A large % of the unconfirmed transactions are micro transactions, like 1 satoshi. Its a coordinated attack my those running BCH.
Yup, it's precisely that.
There are an alarming number of transactions like these -
https://blockchain.info/tx/50af90e80e3acfb78bc62f6837d22bec7f0024b5d1d2263f08af6d473a1999f5 clogging the pipe.
Of course some miners are in bed with the people behind BCH to let this happen.
I wish there was a way to drop all these micro transactions (below $5) from the mempool altogether. I suppose it would clear the queue by about 70% if not more.
I'm looking at that block chain you mentioned, but even though the transaction was small they still paid $29 to send $0.38 cents. Why, I'm not sure, and this transaction, because they paid close to 700 sat/byte got confirmed. I figured if they wanted to clog memory pool they would send a transaction with a really low fee to remain unconfirmed. Am I missing something here? (and yes I am really new at this so please be patient with me for explanations, sorry).
For the median transaction size of 226 bytes, this results in a fee of 0.0020792 BTC.
This is unbelievable. It is too expensive.
I totally agree that it's too expensive, but I'm also confused because is this fee really going to the miners? My hashflare returns have dropped because of the difficulty for sure, but I figured with these ridiculous fees we'd be making bank....