Exactly. If someone buys coins on say coinbase, waits a little while for price appreciation, and then sells those coins via coinbase again, there isn't any activity on the blockchain. I think most would agree that the price action is driven mostly by traders and speculators, and not so much via actual demand from transactions. As such, the price won't be affected much by the large number of unconfirmed transactions unless the it starts to scare the speculators.  I thought that would cause some people to sell but it hasn't been the case. Honestly I think it's going to be very difficult to derail the momentum that bitcoin has built up. Pretty much everyone on the planet thinks the price will keep going higher, so there's a ton of buyers even @ $1900. The trader in me says that this rally from $1000 or so is way overdone but the reality is that nothing has been able to slow it down, no one is willing to sell and many many people are willing to buy. In an environment like this I think it will  take a long while for a drawdown, but when it happens it could be spectacular