Topic: A thought... (Read 1411 times)

I find that drawing extremly interesting, where did you get it from?

I like that the block reward is plottet on the top axis.
I don't think we will reach visa-volume in transaction... but one should never say never.
I am sure that many people in 2009 never thought that there would be a bitcoin ticker at the US stock exhange.

It only takes a couple of big infraestructures with lots of operations per second like NASDAQ to move their shit over the blockchain and we'll soon have bigger volume than VISA.
The ultimate bitcoin's goal is to surpass everyone and become the #1 global payment method, everything else is not enough. And it can be done and will be done. All other altcoins will always be shitcoins unless they have a very special feature.

Remember that new people will want to move satoshis back and forth between online wallets and try to make paper wallets, try to get other software wallets to see how they work etc. This will involve many tiny transactions before they are reasonably familiar with how it all works.

I agree. Even with the current blocksize limit there enough room to grow if the dust is driven out.


I like your suggestions. Unfortunately the crowd is blindly following Gavin's toxic plan. Hopefully the more sane developers will prevail and a hard-fork will be prevented because that would be bad for everyone.

We need a healthy fee market with enough pressure to drive spam out. For the dust-lovers there will be alternative solutions. It's idiotic to risk the security of the whole system just to accommodate the obscure needs of one-candy-at-a-time-purchasers.

A large amount of the transactions on the network are spam in my humble opinion. If you cut out all the transactions under 5 cents that's like 90% of the traffic. (even before the attack)

As Bitcoin grows in popularity the network will naturally over time adjust the cutoff limits (minimum fees) so in times of heavy load micro transactions (less then 1 cent) will be "put on the back burner" till higher priority transactions with higher fees use the network and then when things calm down the smaller transactions will be validated.

I say let the market miners decide the minimum transaction fee rate.  If it gos above 50 cents will have consensus for a small 2MB block increase.

The only risk right now is decoupling of the network (mico forks) because of propagation lag; this would only get worse right now if we increased the block size.

I, for one, welcome our new mining cartel overloads.

A possible fix would be to add optional code into our network nodes to change the minimum fee required per transaction size for propagation based on the current size of the mempool. The best part is its optional and dose not require a hard fork. As the mempool size increases the minium fees necessary for propagation threw the network would rise accordingly. A simple sliding scale GUI could be added to all Full node clients for easy adjustment or be hard coded but configurable by only more tech savvy people.

Cui bono?
 

The only plausible solution to combat large numbers of transaction is a blocksize increase. Down the road, if the general population has access to Bitcoin, 1 MB blocks will not suffice. Everyone knows this, and the current debate about is primarily in regards to when the blocksize should be increased, rather than if.

Why?

You think litecoin rose in the weeks up to the attack because rumours of an attack spread that this attack would expose the weakness of bitcoin and that some people would seek to litecoin?

I mostly agree. I foresee bitcoin being the premier high-price, crypto-ledger-currency of the future. Buying a new yacht or paying for boarding school? Use bitcoin. Hedging your gold and platinum positions? Use bitcoin. Buying a pack of gum? Use something else.

Visa or Mastercard is a very different system with very different goals and very different vulnerabilities.

It can be used for everyday purchases like buying coffee, but you need to use off-chain transactions, it would be like using Paypal, but you fund your account with bitcoin.

Imagine in your particular area there are a lot of merchants using Coinbase, you can set up a Coinbase account just for your everyday purchases, same thing with Xapo, you can still have your own wallet for purchases at merchants who do not use these kind of services.

At a max of 7 transactions per second... it won't be used for buying coffee by the average person...

There is heavy debating going on about what to do...


I don't think the interent backbone will advance fast enough to follow gavin's doubling plan, it's a decent plan though, however I think inncorrect.

Hmm last time I remember Roger Ver ordered a coffee in Starbucks with the help of bitcoin. Bitcoin CAN be used to buy almost anything that fiat money can buy provided that there will be merchants ready to accept bitcoin as a form of payment. Take note that bitcoin is also divisible, so even if bitcoin reach a ludicrous amount, say $10,000 a piece, you can still divide it and get a $100 out of it to pay for your coffee or meal or almost anything.

Litecoin is like other altcoin and has it sector (sub-forum) here.
So no need LiteCoin to be banned

This.. Amph makes a very good point, however increaseing the blockchain to handle that kind of volume is currently not possible.  It could be increased but at 20k TX per second.. the bloat would decimate nodes.

Not true. Bitcoin is already being used for coffee. Altcoins are mostly used for trading. Altcoins don't have the infrastructure, most don't even have mobile wallets. Bitcoin will be widespread and useable for most things soon enough. Not as many people care about the ledger as should. They just like something that works. They want an easy wallet, an easy way to buy, and that it be accepted everywhere. We are light years away from any altcoin having that. Bitcoin is getting there.

The difference, however, are the copious amount of people that buy with credit. For them, credit cards are going to be the only way. So yes, Bitcoin will not have the amount of usage as visa does.


Edit: I'm taking for granted that what you mean by what you say is that Bitcoin will be used for big transactions and altcoins will be used for coffee or small things.

Well it is very evident that even with this stress testing, the network couldn't handle loads of transactions. And this stress testing is also becoming way overboard: tx with little to no fees are not confirming sooner. I wonder how the network and devs would come up with a solution to handle such problems.

I do not know who is behind this stress test or attack, but no one can stop them (only with a fix of the bitcoin code and a large consensus).




Why? There aren't any rules in the cryptocoin world and we don't know really if 'ltc' is behind all this problematic solution.

Through a increased fees. Imho the fee market is underdeveloped. We need a better and more aggressive fee system. That's the prime way to prevent spam attacks: Just make them economically unfeasible.

For those worrying about their dust transactions: Those will go off-chain or side-chain, so Bitcoin can scale without wasting resources and maintain its decentralized nature.

ya.ya.yo!

How can Bitcoin be widely accepted when it's still not ready to be scaled and people don't even know what it is.

It's like complaining that the internet isn't widely accepted in 1990 and physical mail is better than email because tcp/ip will never scale up.