FACT CHECK: Bitcoin Blockchain will be 700GB in 4 Years - page 5.

coins101

legendary

Activity: 1456

Merit: 1000

Quote from: Carlton Banks on October 27, 2016, 08:19:12 AM

Quote from: gatra on October 27, 2016, 08:10:29 AM

Current speed is the max speed, and it is about 1MB each 10 minutes. It will not go much faster than this without a change in the protocol (ie a fork)

And the Segwit fork was released today. Let's hope it becomes activated sooner rather than later.

If there is never a fork to add extra transaction capacity, then the blockchain will be limited to current max blocksize x ~10minutes

What are the chances of never increasing the block size beyond 1mb? Is it a case of when, not if? and is the when, more likely to be sooner rather than later?

Will we see a negotiations on increasing the 1mb size cap in order for segwit to see the light of day?

Carlton Banks

legendary

Activity: 3430

Merit: 3080

Quote from: gatra on October 27, 2016, 08:10:29 AM

Current speed is the max speed, and it is about 1MB each 10 minutes. It will not go much faster than this without a change in the protocol (ie a fork)

And the Segwit fork was released today. Let's hope it becomes activated sooner rather than later.

gatra

hero member

Activity: 583

Merit: 505

CTO @ Flixxo, Riecoin dev

Quote from: coins101 on September 09, 2016, 04:52:08 PM

My guess is that the Bitcoin Blockchain is growing at around 4% per month.

Is that assessment about right?

NO

The size of the blockchain may look exponential if you look from the beginning but it's actually limited by a linear function. It is currently growing as fast as it can so the rate will continue and the size will not grow exponentially.
Current speed is the max speed, and it is about 1MB each 10 minutes. It will not go much faster than this without a change in the protocol (ie a fork)

skierchewing

sr. member

Activity: 338

Merit: 250

If I remember, there was a quote of Satoshi that said that some day the nodes will be placed in specialised data centers.

Carlton Banks

legendary

Activity: 3430

Merit: 3080

Quote from: Wind_FURY on October 27, 2016, 07:15:15 AM

Quote from: Carlton Banks on October 27, 2016, 06:56:07 AM

Why are you talking about businesses when I'm talking about mining pools? Who's Roger Ver?

There must be some kind of misunderstanding. Why were you talking about mining pools? I was talking about venture capitalists not making back their investments in Bitcoin companies in the post of mine that you quoted.

Are you serious about the 2nd question?

You still haven't answered adequately. Why are you saying that any Bitcoin business, mining or not, is rushing to fork the blockchain, when none are?

Hugroll

hero member

Activity: 756

Merit: 500

Quote from: BADecker on September 10, 2016, 02:04:30 AM

Quantum Computers are advancing much faster in calc and storage capacity. In 4 years from now, QCs will have cracked the blockchain, and Bitcoin will be gone, or at least, residing on a QC.

How exactly does a quantum computer attack the blockchain. I thought the only risk was QC's brute forcing certain private keys with a ton of bitcoins.

But i don't really that as an attack on the blockchain

Wind_FURY

legendary

Activity: 2898

Merit: 1823

Quote from: Carlton Banks on October 27, 2016, 06:56:07 AM

Why are you talking about businesses when I'm talking about mining pools? Who's Roger Ver?

There must be some kind of misunderstanding. Why were you talking about mining pools? I was talking about venture capitalists not making back their investments in Bitcoin companies in the post of mine that you quoted.

Are you serious about the 2nd question?

Carlton Banks

legendary

Activity: 3430

Merit: 3080

Why are you talking about businesses when I'm talking about mining pools? Who's Roger Ver?

Wind_FURY

legendary

Activity: 2898

Merit: 1823

I am sorry if it sounds like FUD. It is only an opinion and it may come out strong for some. If I am mistaken about the individuals and the venture capitalists not making back their investments then please list the Bitcoin companies that are making money today. Let us start with the Bitcoin businesses that Roger Ver has invested since he is the most vocal supporter of Bitcoin Unlimited.

I would guess that only some major exchanges and darknet market sites are the only ones really making money.

Carlton Banks

legendary

Activity: 3430

Merit: 3080

Quote from: Wind_FURY on October 27, 2016, 06:35:01 AM

I do not think it is greed but more like desperation. Almost all the individuals and the venture capitalists who have invested millions of dollars in different Bitcoin businesses do not look like they will make any money in their investments. They could be blaming it on the scalability problem so now they are rushing a hard fork to bigger blocks at the expense of the network.

There's zero evidence for that, the overwhelming majority of mining pools understand that on-chain throughput can't compete with VISA. All hard-forks have to offer is on-chain increases, and all in the crudest way possible. You're spreading FUD saying things like that.

Wind_FURY

legendary

Activity: 2898

Merit: 1823

Quote from: Lauda on October 27, 2016, 03:49:52 AM

Quote from: Wind_FURY on October 26, 2016, 08:51:17 PM

How big does a block have to be to fit in 2000 - 3000/s worth of transactions in there?

The math is rather simple for providing a estimate. In theory, Bitcoin can do 7 TPS at 1 MB. However, in real world usage we are talking about 3 TPS. In order to reach 3000 TPS (Visa can do a lot more) you would need 1000MB blocks (over 50 TB of storage per year). Bitcoin, as a decentralized network, will likely never be able to scale up to Visa without additional layers. Segwit can do 14 TPS in theory (testnet block with ~8+k transactions).

Quote

I have noticed that only some of the centralized Bitcoin based services, miners and exchanges are in a hurry to fork to Bitcoin Unlimited. If the nodes follow the whims of the said entities which are really what can be considered part of the "Bitcoin Elite" then Bitcoin has debased itself as a project controlled by an oligarchy.

As I always say, the primary reason to rush adoption, while hurting decentralization, is greed.

I do not think it is greed but more like desperation. Almost all the individuals and the venture capitalists who have invested millions of dollars in different Bitcoin businesses do not look like they will make any money in their investments. They could be blaming it on the scalability problem so now they are rushing a hard fork to bigger blocks at the expense of the network.

The only Bitcoin businesses that are really making money are the popular darknet market sites.

Lauda

legendary

Activity: 2674

Merit: 3000

Terminated.

Quote from: Wind_FURY on October 26, 2016, 08:51:17 PM

How big does a block have to be to fit in 2000 - 3000/s worth of transactions in there?

The math is rather simple for providing a estimate. In theory, Bitcoin can do 7 TPS at 1 MB. However, in real world usage we are talking about 3 TPS. In order to reach 3000 TPS (Visa can do a lot more) you would need 1000MB blocks (over 50 TB of storage per year). Bitcoin, as a decentralized network, will likely never be able to scale up to Visa without additional layers. Segwit can do 14 TPS in theory (testnet block with ~8+k transactions).

Quote

I have noticed that only some of the centralized Bitcoin based services, miners and exchanges are in a hurry to fork to Bitcoin Unlimited. If the nodes follow the whims of the said entities which are really what can be considered part of the "Bitcoin Elite" then Bitcoin has debased itself as a project controlled by an oligarchy.

As I always say, the primary reason to rush adoption, while hurting decentralization, is greed.

Wind_FURY

legendary

Activity: 2898

Merit: 1823

Here is another thought. Did it not occur to anyone that Bitcoin might not really be able to scale to the Visa standard? How big does a block have to be to fit in 2000 - 3000/s worth of transactions in there?

I have noticed that only some of the centralized Bitcoin based services, miners and exchanges are in a hurry to fork to Bitcoin Unlimited. If the nodes follow the whims of the said entities which are really what can be considered part of the "Bitcoin Elite" then Bitcoin has debased itself as a project controlled by an oligarchy.

Meuh6879

legendary

Activity: 1512

Merit: 1012

5Go per month ... not a big deal (1 BDRip ... Roll Eyes

).

for an entery financial network ? Priceless.

matt4054

legendary

Activity: 1946

Merit: 1035

Quote from: Greenenergy on October 26, 2016, 02:15:14 PM

That's not a problem, because look, now, the average computer has at least 1 Tb of data, so I guess in 4 years, it will be something like 3 Tb.

If you look at the numbers, 700GB is not much in today's world, as it has been stated repeatedly.

The problem would rather be about the threshold to keep the network propagation reliability reasonable wrt to the total number of transactions in a given amount of time.

Right now, there is a transaction jam on the Bitcoin queue, but that is mostly caused by the steady increase in Bitcoin price. There is no question that a higher tx/sec throughput is needed in the long run though.

Greenenergy

sr. member

Activity: 441

Merit: 250

That's not a problem, because look, now, the average computer has at least 1 Tb of data, so I guess in 4 years, it will be something like 3 Tb.

coins101

legendary

Activity: 1456

Merit: 1000

Chances of hard fork to increase block size is going up, making segwit 95% threshold means it has some problems going live.

700GB, here we come.

nelsledma

sr. member

Activity: 572

Merit: 250

Quote from: SignificantOtter3 on October 11, 2016, 03:14:30 AM

Quote from: c789 on September 10, 2016, 02:06:00 AM

Moore's Law.

I believe the devs are working on the size of the blockchain, but it's not at the top of their list, and rightly so. They have bigger matters which require their more immediate attention.

You're correct to point out the growing size of the blockchain, but it's a relatively small problem amongst others.

Thanks for clarifying

Good that they take thier time to make it clear for you. i can really see you understand everything now and very happy with the response you get from them.The devs are actually very busy attending most important issues partaining the bockchain and will also face other aspects that needed attention too.

Wind_FURY

legendary

Activity: 2898

Merit: 1823

Quote from: Lauda on October 10, 2016, 12:56:03 AM

Funny thing about those ISP providers. They give you a certain download and upload speed, but if you attempt to use your internet at full speed for 30 days you're likely going to hit some cap after which you will either get your speed reduced or access cut off completely.

Could this be a possible attack vector on Bitcoin? We have seen a motivated government put pressure on some business institution before to get its agenda going. So let us say if the banking cartel pressured the governments around the world and then in turn these governments pressured the ISP's to disallow Bitcoin nodes to have internet access, would that be a possible scenario for the start of the Bitcoin witch hunt taking Bitcoin underground?

coins101

legendary

Activity: 1456

Merit: 1000

Quote from: Lauda on October 11, 2016, 02:43:06 PM

Quote from: coins101 on October 11, 2016, 02:08:37 PM

http://statoshi.info/dashboard/db/peers

The stats are second to none, but I can't figure out why this guy is getting 1.4TB outbound bandwidth, over what looks like a 30 day period. But it could be he has 150 connections for all I can tell.

You can clearly see it here:

Simple as that. Lol thanks!

Topic: FACT CHECK: Bitcoin Blockchain will be 700GB in 4 Years - page 5. (Read 9345 times)