An 8MB Block Found on the Bitcoin Cash

nothreat

jr. member

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Merit: 6

Quote from: hdclover on December 14, 2017, 07:59:41 AM

Bigger blocks take more space so essentially the size of the blockchain will get bigger and bigger day by day. As the blockchain size increases less number people can run full nodes and it would lead to massive Centralisation of Bitcoin. Increasing blocksize is just a temporary adjustment. You can't scale it to millions of transactions.

Totally disagree. Yes, there will be some bigger blocks but you need that it there are lots of transactions.
Equally, if volumes diminish then there could be smaller blocks.
Database size should only grow with number of transactions (as it should.)
You only need to store the transactions over a ten minute period in each block.

Essentially, if there are no transactions over that period you would just be storing the header and footer.
So blocks should be able to shrink and grow according to transaction volume.
You don't store white space to pad a block to a fixed size.

lidd0512

member

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yes ,the transaction speed and high fee always made me curious why people devote such a lot of attentions to btc instead of other better coins.

BitcoinHodler

hero member

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HODLing is an art, not just a word...

Quote from: nothreat on December 14, 2017, 06:35:36 AM

Clears 37K Transactions

am i the only one who finds this number very strange?
i had to go check it out with my own eyes to believe it: https://bitcoincash.blockexplorer.com/block/000000000000000007a4afe23f9c4681ea37bb73b6070587e1503a08a4681e23

in case you are wondering why, i should say it is because bitcoin has 1 MB blocks and these blocks contain 2500 transaction on average. that means when you increase the size to 8 MB it should become 20,000 transactions at best on average not 37,800.

looking deeper in the transactions in the block you can see there are lots of them like this:
https://bitcoincash.blockexplorer.com/tx/b1634a2ac00b2a15e3c95a7ca6436b22f9513dae023d2c763f8dfb857b0dcc27
with only 1 input and 1 output which is extremely uncommon for normal usage because people are going to have some change in 90% of the times.

additionally if you check bitcoin's mempool https://blockchain.info/unconfirmed-transactions
there are currently 147,337 unconfirmed trasnaction with a total size of 251,592 kB or 1,707 Byte per transaction on average.
now you tell me how is it bitcoin transactions have more than 1 input and certainly more than 1 output but this particular block in BCH is like this?

hdclover

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www.bitcoin.org

Bigger blocks take more space so essentially the size of the blockchain will get bigger and bigger day by day. As the blockchain size increases less number people can run full nodes and it would lead to massive Centralisation of Bitcoin. Increasing blocksize is just a temporary adjustment. You can't scale it to millions of transactions.

sylance

full member

Activity: 392

Merit: 102

If all you care about is transaction speed and fees, then sell all Bitcoin forks and load up on IOTA, GBYTE, and XRB (RaiBlocks.) They have a different tech than blockchain and state they can do tens-of-thousands of transactions a second with near zero fees.

There's a reason why Bitcoin is still king of the hill even with its huge fees and slow transactions. It's where people are storing their value and watching its value climb. Bitcoin Cash is just a way to build on everyone else's hard work and take it for themselves. (yes, I'm still bitter over the Bitcoin attack from a few weeks ago)

Cluster2k

legendary

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Quote from: Colorblind on December 14, 2017, 06:56:52 AM

Increasing block will only give temporary breath space for BTC network and feed the miners.
But in exchange it will bring much faster blockchain bloat to the network. This will lead to much worse consequences much sooner when only a handful of services will be capable of hosting full node. That's not good.

Blocksize is not a solution.

True, this is not a way of solving the problem, just a workaround. However I think this could be a good way to expand the capacity of each block txs carrier and so to have the network less congested.
Anyway developers have to find a proper way to scale txs capacity without having to worry about the same problem few time later.

Colorblind

member

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This text is irrelevant

Increasing block will only give temporary breath space for BTC network and feed the miners.
But in exchange it will bring much faster blockchain bloat to the network. This will lead to much worse consequences much sooner when only a handful of services will be capable of hosting full node. That's not good.

Blocksize is not a solution.

nothreat

jr. member

Activity: 38

Merit: 6

An 8MB Block Found on the Bitcoin Cash Blockchain Clears 37K Transactions

https://news.bitcoin.com/bitcoin-cash-8mb-block-479469-clears-over-37000-transactions/

Yet there are currently 137904 unconfirmed transactions waiting to clear off the bitcoin (NOT CASH) blockchain and some folk who can't afford ridiculous transaction fees are waiting for days for their transactions to clear. Roll Eyes

This is why something needs to be done about the monopoly of a certain few over how the blockchain is utilised. Angry

Desperately seeking answers as to why the status quo might be a good thing - e.g. perhaps the transaction delay stops run-away speculation? Or the miners who do find a block profit more? Rarity or un-obtainability increases value?

What are your thoughts?

Topic: An 8MB Block Found on the Bitcoin Cash (Read 147 times)