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Bitcoin pools 2017 chartJohoe's Bitcoin Mempool Size Statistics
I called out the price fluctuations breathlessly to my wife, who gently encouraged me not to be an idiot, before returning to her magazine. She was in good company. Are you trading Bitcoin? We want to hear from you. And yet bitcoin has climbed more than tenfold since Buffett's warning. Earlier this month, one college friend casually told me over drinks he'd made tens of thousands of dollars investing in another cryptocurrency. He said he hoped it would be worth enough one day to buy a house.
One hundred dollars, or 0. My wife's opinion of me has reportedly decreased by the same amount. Other cryptocurrencies have seen similar spikes, though they trade for much less than bitcoin.
There's a long list of factors people may point to in an attempt to explain this. Regulators have taken a hands-off approach to bitcoin in certain markets. Dozens of new hedge funds have launched this year to trade cryptocurrencies like bitcoin.
The Nasdaq and Chicago Mercantile Exchange plan to let investors trade bitcoin futures , which may attract more professional investors. Yet a key reason the price of bitcoin keeps going up is, well, because it keeps going up. Small investors like yours truly have a fear of missing out on a chance to get rich quick. And when the value of your bitcoin doubles in a week, as it did for me, it's easy to think you're a genius. But you can get burned assuming it will keep skyrocketing.
Some investors have likened the bitcoin hype to the dot-com bubble. Others, like Dimon, have said it's even " worse " than the Dutch tulip mania from the s, considered one of the most famous bubbles ever. As Buffett put it back in , "the idea that [bitcoin] has some huge intrinsic value is just a joke in my view. There's also no interest or dividends.
Bitcoin serves as a new kind of currency for the digital era. It works across international borders and doesn't need to be backed by banks or governments.
Or at least that was the promise when it was created in The surge and volatility of bitcoin this year may be great for those who invested early, but it undermines bitcoin's viability as a currency.
Related: Bitcoin boom may be a disaster for the environment. Then again, if bitcoin crashes, at least I'll always have the socks. The data is generated from my full node and is updated every minute. Note that in decentralized cryptocurrencies there is no global transaction mempool; every node keeps its own set of unconfirmed transactions that it has seen. The mempool is also cleared when I reboot my node.
The idea is based on the retired service bitcoinqueue. The data is separated into different fee levels given in satoshi per bytes corresponding to the gas price. The lowest colored stripe is for transactions that pay the lowest fee. Higher fee transactions are stacked on top of it. Since miners prefer high fee transactions, a new block usually only removes the top-most 1 MB worth of transactons from the queue.
If a colored stripe persists over several hours without getting smaller, this means that transactions paying this amount of fee are not confirmed during this time, because there are higher paying transactions that take precedence.
The bottom-most chart shows the same statistics but uses the total transaction size gas limit instead of the number of transactions as the y axis. If a stripe on the bottom chart is much bigger than on the top chart, the transactions are larger more computation demanding than the average. You can click on some fee level in the legend to hide all fee levels below that level.