Bitcoin's Success Leading to Doom? - page 2.

legendary

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Quote from: Hydrogen on March 05, 2017, 11:25:05 AM

I wonder sometimes if Moore's Law dictates transistors, network bandwidth and file space storage could grow at a faster rate than the blockchain.

transistors and space are easy. bandwidth is out of the user's hands. that depends on your local telecom company deciding to spend a few million upgrading.

Hydrogen

legendary

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Quote from: S_D on March 05, 2017, 08:51:34 AM

From what I understand IMO bitcoin will fail because it will get widely accepted and then no matter what fork is made, the blockchain will get huge in size to the extent of mismanagement eventually. (We cannot maintain a ledger for centuries... or can we?)

I wonder sometimes if Moore's Law dictates transistors, network bandwidth and file space storage could grow at a faster rate than the blockchain.

If not maybe we'll have people in the future calling for optimization or compression of the blockchain similar to how people are calling for different block sizes now.

Hardware upgrades over time could solve some of these concerns.

dothebeats

legendary

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Quote from: European Central Bank on March 05, 2017, 10:12:43 AM

nodes already cost. they'll eat your entire data allowance and then some if you allow it.

and of course people will maintain a ledger if it has value.

I think it'll come to a crunch where hobbyists can't do it any more. question is whether there are richer hobbyists to continue or whether commercial entities will actively try to maintain decentralisation.

I think we'll be offered an illusion of it like Chinese mining but it would take a crisis to properly reassert it.

Afaik it's not only hobbyists who maintain and run nodes to help the network. Miners profit very largely from bitcoins so they can create their own nodes if they want to continue earning $$$. Since miners are already running machines that consumes a lot of power 24/7/365, why won't they create their own nodes to aid there mining operations too, right? It's just a small fraction of $$$ compared to what they are earning anyways.

bravehearth0319

hero member

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Quote from: European Central Bank on March 05, 2017, 10:12:43 AM

nodes already cost. they'll eat your entire data allowance and then some if you allow it.

and of course people will maintain a ledger if it has value.

I think it'll come to a crunch where hobbyists can't do it any more. question is whether there are richer hobbyists to continue or whether commercial entities will actively try to maintain decentralisation.

I think we'll be offered an illusion of it like Chinese mining but it would take a crisis to properly reassert it.

Yes that's true, nodes function is acting like a boss this is just an illustration example. And I don't think that bitcoin success leading to doom. As long as we will keep and protect the ledger or maintain due to the value it has the decentralization will continue to be apply.

European Central Bank

legendary

Activity: 1288

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nodes already cost. they'll eat your entire data allowance and then some if you allow it.

and of course people will maintain a ledger if it has value.

I think it'll come to a crunch where hobbyists can't do it any more. question is whether there are richer hobbyists to continue or whether commercial entities will actively try to maintain decentralisation.

I think we'll be offered an illusion of it like Chinese mining but it would take a crisis to properly reassert it.

S_D

full member

Activity: 198

Merit: 112

Bitcoin's Success Leading to Doom?

So there's huge discussion still in progress about the scalability of Bitcoin and how it could be managed.

From what I understand IMO bitcoin will fail because it will get widely accepted and then no matter what fork is made, the blockchain will get huge in size to the extent of mismanagement eventually. (We cannot maintain a ledger for centuries... or can we?)

Soon there will be a cost to run node & nodes aren't being rewarded enough.

Huge Blockchain -> Stressed Nodes -> Lack of motivation to run node -> Fewer Nodes -> Centralization of voting power -> Purpose defeated

I would like to hear what other member have to say in this context.

P.S:
The curve in this chart will only keep getting steeper:
https://blockchain.info/charts/blocks-size?timespan=all

Update:
Some valid arguments made by members here:

Moore's law reduces costs. It will get cheaper to manage this ecosystem.
Maintaining a node is far less expensive but will probably get costly or cheaper (referring the clash with Moore's law here)
Many aren't aware of how serious this issue is!
https://medium.com/@spair/the-bitcoin-fee-market-4df1857d12b7#.9h4fc04nr

^{Disclaimer: This topic is opinion driven we are only trying to get close to a good speculation.}

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