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Topic: All-time transaction record was just hit - page 2. (Read 8893 times)

theymos
administrator
Activity: 5222
Merit: 13032
Re: All-time transaction record was just hit
May 03, 2012, 11:34:47 PM
#16
Quote from: cypherdoc on May 03, 2012, 11:26:37 PM
but tell them what you told me in the pm.  its important for them to know that the tx's per block can be increased as was planned for by Satoshi.

Yeah, the 1MB max block size is an arbitrary limit meant to stop the chain size from expanding too quickly. The technical limit is much higher (probably at least a million transactions). Satoshi planned to increase the max block size when legitimate transaction volume made it necessary. This requires everyone to upgrade, but it can be rolled out over several years, so it's not a huge issue. Probably some other chain-forking change will be necessary before it becomes a problem.

The current average transaction count per block is ~60, so we're far from the limit.
cypherdoc
legendary
Activity: 1764
Merit: 1002
Re: All-time transaction record was just hit
May 03, 2012, 11:26:37 PM
#15
Quote from: theymos on May 03, 2012, 11:22:48 PM
Quote from: bpd on May 03, 2012, 10:48:16 PM
https://en.bitcoin.it/wiki/Transaction_fees says it's 500KB per block. May be out of date.

500KB is the soft limit, which can be increased easily. 1MB is the "hard" limit, which is more difficult to increase.

but tell them what you told me in the pm.  its important for them to know that the tx's per block can be increased as was planned for by Satoshi.
theymos
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Activity: 5222
Merit: 13032
Re: All-time transaction record was just hit
May 03, 2012, 11:22:48 PM
#14
Quote from: bpd on May 03, 2012, 10:48:16 PM
https://en.bitcoin.it/wiki/Transaction_fees says it's 500KB per block. May be out of date.

500KB is the soft limit, which can be increased easily. 1MB is the "hard" limit, which is more difficult to increase.
cypherdoc
legendary
Activity: 1764
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Re: All-time transaction record was just hit
May 03, 2012, 10:58:48 PM
#13
from theymos:

http://blockexplorer.com/q/avgtxsize

Bitcoin uses decimal megabytes and the block header is included in the byte count, so the max number of transactions assuming a size of 449 would be (1000000-80)/449=2226.
cypherdoc
legendary
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Re: All-time transaction record was just hit
May 03, 2012, 10:53:43 PM
#12
theymos says there a max of 1MB data per block
bpd
member
Activity: 114
Merit: 10
Re: All-time transaction record was just hit
May 03, 2012, 10:48:16 PM
#11
https://en.bitcoin.it/wiki/Transaction_fees says it's 500KB per block. May be out of date.

Block http://blockchain.info/block-index/217018/0000000000000189d250023b778a2f8e6f45b5d5e4de8fa79b7854aabd1af95b is 293KB with 810 transactions, 677 of which are due to satoshidice
CIYAM
legendary
Activity: 1890
Merit: 1078
Ian Knowles - CIYAM Lead Developer
Re: All-time transaction record was just hit
May 03, 2012, 10:43:37 PM
#10
Quote from: bpd on May 03, 2012, 10:34:21 PM
Isn't there a 1000-txn per block limit in place? Seems like satoshidice could cause that to be hit very quickly.

Isn't the limit 1 MB of tx data rather than x # of tx's?
cypherdoc
legendary
Activity: 1764
Merit: 1002
Re: All-time transaction record was just hit
May 03, 2012, 10:43:19 PM
#9
Quote from: bpd on May 03, 2012, 10:34:21 PM
Isn't there a 1000-txn per block limit in place? Seems like satoshidice could cause that to be hit very quickly.

that can't be right.
evoorhees
legendary
Activity: 1008
Merit: 1021
Democracy is the original 51% attack
Re: All-time transaction record was just hit
May 03, 2012, 10:41:13 PM
#8
Quote from: bpd on May 03, 2012, 10:34:21 PM
Isn't there a 1000-txn per block limit in place? Seems like satoshidice could cause that to be hit very quickly.

I've never heard of such a thing, but it would be pretty silly. That would mean only 144,000 transactions could happen in a day if they happened perfectly evenly. Not suitable for a currency that will take over the world Wink
Explodicle
hero member
Activity: 950
Merit: 1001
Re: All-time transaction record was just hit
May 03, 2012, 10:40:54 PM
#7
Quote from: bpd on May 03, 2012, 10:34:21 PM
Isn't there a 1000-txn per block limit in place? Seems like satoshidice could cause that to be hit very quickly.

Then maybe people will start paying fees. Tongue
cypherdoc
legendary
Activity: 1764
Merit: 1002
Re: All-time transaction record was just hit
May 03, 2012, 10:39:30 PM
#6
Bitcoin looks alot healthier than this:

bpd
member
Activity: 114
Merit: 10
Re: All-time transaction record was just hit
May 03, 2012, 10:34:21 PM
#5
Isn't there a 1000-txn per block limit in place? Seems like satoshidice could cause that to be hit very quickly.
cypherdoc
legendary
Activity: 1764
Merit: 1002
Re: All-time transaction record was just hit
May 03, 2012, 10:26:56 PM
#4
well, a currency has to start somewhere and its very good news that the absolute # of tx's is going up like that.  at this pt we just want ppl to use them and create a monetary velocity.
GoWest
hero member
Activity: 563
Merit: 501
betwithbtc.com
Re: All-time transaction record was just hit
May 03, 2012, 10:21:06 PM
#3
I'd say the value of daily transactions is more important.  http://blockchain.info/charts/estimated-transaction-volume-usd
cypherdoc
legendary
Activity: 1764
Merit: 1002
Re: All-time transaction record was just hit
May 03, 2012, 10:12:54 PM
#2
Quote from: evoorhees on May 03, 2012, 09:57:23 PM

The transactions are actually real people placing real bets, so I guess they are legitimate for the transaction count, right?


shame on you.  of course they're legitimate.  these are real ppl using real Bitcoins for a real purpose.
evoorhees
legendary
Activity: 1008
Merit: 1021
Democracy is the original 51% attack
Re: All-time transaction record was just hit
May 03, 2012, 09:57:23 PM
#1

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

Now, this is actually misleading, because the vast majority of the huge spike in the past couple days was SatoshiDice.com. But, numbers are numbers and we just hit the all time Bitcoin transaction record Wink The transactions are actually real people placing real bets, so I guess they are legitimate for the transaction count, right?

To Piuk (blockchain.info owner), I might suggest you make an additional transactions chart like the above but remove all transactions to or from the 1dice addresses. Smiley
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