Is anyone saw mempool right now? Mempool spam

[ArthurY]

Mempool right now seems to be in spam
Transactions almost for 500mb is stuck
Seems like it's will freeze

High priority tx fee will cost 182 sat/vB 

What further steps will look like if this spam continues?
I don't remember this happening before in history

Miners are having a blast right now he he  

[Charles-Tim]

Let us expect more during bull run as there would be more congestion. You can use lightning network which would be helpful in time like this.

I don't remember this happening before in history

Although, Ordinals and Inscription have been the reasons the mempool is congested up to this, but bitcoin mempool has been congested like this in the past when there was nothing like Ordinals.

[BenCodie]

I've just gone back to the sidelines as the mempool is not the only thing with anomalies right now. If you look at btc and most of the altcoin market, there was a huge drain of liquidity/liquidity grab market wide. Some alts/tokens dumped around 50% in just a matter of minutes...only for AMM'S to recover the price, but liquidating longs and stripping the book of its strength.

I am curious to see how the Mempool flood and the liquidity grab effects the market over this next week or so. This could effect sentiment quickly.

Also, there have been mempoool floods before, most recently around the time that Ordinals were new (earlier in the year). It costs money to spam the chain, so the attack will have to stop eventually.

[jossiel]

What further steps will look like if this spam continues?

Bitcoin's price will continue too. 

I don't remember this happening before in history

Remember the time when ICOs have been that much and it has affected the ETH network. The fees for a coffee was about $10 and I think we're going back to that time.

Because IIRC, the fee for Bitcoin transactions during that time was also high back in 2017 bull run.

[coolcoinz]

Miners are having a blast right now he he  

And that's why it's unsustainable for the long run.

Imagine the following situation. You're in a cue to whatever, a car wash, and that cue is in a private area, so the owner of the property can kick you out if he decides to.
Someone comes in and says they'll pay double for the service if they can get in right now, so the owner stops you and lets him pass. You get angry because you have to wait, he paid double, the ownetr thought to himself that if he has to deal with angry mob he might as well ask more for the spot in line, so they all start to bid for spots so they can wash their cars without waiting. At some point the price gets pumped so that they pay so much for the spot that they could wash the car 10 times with that money if they'd only wait.
How long can this keep going? Eventually they'll realize how much they're overpaying or run out of money.

I'm not paying $20 to send a $50 transaction. Are you?

[BenCodie]

What further steps will look like if this spam continues?

Bitcoin's price will continue too. 

I don't remember this happening before in history

Remember the time when ICOs have been that much and it has affected the ETH network. The fees for a coffee was about $10 and I think we're going back to that time.

Because IIRC, the fee for Bitcoin transactions during that time was also high back in 2017 bull run.

2017 was from natural demand causing a busy network, or miner manipulation to capitalize on fees. It could be the latter now but I am quite sure the the current situation is a sponsored attack, more than it is just a busy network.

Since 2017, most networks have implemented improvements to make them increasingly scalable. It is unlikely that purely legitimate blockchain network traffic will cause a prolonged spike in fees, especially with available layer0/1/2(and now 3's) that are available.

What further steps will look like if this spam continues?

Bitcoin's price will continue too. 

If we're talking specifically about a network stress attack, then actually, it can stall price movement and additionally effect sentiment, as it temporarily highlights a flaw in usability and scalability for Bitcoin. It may be good for altchains that are more scalable, like ETH. It depends on the trajectory of the attack.

[ArthurY]

Remember the time when ICOs have been that much and it has affected the ETH network. The fees for a coffee was about $10 and I think we're going back to that time.

Because IIRC, the fee for Bitcoin transactions during that time was also high back in 2017 bull run.

But it doesn't look like a bullish trend. It's just spam. Many transactions with the same inputs & outputs

[gunhell16]

Mempool right now seems to be in spam
Transactions almost for 500mb is stuck
Seems like it's will freeze

High priority tx fee will cost 182 sat/vB 

What further steps will look like if this spam continues?
I don't remember this happening before in history

Miners are having a blast right now he he  

182 sats? You've got to be kidding me. It's big. A couple of days ago, I made a transaction and the fee was around 40 sats. I was getting bigger, and now it's like that right away.

The fact that it is congested is getting worse now. Well, as usual, let's cool down the situation now, because if we insist on what will happen, the miners will be happy because of the fee they will charge for each bitcoin transaction. Something that is not good on our part as bitcoin holders

[ArthurY]

Also looks like each new block cost attackers about 70k
However if miners in deal should be cheaper

[BitcoinPanther]

I've just gone back to the sidelines as the mempool is not the only thing with anomalies right now. If you look at btc and most of the altcoin market, there was a huge drain of liquidity/liquidity grab market wide. Some alts/tokens dumped around 50% in just a matter of minutes...only for AMM'S to recover the price, but liquidating longs and stripping the book of its strength.

I am curious to see how the Mempool flood and the liquidity grab effects the market over this next week or so. This could effect sentiment quickly.

Also, there have been mempoool floods before, most recently around the time that Ordinals were new (earlier in the year). It costs money to spam the chain, so the attack will have to stop eventually.

Developers tried to tone down the price of transaction fee during the heavy fee of 2017, reason why they implemented segwit to solve the problem.  It indeed solve the high tx fee of those time and I hope the developer will do the same today.

If these ordinals spam are keep unchecked, this might create a problem in the future.

If we're talking specifically about a network stress attack, then actually, it can stall price movement and additionally effect sentiment, as it temporarily highlights a flaw in usability and scalability for Bitcoin. It may be good for altchains that are more scalable, like ETH. It depends on the trajectory of the attack.

It will not only stall the price movement or affect the sentiment, it has more effect on the Bitcoin adoption and if this attack keep on going, many institutions that wanted to adopt Bitcoin may change their mind.

[seoincorporation]

But it doesn't look like a bullish trend. It's just spam. Many transactions with the same inputs & outputs

The only ones who benefit from this are the miners because this way users have to pay more fees for the confirmation, so, maybe they are the ones who spam with those transactions. But who knows...

A solution is to avoid using bitcoin until the mempool comes back to normal, you can buy and use cryptos like Litecoin which has faster blocks and lower fees. And just like you guys, i love bitcoin and would love only to use bitcoin, but when the fees are this high it becomes a pain in the ass, and not a cheap pain.

[ArthurY]

Mempool right now seems to be in spam
Transactions almost for 500mb is stuck
Seems like it's will freeze

High priority tx fee will cost 182 sat/vB  

What further steps will look like if this spam continues?
I don't remember this happening before in history

Miners are having a blast right now he he  

182 sats? You've got to be kidding me. It's big. A couple of days ago, I made a transaction and the fee was around 40 sats. I was getting bigger, and now it's like that right away.

The fact that it is congested is getting worse now. Well, as usual, let's cool down the situation now, because if we insist on what will happen, the miners will be happy because of the fee they will charge for each bitcoin transaction. Something that is not good on our part as bitcoin holders

Right now it's looks like 188 sat/vB
But I guess no one will sent so high fees

Maybe only inattentive people will make such a high transaction. Which is what it means. There is simply no point in sending such expensive transactions. Normal transactions go to the back of the queue. That's why the network is worth it. Frozen. I wonder how long the resources will be enough to continue this? Let's see what rich people got into this business

UPD 1. 260 sat/vB tx fees right now

[BenCodie]

Also looks like each new block cost attackers about 70k
However if miners in deal should be cheaper

In light of stompix's thread, the cumulative amount of fees in these last blocks is extremely similar to that of the difference in the block reward, as we all know, being halved in April.

This could be a test by miners themselves to create a benchmark, the benchmark being how much network activity is required in order to achieve the difference in block rewards

Why?

In the past, the block reward was the primary revenue for miners. As BTC was distributed and as time passes, the network needed a benchmark of activity in order to ensure that there would be an incentive to secure the network in the future.

As we have moved in time, the block reward has been sufficient, and miners have been able to move the market in their favor to ensure mining is profitable (as long as activity trajectory mentioned above is suitable, which thankfully, has been!)

Now, moving the market requires liquidity that miners may not have, same with purchasing power. It's more about fees, and so, measurements must be made. This might be what we're seeing.

I wonder how this will effect the halving as we know it....

[paid2]

Right now it's looks like 188 sat/vB

It was even worst today : block 816027 with an average "~281 sat/vB - 14,31 $US" fee.

If course mining pools owners and miners (which mine with a pool paying fees to their miners...) are happy. Good illustration is the price of the rented Ph/s on Nicehash or MRR, it increased a lot the last few days. People are trying their luck to solo mine a BTC block and hope to earn these crazy fees.

But I guess no one will sent so high fees

Maybe only inattentive people will make such a high transaction. Which is what it means. There is simply no point in sending such expensive transactions. Normal transactions go to the back of the queue. That's why the network is worth it. Frozen. I wonder how long the resources will be enough to continue this? Let's see what rich people got into this business

If fees are crazy high right now, it is only because people accept to pay crazy high fees.

[Charles-Tim]

But it doesn't look like a bullish trend. It's just spam. Many transactions with the same inputs & outputs

Bitcoin spot ETF waiting approval is one of the reasons. Although, Ordinals is one of the main reasons for the higher fee rate.

But I guess no one will sent so high fees

When some people are using over 150 to 1000 sat/vbyte. I even saw a transactions of over 3000, 4000 and 5000 sat/vbyte. People are making transactions with high fee frequently right now.

[ArthurY]

Right now it's looks like 188 sat/vB

If fees are crazy high right now, it is only because people accept to pay crazy high fees.

There are like in block 2.5k transactions with the same amount and fees, same inputs & outputs
That's like spam attack, not about ppl

[carlfebz2]

As of writing
https://mempool.space


No Priority
20 sat/vB
$1.03

Low Priority
159 sat/vB
$8.15

Medium Priority
164 sat/vB
$8.41

High Priority
167 sat/vB
$8.56

Ive said to myself on the time i woke up and seeing the fees - "WTF again"..
One thing comes to my mind is that another BRC20 spam once again.
Usually it settles down a week or two but of course to those who are just that small time traders or to those who are making small transactions
would really be that having that pain in the ass situation yet they cant really be able to pass those BTC's. So there would be no choice but to make
yourself that having that standby or sitting idle and wait up for the network to settle down.

[headingnorth]

Lots of idiots out there who think they can get rich quick trading worthless NFTs but 99% will lose money.

Bitcoin is not a tulip craze but NFTs most certainly are. NFTs are probably even worse than tulip mania!

[SamReomo]

The transaction fees are getting crazy and the network is getting highly congested. Fee for low priority transactions is at 146 sat/VB which's crazy and there are more than 210,579 unconfirmed transactions as of time of writing this post. I think the useless ordinals are causing harm to Bitcoin network once again and the dam ordinals problem isn't solved yet.

[blue Snow]

Mempool right now seems to be in spam
Transactions almost for 500mb is stuck
Seems like it's will freeze

all we can do right now is wait to back to normal. the fee will gradually return to normal but, I don't know exactly, but for sure, all the spam will disappear over time.
If I were you I would just face it happily, you have to postpone the transaction if not very urgent. maybe the price afterward will be better than today, thus making you profit multiple times.

Let us expect more during bull run as there would be more congestion. You can use lightning network which would be helpful in time like this.

As I know migrating bitcoin from the main network to the lightning network (LN), and another altcoin is still needs a fee, which means, the user will require 2 times the fee. LN is also limited, the user can't send much btc.