acting like the fuel for the spam. So it's not going to end unless that market ends which it doesn't seem to be ending.

[Mpamaegbu]

These fees are still not that bad. Paying 10 sats byte is still cheap. Usually it’s cheaper than sending ERC20 tokens on Ethereum network.

I remeber when Ethereum was so clogged you would need to pay $50 just to move some tether around. Waiting until the weekends barely made any difference. No idea who could afford the $150 dex trades in those days.
Glad that does days are over.

You can say Bitcoin fees are way cheaper than those of ETH but we still can't say it doesn't cause lack of interest for those who want to come in and invest in Bitcoin. It does. When someone tells you their transactions are stuck on the Blockchain for days, it should discourage you at the time to want to make any transactions in Bitcoin yourself. The major thing that caused me to move away from any project that has to do with paying transaction fees in ETH is because of ETH's exorbitant fees in the past. This has remained so till date. I know sometimes it comes down low but I don't want to take chances and expect that tx fees for ETH will remain down when I want out. Doing that will expose me to a certain level of vulnerability when I need to go out. I got like that.