Over 100,000 transactions now waiting for a confirmation on Bitcoin Core, fees climbing rapidly.
If it continues like this, it will likely top the previous high of 260,000 transactions waiting for a confirmation. https://jochen-hoenicke.de/queue/#0,all
Fees will skyrocket as people start to bump their fees to try to move their stuck coins.
Bitcoin Core is usually able to clear all transactions on the weekends, if it doesn't, they will start to pile up and things will get very interesting.
The last time something like this happened there was an abnormal number of transactions being created likely by a malicious miner (or someone trying to divide the community?). The cost of doing a similar attack is lower now as the market demand is already filling all blocks.
Now imagine all the issues that plague Bitcoin Core Lightning Network are miraculously solved. Opening and closing channels under this new normal could take days and high fees mean that it will make only sense to open a channel with a value for which the fee becomes negligible. If the fee to open a channel is $20, what amount of BTC makes sense to have on the payment channel?
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