A thought... - page 2. | Bitcointalksearch.org

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legendary

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Owner at AltQuick.com

Quote from: ajareselde on July 09, 2015, 04:47:14 PM

Quote from: redsn0w on July 09, 2015, 04:24:43 PM

We should not compare bitcoin with VISA (or Mastercard) because they are two different things.... However it is really interesting to see that 'someone' is spending 6-7 k dollars (in btc) per day to make this thing.

Like i stated days ago, it's quite possible that this is an orchestrated attack, and not "stress test" , and it's being done by same people that are pumping litecoin beyond any reason.
The idea is probably to make bitcoin as slow as it can get with all the spam, to promote litecoin's faster block time, and it's immunity to this current attack.
They are spending money, but they will make it worth their while in the upcoming dump, which will probably happen at the same time when they stop spamming the blockchain.

@op, bitcoin as it is today, couldn't process 1% of global adoption,and if situations like this one continue to happen, there is no future for bitcoin, that's for sure.

cheers

I'd like to see Litecoin banned completely off this forum.

ajareselde

legendary

Activity: 1722

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Satoshi is rolling in his grave. #bitcoin

Quote from: redsn0w on July 09, 2015, 04:24:43 PM

We should not compare bitcoin with VISA (or Mastercard) because they are two different things.... However it is really interesting to see that 'someone' is spending 6-7 k dollars (in btc) per day to make this thing.

Like i stated days ago, it's quite possible that this is an orchestrated attack, and not "stress test" , and it's being done by same people that are pumping litecoin beyond any reason.
The idea is probably to make bitcoin as slow as it can get with all the spam, to promote litecoin's faster block time, and it's immunity to this current attack.
They are spending money, but they will make it worth their while in the upcoming dump, which will probably happen at the same time when they stop spamming the blockchain.

@op, bitcoin as it is today, couldn't process 1% of global adoption,and if situations like this one continue to happen, there is no future for bitcoin, that's for sure.

cheers

pedrog

legendary

Activity: 2786

Merit: 1031

There are several proposes to increase transaction capacity, an ongoing discussion has been going about blocksize, that's all about increasing transaction capacity, probably it will not be enough, there are other proposals that will help reach higher capacity.

redsn0w

legendary

Activity: 1778

Merit: 1043

#Free market

We should not compare bitcoin with VISA (or Mastercard) because they are two different things.... However it is really interesting to see that 'someone' is spending 6-7 k dollars (in btc) per day to make this thing.

ANdr0id

full member

Activity: 196

Merit: 100

That is the key word here: The norm

Bitcoin is not the norm as long as visa/mastercard and debt cards are what the majority of consumers use for their everyday transactions.
Is bitcoin widely accepted?? No. The credit cards are.

BrianM

hero member

Activity: 546

Merit: 510

Quote from: pereira4 on July 09, 2015, 03:59:30 PM

Quote from: meono on July 09, 2015, 03:06:03 PM

BTC will never EVER have the same TX volume as Visa. Why? because BTC will be a token for the largest financial ledger of the world. ppl wont use BTC to buy coffee. They use it to buy a house, pay tuition or simply hedge against other financial vehicle

You are assuming a lot of things. In the future people may get tired of government control and they may start using it. Also you aren't considering that it will be all over the world. All over the world transactions could easily match Visa's. And trust me it will scale up to anything that's needed.

I tend to agree on meono on this one.
I belive that bitcoin will be the backbone of cryptocurrency system... bitcoin will in the future only be used to move large amound of funds between different entities. I think for everyday transaction for the normal people then will other digital currencies fill out that demand.

pereira4

legendary

Activity: 1610

Merit: 1183

Quote from: meono on July 09, 2015, 03:06:03 PM

Quote from: Amph on July 09, 2015, 02:54:10 PM

that's the point of this test, because bitcoin can't handle this, and we can't reach mainstream with the current TX limit, mainstream is far worse than just 150 tx per second, far far worse, the tx spam that you're seeing right now is nothing in comaprison, a big joke....

take a look at the TX volume of Visa for example, this is what we call mainstream

BTC will never EVER have the same TX volume as Visa. Why? because BTC will be a token for the largest financial ledger of the world. ppl wont use BTC to buy coffee. They use it to buy a house, pay tuition or simply hedge against other financial vehicle

You are assuming a lot of things. In the future people may get tired of government control and they may start using it. Also you aren't considering that it will be all over the world. All over the world transactions could easily match Visa's. And trust me it will scale up to anything that's needed.

Xialla

legendary

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/dev/null

Quote from: Alex1212 on July 09, 2015, 02:48:43 PM

When bitcoin is actually "mainstream" and the volumes of transactions that we are seeing today, is becoming a normal thing, how will the network handle it?

the amount of transactions which we had these days is literally fraction compare to bright future, where bitcoin will become "mainstream"..and yes, current network with this size of block can't handle it and you can see it right now..

https://blockchain.info/unconfirmed-transactions

https://blockchain.info/charts/n-transactions

Amph

legendary

Activity: 3248

Merit: 1070

Quote from: cryptworld on July 09, 2015, 03:10:42 PM

Quote from: Amph on July 09, 2015, 02:54:10 PM

that's the point of this test, because bitcoin can't handle this, and we can't reach mainstream with the current TX limit, mainstream is far worse than just 150 tx per second, far far worse, the tx spam that you're seeing right now is nothing in comaprison, a big joke....

take a look at the TX volume of Visa for example, this is what we call mainstream

Why do you say the network can't handle when the only point is the block size?

When block size is increased there is no problem in bitcoin

the network can't handle it right now, the OP think that we can reach mainstream with the current TX limit, which is impossible

Quote from: meono on July 09, 2015, 03:06:03 PM

Quote from: Amph on July 09, 2015, 02:54:10 PM

that's the point of this test, because bitcoin can't handle this, and we can't reach mainstream with the current TX limit, mainstream is far worse than just 150 tx per second, far far worse, the tx spam that you're seeing right now is nothing in comaprison, a big joke....

take a look at the TX volume of Visa for example, this is what we call mainstream

BTC will never EVER have the same TX volume as Visa. Why? because BTC will be a token for the largest financial ledger of the world. ppl wont use BTC to buy coffee. They use it to buy a house, pay tuition or simply hedge against other financial vehicle

actually btc would suit well for thing that don't cost too much, like coffee, because for small transaction you can accept zero confirmation more safely, or you can do it off-chain via other service like xapo

cryptworld

hero member

Activity: 714

Merit: 503

Quote from: Amph on July 09, 2015, 02:54:10 PM

that's the point of this test, because bitcoin can't handle this, and we can't reach mainstream with the current TX limit, mainstream is far worse than just 150 tx per second, far far worse, the tx spam that you're seeing right now is nothing in comaprison, a big joke....

take a look at the TX volume of Visa for example, this is what we call mainstream

Why do you say the network can't handle when the only point is the block size?

When block size is increased there is no problem in bitcoin

meono

full member

Activity: 196

Merit: 100

Quote from: Amph on July 09, 2015, 02:54:10 PM

that's the point of this test, because bitcoin can't handle this, and we can't reach mainstream with the current TX limit, mainstream is far worse than just 150 tx per second, far far worse, the tx spam that you're seeing right now is nothing in comaprison, a big joke....

take a look at the TX volume of Visa for example, this is what we call mainstream

BTC will never EVER have the same TX volume as Visa. Why? because BTC will be a token for the largest financial ledger of the world. ppl wont use BTC to buy coffee. They use it to buy a house, pay tuition or simply hedge against other financial vehicle

Amph

legendary

Activity: 3248

Merit: 1070

that's the point of this test, because bitcoin can't handle this, and we can't reach mainstream with the current TX limit, mainstream is far worse than just 150 tx per second, far far worse, the tx spam that you're seeing right now is nothing in comaprison, a big joke....

take a look at the TX volume of Visa for example, this is what we call mainstream

Alex1212

newbie

Activity: 41

Merit: 0

When bitcoin is actually "mainstream" and the volumes of transactions that we are seeing today, is becoming a normal thing, how will the network handle it?

on a side note, does anyone know when the attack will stop? any estimates

Topic: A thought... - page 2. (Read 1411 times)