Topic: Blocks are full. - page 12. (Read 14989 times)

i been waiting for a transaction to confirm for over 24 hours..
it says there is right around 4000 unconfirmed transactions.


it doesnt seem to be catching up.

Just because there are transactions in the mempool that does not mean that there's a backlog. ~11MB is not unusual. Anyhow right now it says:
Seems like the situation is getting better not worse, right OP? This is what happens when you pull up data from a short time period and want to make conclusions. Don't.

Ohhh. There is no more backlog. OP said there was and I believed him. That is great then. NO MORE BACKLOG. YAY.

In other words, there is currently no backlog and thus the transactions are going through as usually (if you include a fee).

As interesting as this idea might be, it is off-topic to this thread and thus I will not continue the discussion here.

Yeah. This backlog hasn't really had any impact on me. My transactions go through like normal.

An interesting concept that could be tried is that blocks have to be signed by a key that matches a DNSSEC key in the country code TLD.

e.g. for India, the block has to be signed by a DNSSEC key signing key that has a DS record in the .in TLD.

That would probably keep most mining within the region.

Of course they will be able to buy the coins, just like I can buy Canadian fiat.

The way it most likely would work :

Several business owners in a region get together to make it happen. Part of them getting together is so they accept the coin at launch, and make sure exchanges are set up at launch.

Mining would most likely be proof of stake, so that mining for profit by those who do not already hold the currency would be minimized, keeping most of the mining in the region.

It probably would involve a premine with initial sales of the pre-mined coins only to residents of the region. Those residents of course could sell to anyone they want, but they also could be used at any of the businesses that agreed to accept the coin before it was even launched.

Sure some outsiders would buy and hold the coin, but there is no incentive for businesses outside the region to accept it so inside the region is where it will flow and have real value.

Sooner or later it will happen, probably with many failed attempts first. India I suspect will be the first to do it successfully.

Are you trying to tell me that people outside of this region won't be able to buy the coin? This is not going to happen; nor do I see how this could be properly implemented. This still enables people somewhere to "dump" whenever they want to.

Private are useless, but regional coins are not, just like regional fiat currencies are not useless.

Why should the value of crypto-currency in Venezuela drop just because a bunch of whales in China decided to dump?

Spikes don't matter, the average data over time matters much more. Spikes can be caused by huge numbers of things (e.g. spam attacks). It should be fine until Segwit gets activated (let's just hope that miners really want an increase as they say that they do). It will give a small bump that will increase over time.

Private regional coins are useless; this is not what Bitcoin stands for.

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Just your everyday spam trying to manipulate the people.

Average blocksize has hit a new all time high according to blockchain.info -> https://blockchain.info/charts/avg-block-size?showDataPoints=false&show_header=true&daysAverageString=7×pan=all&scale=0&address=

It would mean that not everyone in the world needs to have the transaction details of everyone other in the world. Because a big part of the transactions are in countries you will never care about. Which will decrease the amount of harddisc space you need.

Sidechains sound like a better solution though.

I wonder if it will happen since surely most people will prefer to use the real deal. Global network.

Bitcoin has time to grow. There were times we used floppy discs with whopping 1,44 mb per disc. Now it's standard to use 1TB discs. That's 1000 * 1000 times more. Now check the time it took to get to that point and you will know when the time is ready that bitcoin can handle the currently used amount of transactions that visa has.

I think it's wishfull thinking to believe that the core devs now, somehow, come up with a perma fix. What they do mostly is pushing lightning network, which in fact is no fix but simply "Not using bitcoin anymore". That is no fix to bitcoin, it's an evading solution.

The bankers? You know that corrup Hearn is out of the game, i never understood why someone would want to work with him but somehow some did.

But let's look at the other direction. We have bitcoin as the real currency. Now we have some people that try to build something around bitcoin and they want that everyone uses them to interact with bitcoin. Over time the transaction fees for bitcoin will rise pretty high with 1mb blocks. At one point in time it might be that case that they are so very high that only a huge amount of lightning network transaction put into one bitcoin transaction makes sense anymore. So that no normal person can pay the bitcoin fees anymore.

The solution is easy then. Come use lightning network directly. No need to buy bitcoins, send us your fiat we give you virtual bitcoins on lightning network. You don't even have to touch bitcoins anymore.

What would we have then? A banking system. Only big companies and banks would be able to use bitcoin anymore. In fact it's the same we have now in the fiat world.

Well, this doesn't sound exactly like the great future satoshi envisioned. Though it seems some people have different interests while still claiming they are the original bitcoiners. Might be that there are alot of people who honestly think it will be the solution to not use bitcoin directly anymore.

In fact i doubt it will come this far. LN will have a hard time getting established in my opinion.

There used to be numerous country coins, like the Icelandic coins, Malta coins. These coins are not popular now. Most died. Digital coin is international.

Even with all the backlog, I can always get my transaction confirmed really fast. I really have no problem.

i can see this scenario more with sidechain than altcoin, altcoin would be a pain in the ass to regulate, sidechain are more tied to bitcoin instead, they should be easy to control

i believe that altcoin will remain niche forever, and maybe more toward criminal activity if they offer soemthing like monero, and their adoption one day will emerge greatly

Real scaling will happen with regional favored altcoins.

What I mean is West Africa will embrace one alt coin, South America another, etc. and most transactions in those regions will be done with those alt coins, with bitcoin acting in similar fashion as USD currently acts on the world market.

That's what I see happening.

And no, none of the current alt-coins look to me like they have a shot at being adopted by a particular region of the world.

I suspect these alt-coins will have a shorter block time making them easier to use in point of sale transactions and use a proof of stake method of keeping the mining in the region where they are primarily used.

we don't need 8 giga ever, there are currently theoretically, optimizations that can guarantee us more tx per sec than the average known

i think none has read this it seems https://en.bitcoin.it/wiki/Scalability