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  1. #1
    AussieDave's Avatar
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    Default What's with the BTC congestion today?

    Sent BTC over an hour ago, and still awaiting the 1'st confirmation. Didn't scrimp on the miners fee. Can't recall I've ever waited this long for a single confirmation. Anyway idea why BTC is so slow today?

    Or is corona affecting this too!
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  2. #2
    Jambo is offline Private Member
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    It would be not the first time that it takes so long. Usually just a few minutes but we also had it sometimes that it took 5-7h and one time even over 20h. Seems there are many unconfirmed blockchain transactions because to many transactions. The last 24h it is crazy whats going on with bitcoin.

    Of course corona is the reason. Bitcoin lost 50% within 24h. From 8.000$ down to 3.800$ today morning. Then back to 6k and now again 5k

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  4. #3
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    Thanks Jambo, tbh aside from topping the nest-egg up every so often, I don't really monitor it that much. I'm in for the long haul. Checked out a few BTC sites, apparently people have gone into a sell frenzy, hence the blockchain is severely congested. Not going to purchase more BTC now, will wait and see how far it drops, then hopefully buy it cheaper than now
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  5. #4
    Jambo is offline Private Member
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    Now is a good time to buy in my opinion I bought a few when it was on 4,5k. In 3-4 weeks when this corona panic is finish all should become normal again and bitcoin grow again.
    Last edited by Jambo; 13 March 2020 at 5:08 pm.

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  7. #5
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    Quote Originally Posted by Jambo View Post
    In 3-4 weeks when this corona panic is finish all should become normal again and bitcoin gow again.
    That's what I don't understand. Surely not everyone is in this short-term. The market has dipped badly before, but it rose back. Or do Super investor drop Millions, wait for a 25% increase or more, then sell?
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  8. #6
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    My theory is more or less that when global markets are dropping 10% in a day, that results in leveraged players getting margin calls. When everything on a trader's screen is tanking, they will liquidate what they can in order to get cash to satisfy margin calls.

    Hence why you saw safe haven assets getting pummeled in a market route. Think how Gold was tanking and Palladium got absolutely massacred (of course it was one of the most obvious bubbles ever over the last year).

    I'm rambling, but I think liquid cryptos were an easy target for liquidation and given their market depths, the larger amount of mom and pops in them who panic, and the general negative mood of the market, liquidity evaporated on the bid and exploded on the take and POOF, prices plummeted.
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    Cash is king. Everybody is dumping there worthless, air bubble BTC to get real money. Which is funny because wasn't crypto suppose to be the currency that would go up (like gold) in times like these.

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    Quote Originally Posted by petjah View Post
    Cash is king. Everybody is dumping there worthless, air bubble BTC to get real money. Which is funny because wasn't crypto suppose to be the currency that would go up (like gold) in times like these.

    Gold did not go up. No precious metals did.

    We are in the EVERYTHING BUBBLE right now. All asset classes are over-inflated. Not to mention the USD$ rallied which is negative for pricing other forms of money and currency in USD, as these other items lose value on a relative basis.

    However, once the stimulus falls flat, because the economy is tanking and likely in recession already, precious metals will catch a bid. I think it highly likely crypto will also.
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  11. #9
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    Quote Originally Posted by petjah View Post
    Everybody is dumping there worthless, air bubble BTC to get real money. Which is funny because wasn't crypto suppose to be the currency that would go up (like gold) in times like these.
    Funny that after so a long time people still call BTC a air bubble .Gold also dropped 8% for your information.

  12. #10
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    Currently, US$1.00 buys AU$1.63, it's expect to reach AU$1.65 or more. Given I earn in US$ and Euro, and get paid in AU$, happy happy
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  13. #11
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    Last edited by ddm; 19 March 2020 at 10:30 am.

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    In the past the network congested when block fill tipped above 85% of the 1MB cap. Lately with incremental improvements to the protocol, the network seems to be able to handle higher block fill without degradation of confirm times and large increases in fees

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