When are we going to see the mempool empty again and 1sat/b confirmations?

[nutildah]

It went on longer than I thought it would.  But it seems 'greater fools' are a finite resource and they will run out eventually.  This silliness was never going to be economically viable on a permanent basis.  It was only going to last as long as people were buying the pictures and not enough people are doing that anymore.

Agreed, lasted longer than I thought it was going to as well. There will likely be resurgences, however they will be weaker and more brief with each passing one. The most hyped artwork was simply clones of pre-existing projects, for people who wanted to own their own Bored Ape or CryptoPunk... Most NFT manufacturers and promoters are largely out of incapable of forming original ideas.

and by the way vbyte is cludgy misrepresented math that doesnt even count real bytes.. but you do love bad math so i can understand why you prefer to say one thing and mean another

ITT:  Disreputable user takes a contrary stance because they think they're special.  No one else cares and continues to do things in the way normal people do them.

He was tired of being ignored so he decided to take personal shots at the OP to get attention, how classy.

[Poker Player]

As is often the case, things happen when you least expect them, and given the poll, this was a case in point. It looks like we will soon be able to consolidate on weekends at 1 sat/Vbyte in a few blocks. I remember sending a couple of transactions at that rate last year that were confirmed in the next block.

[franky1]

He was tired of being ignored so he decided to take personal shots at the OP to get attention, how classy.

nah. unlike you ass kissers who love attention and wanna get famous. i just prefer to correct idiots.. not my fault certain people show how foolish they are soo easily

if a OP makes a topic about sat per BYTE and makes examples of 20sats per BYTE=<$1 but then real math does not come confirm his calculations.. and when corrected he pretends he was always talking about Vbyte(a cludge misrepresented and undercounted bad math form) it just easily shows he cant do basic math of basic byte counting and sat counting

but ill leave you guys to ass kiss each other and stroke each others egos to feel better. seems its all you ever do on this forum, back up each other stupidity and junk trash promotions of cludgy code

so a repeat of the lesson:
minimal real byte TX of notmal transaction of expected lean tx of 1in 2 out legacy is 226bytes
20sat/byte=4520sats      4520sats = $1.24 today
and thats for a lean tx.. an average tx is nearly double the bytes so average tx is over $2

[Darker45]

We're breathing fresh air once again. It seems the mempool is now free of dead monkeys, or perhaps only a few are left. I don't know if it hit 1 sat/vB for high priority transactions ever since the ordinals took over the mempool, but yesterday it went as low as 2 sat/vB. Right now, it's still low at 4 sat/vB.

There wasn't much who participated in the poll but it's funny how the majority thought this will not subside ever again. Many also thought this will only subside next year. Little did they know it would only take even less than a month for it to clear out. Perhaps even OP wasn't expecting this since the shortest option in the poll was 1 month.

Just like any hype, those monkeys couldn't live long.

[franky1]

funny part is im not the one trying to get an ass kisser army of idiots to start using crap you lot promote
i dont promote things nor try to incite people to join me in any campaign or promotion of crap things
(you loved seeing the meme crap on the network causing a fee war, you promoted it too)

anyways
it is VERY EASY for users to start measuring transactions in decabytes meaning a lean tx of 226byte can start from 23sat total meaning a ~0.1sat/byte average. and if everyone started measuring transactions from a starting point of 1sat/decabyte then we can see the whole community then compete for priority at a better cost average start point (later measure tx from 1sat/kb)

but hey i understand that you lot dont want to think outside of the box of certain software defaults or think about maths properly

[DooMAD]

if everyone started (...)

You do realise the odds of everyone suddenly thinking the same way you and your special brain do is pretty remote, right? 

If you insist on always having such a "unique" perspective about everything, then you can't expect people to agree with many of your views. 

It's as though you're perfectly cognisant of that fact that you're out of step with everyone else, yet you still get pissy about how everyone else is out of step with you.  Make it make sense, plz.

funny part is im not the one trying to get an ass kisser army

No, the funny part is you wouldn't be calling us an ass kisser army if we happened to agree with you all the time.  You and your ego would fucking love that, even though in such a scenario that would make us ass kissers towards you.  Again, you insist on having batshit mental stances on everything, so it's only natural that the number of people agreeing with you is going to be minuscule.  Please cry more.

[franky1]

funny part is doomad  and is dozen soldiers promote crap that has less userbase then things not even advertised.
funny part is he thinks because he has 12 people that kiss his ass that must mean everyone prefers his minset..
funny part is doomad and chums try to kiss a certain dev/mods ass and hope to earn merits as pats on the back for ass kissing
its funny because i criticise that same dev/mod and i dont care about merit or pats on the back.. yet that dev/mod gives me merit more regularly than doomad

its funny that doomad and his kiss ass army of 12 have not realised their ass kissing doesnt work. their campaigns fail and they just make themselves look stupid


i understand that doomad loves to recruit idiots into his schemes and defends those cult recruits idiocies with compliments and tell them them to ignore and block anyone that goes against the doomad cult mantra.. but cult leader is gonna be cult leader. and he will never change

but atleast the wider community can learn from others mistakes
and yes correcting mistakes is helpful, not ass kissing idiots

if people dont like to be corrected, they will never learn

anyway back to the point yet again (after the distractions of the cult group defending each others sensibilities)

the easiest ways to start seeing transactions bid as low as 1sat/byte again is to start using 1sat/decabyte so bidding starts lower than 1sat/byte to allow wiggle room for competition before even getting to 1sat/byte... instead of expecting the minimum being 1sat/byte where they then expect bids to go to that min in a competing market(facepalm)

[jossiel]

We're breathing fresh air once again. It seems the mempool is now free of dead monkeys, or perhaps only a few are left. I don't know if it hit 1 sat/vB for high priority transactions ever since the ordinals took over the mempool, but yesterday it went as low as 2 sat/vB. Right now, it's still low at 4 sat/vB.

I missed that.

Was it a high priority when it's got down to 2 sats/vB and 4 sats/vB? High priority is at 30 sats/vB and low is at 11 sats/vB.

There wasn't much who participated in the poll but it's funny how the majority thought this will not subside ever again. Many also thought this will only subside next year. Little did they know it would only take even less than a month for it to clear out. Perhaps even OP wasn't expecting this since the shortest option in the poll was 1 month.

Just like any hype, those monkeys couldn't live long.

It probably because we're getting used to the higher fees and that's why most of us likely did just let it go and thought that it will take any longer.

[Darker45]

We're breathing fresh air once again. It seems the mempool is now free of dead monkeys, or perhaps only a few are left. I don't know if it hit 1 sat/vB for high priority transactions ever since the ordinals took over the mempool, but yesterday it went as low as 2 sat/vB. Right now, it's still low at 4 sat/vB.

I missed that.

Was it a high priority when it's got down to 2 sats/vB and 4 sats/vB? High priority is at 30 sats/vB and low is at 11 sats/vB.

Yeah, those were the fees for high priority transactions. I didn't take a screenshot when I checked the mempool. But I think OP has posted some pics. The plunging fees and draining mempool were also the talk even outside this forum. Anyway, you can check on the chart below how things were much lower yesterday and the other day. But changes were fast. Of course, that's expected. Many were waiting for the fee to go down and when it did they quickly took advantage of it. That's always the cycle.



Anyway, below is the screenshot of the situation right now. It has gone down again. It's always best to check the mempool first before broadcasting transactions to take advantage of the transaction fee fluctuations.

There wasn't much who participated in the poll but it's funny how the majority thought this will not subside ever again. Many also thought this will only subside next year. Little did they know it would only take even less than a month for it to clear out. Perhaps even OP wasn't expecting this since the shortest option in the poll was 1 month.

Just like any hype, those monkeys couldn't live long.

It probably because we're getting used to the higher fees and that's why most of us likely did just let it go and thought that it will take any longer.

Perhaps. I hope it wasn't because we already resigned to the thought that the monkeys have already taken over the network.

[jossiel]

We're breathing fresh air once again. It seems the mempool is now free of dead monkeys, or perhaps only a few are left. I don't know if it hit 1 sat/vB for high priority transactions ever since the ordinals took over the mempool, but yesterday it went as low as 2 sat/vB. Right now, it's still low at 4 sat/vB.

I missed that.

Was it a high priority when it's got down to 2 sats/vB and 4 sats/vB? High priority is at 30 sats/vB and low is at 11 sats/vB.

Yeah, those were the fees for high priority transactions. I didn't take a screenshot when I checked the mempool. But I think OP has posted some pics. The plunging fees and draining mempool were also the talk even outside this forum. Anyway, you can check on the chart below how things were much lower yesterday and the other day. But changes were fast. Of course, that's expected. Many were waiting for the fee to go down and when it did they quickly took advantage of it. That's always the cycle.

~img~

Anyway, below is the screenshot of the situation right now. It has gone down again. It's always best to check the mempool first before broadcasting transactions to take advantage of the transaction fee fluctuations.

~img~

Ahh, that was just a quick clean up and then went up again. As I have posted that response yesterday, it was higher than this time so there's an improvement that we're seeing from the mempool and fees have gotten lower and hopefully will continue to do so.

Perhaps. I hope it wasn't because we already resigned to the thought that the monkeys have already taken over the network.

I guess that changes now because we're starting to see that fees changed positively and crossing fingers that these spams/ordinals will just be there and won't impact anymore the fees.

[serveria.com]

As many of you are aware, the mempool is full and overflowing and has been like that for a long, long period, when it comes to Bitcoin time. The last time it went near zero was back in April, and from then we haven't seen any sign of it finally going back to  "normal" times of cheap tx and gaps in which you can consolidate your dust.

Now betting on more acceptance, another bull run, are we going to see an empty mempool again or is this a thing of the past?

I would love to see your opinions but also, more importantly, your reasoning for this!
With enough tx for 3 days worth in the mempool, with hashrate going down because of decreasing revenue so fewer blocks each period which add to this, and not even a tiny sign of ordinal fomo dying down, my bet is on the next year or the holiday season at the end of the year.

I didn't vote because I don't know whether it will happen in 3 days or 3 months or 3 years. I just know that it will happen when Ordinals, NFT or whatever else they're called will die out. As soon as it will happen, we will get back to normal mempool of legitimate transactions and low fees.  

[FinneysTrueVision]

I've had a pending 1 sat/vByte transaction for several months. After the Ordinals and BRC-20 spam started clearing I was hoping it would receive confirmation over the weekend. The most recent difficulty adjustment was a few days ago but less transactions volume has led to declining hashrate and as a result the average block time has gone up slightly so it might still take a while to fully clear the mempool.

[stompix]

And just when you thought everything is fine..
https://mempool.space/address/bc1quhruqrghgcca950rvhtrg7cpd7u8k6svpzgzmrjy8xyukacl5lkq0r8l2d

Bitfinex comes and tries to consolidate its dust with 20 blocks worth of tx paying even 50-60sat/b, because obviously, their script is detecting their won transactions in the mempool so they were trying to compete with their own so from 2sat/b in just a few hours we're at 40. When you think that there are still a ton of other exchanges waiting for this then probably it will take more than three weekends for everything to normalize.

The most recent difficulty adjustment was a few days ago but less transactions volume has led to declining hashrate and as a result the average block time has gone up slightly so it might still take a while to fully clear the mempool.

The number of transactions in the mempool has no effect on the hash rate and the block time pace is almost normal:

Latest Block:   810879  (28 minutes ago)
Current Pace:   100.6911%  (448 / 444.93 expected, 3.07 ahead)

[DaveF]

And just when you thought everything is fine..
https://mempool.space/address/bc1quhruqrghgcca950rvhtrg7cpd7u8k6svpzgzmrjy8xyukacl5lkq0r8l2d

Bitfinex comes and tries to consolidate its dust with 20 blocks worth of tx paying even 50-60sat/b, because obviously, their script is detecting their won transactions in the mempool so they were trying to compete with their own so from 2sat/b in just a few hours we're at 40. When you think that there are still a ton of other exchanges waiting for this then probably it will take more than three weekends for everything to normalize.

The most recent difficulty adjustment was a few days ago but less transactions volume has led to declining hashrate and as a result the average block time has gone up slightly so it might still take a while to fully clear the mempool.

The number of transactions in the mempool has no effect on the hash rate and the block time pace is almost normal:

Latest Block:   810879  (28 minutes ago)
Current Pace:   100.6911%  (448 / 444.93 expected, 3.07 ahead)

Makes you wonder if it was supposed to be be 5 - 6 sats /vb and someone munged it.
The mempool was at spot that those TX would have slowly cleared over a bit of time.

I know I have said it before but never think it's people doing something wrong deliberately when incompetence is just as likely.

As we see from the hacks and other issues just about all the exchanges out there have crap programming.
This could just be another case of that.

-Dave