Topic: bitcoin XT, do you have enough storage for? (Read 749 times)
Any idea of How much cost it? in terms of % of marketcap.
Bitcoin Core isn't all that big. It's the BLOCKCHAIN that is 46 Gig. Given that it's the MAX size of a block being affected, not the specific block size, the XT varient won't have a noticeable effect if any at ALL on the total size for a long time if ever.
If transaction spam should increase to make the maintenance of a “full node[]” (lottery248) yet more burdensome then “the XT varient [will] have a noticeable effect” (QuintLeo).
Bitcoin Core isn't all that big. It's the BLOCKCHAIN that is 46 Gig. Given that it's the MAX size of a block being affected, not the specific block size, the XT varient won't have a noticeable effect if any at ALL on the total size for a long time if ever.
Bitcoin Core is already 46 GB. Imagine this grows 8x faster than now. I don't think whole community is ready for that big switch in 2016. Increasing block size to 2-4 MB seems more reasonable to me.
I'm not a Bitcoin XT supporter, or nay-sayer, I say let the community decide by usage.
With that said, any blockchain could be 4TB large and it wouldn't have any detrimental causality on an average miner who is willing to shell out thousands of dollars for mining gear. I mean seriously, HDD space is stupid cheap and it's only going down in price.
With that said, any blockchain could be 4TB large and it wouldn't have any detrimental causality on an average miner who is willing to shell out thousands of dollars for mining gear. I mean seriously, HDD space is stupid cheap and it's only going down in price.
The primary reason behind Bitcoin XT is to cure an issue with plenty of time to TEST the cure before it's needed, as opposed to things like the Y2K fiasco that cost folks TONS in last second "fixes", some of which ended up NOT being well tested and BROKE, because the issue was ignored for way too long despite plenty of advance notice.
In this case, the limit of the Bitcoin block size will limits how many transactions CAN occur in a given timeframe - it's not an issue NOW, but as Bitcoin gets more widely adopted it's working towards becomming a major critical issue - and there is NO WAY TO PREDICT WHEN THE ISSUE WILL START NEGATIVELY AFFECTING BITCOIN SPENDABILITY. Probably not in the next month, likely not the next 6 months, but with economies rebounding I COULD see it being a noticeable issue as soon as "Black Friday" of 2016.
Better to fix it now, and have plenty of time to TEST the fix, as opposed to waiting "till it's needed" then have it not in place WHEN IT IS NEEDED if an unexpected or
larger-then-expected surge in usage happens.
In this case, the limit of the Bitcoin block size will limits how many transactions CAN occur in a given timeframe - it's not an issue NOW, but as Bitcoin gets more widely adopted it's working towards becomming a major critical issue - and there is NO WAY TO PREDICT WHEN THE ISSUE WILL START NEGATIVELY AFFECTING BITCOIN SPENDABILITY. Probably not in the next month, likely not the next 6 months, but with economies rebounding I COULD see it being a noticeable issue as soon as "Black Friday" of 2016.
Better to fix it now, and have plenty of time to TEST the fix, as opposed to waiting "till it's needed" then have it not in place WHEN IT IS NEEDED if an unexpected or
larger-then-expected surge in usage happens.
a lot of people said that bitcoin XT is good for bitcoin, yes, that would be nice to help transactions faster.
however, the bitcoin transaction per block is not even higher than 0.8 mb! why should we need to add the XT?
unless the frequency of transaction is kept increasing, otherwise, XT node makes no sense. this would harm the newbies of full nodes.
anyway, if you applied bitcoin XT node, would you have enough storage for the XT to use? because XT is probably eating the memories, which is faster than what you are expecting for.
however, the bitcoin transaction per block is not even higher than 0.8 mb! why should we need to add the XT?
unless the frequency of transaction is kept increasing, otherwise, XT node makes no sense. this would harm the newbies of full nodes.
anyway, if you applied bitcoin XT node, would you have enough storage for the XT to use? because XT is probably eating the memories, which is faster than what you are expecting for.
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