Topic: Long term Scalability of Bitcoin and the 1 MB block size limit - page 2. (Read 8994 times)
November 01, 2013, 06:13:26 AM
i never quite understood why you need the who block chain and not just last part that is large enough to make it hard enough not to duplicate. All unmoved coins beyond this point could just be complied into a continuous space, sort like defraging a HD.....or is that the size of the bloc chain already?
November 01, 2013, 05:50:35 AM
In terms of long term space requirements spent transaction deletion and summarisation will drastically reduce this even if you are running a complete but non-archival node.
The scalability wiki covers a lot of this.
https://en.bitcoin.it/wiki/Scalability
remember also an increasing proportion of transactions are happening off-block
The scalability wiki covers a lot of this.
https://en.bitcoin.it/wiki/Scalability
remember also an increasing proportion of transactions are happening off-block
November 01, 2013, 05:44:13 AM
Biggest blocks (in bytes)
Quote
Blocks
Hash Height Age Date ฿TC #TXN Bytes
0⋯4319133c6c0 228,538 8 months 2013-03-29 07:38:36Z 17,022 725 998,053
0⋯8f3a4259afa 256,961 2 months 2013-09-09 16:02:21Z 5,168 3,861 905,676
0⋯a3fb6b3be6e 258,355 2 months 2013-09-16 18:47:17Z 4,595 429 901,212
0⋯f65ddaf0d60 258,365 2 months 2013-09-16 20:48:59Z 9,516 619 898,627
0⋯92007e28df0 263,240 3 weeks 2013-10-1 ...
Hash Height Age Date ฿TC #TXN Bytes
0⋯4319133c6c0 228,538 8 months 2013-03-29 07:38:36Z 17,022 725 998,053
0⋯8f3a4259afa 256,961 2 months 2013-09-09 16:02:21Z 5,168 3,861 905,676
0⋯a3fb6b3be6e 258,355 2 months 2013-09-16 18:47:17Z 4,595 429 901,212
0⋯f65ddaf0d60 258,365 2 months 2013-09-16 20:48:59Z 9,516 619 898,627
0⋯92007e28df0 263,240 3 weeks 2013-10-1 ...
If it hits the 1-MB limit once in a while it's no problem, the problem begins when it starts hitting it several times in a row (and thus delaying transactions more and more).
November 01, 2013, 05:44:01 AM
See: Average block size chart
Since implementing the "dust rule", block size has been pretty steady; I would guess we won't hit the 1MB hard limit for another two years, but that is just a guess, we could easily hit it sooner or later than that.
Since implementing the "dust rule", block size has been pretty steady; I would guess we won't hit the 1MB hard limit for another two years, but that is just a guess, we could easily hit it sooner or later than that.
It would be cool to see a version of that chart multiplied by 10/average-block-interval. If blocks were coming at a rate of one per 10 minutes, the current block size would be about 60% bigger, or about 200KB.
November 01, 2013, 05:38:53 AM
Biggest blocks (in bytes)
Quote
Blocks
Hash Height Age Date ฿TC #TXN Bytes
0⋯4319133c6c0 228,538 8 months 2013-03-29 07:38:36Z 17,022 725 998,053
0⋯8f3a4259afa 256,961 2 months 2013-09-09 16:02:21Z 5,168 3,861 905,676
0⋯a3fb6b3be6e 258,355 2 months 2013-09-16 18:47:17Z 4,595 429 901,212
0⋯f65ddaf0d60 258,365 2 months 2013-09-16 20:48:59Z 9,516 619 898,627
0⋯92007e28df0 263,240 3 weeks 2013-10-1 ...
Hash Height Age Date ฿TC #TXN Bytes
0⋯4319133c6c0 228,538 8 months 2013-03-29 07:38:36Z 17,022 725 998,053
0⋯8f3a4259afa 256,961 2 months 2013-09-09 16:02:21Z 5,168 3,861 905,676
0⋯a3fb6b3be6e 258,355 2 months 2013-09-16 18:47:17Z 4,595 429 901,212
0⋯f65ddaf0d60 258,365 2 months 2013-09-16 20:48:59Z 9,516 619 898,627
0⋯92007e28df0 263,240 3 weeks 2013-10-1 ...
November 01, 2013, 05:35:03 AM
See: Average block size chart
Since implementing the "dust rule", block size has been pretty steady; I would guess we won't hit the 1MB hard limit for another two years, but that is just a guess, we could easily hit it sooner or later than that.
Since implementing the "dust rule", block size has been pretty steady; I would guess we won't hit the 1MB hard limit for another two years, but that is just a guess, we could easily hit it sooner or later than that.
November 01, 2013, 05:28:50 AM
May I ask if anyone can guess at what time period we may hit this limit?
If we assume the current rate of growth of Bitcoin?
An order of magnitude would be acceptable in such guess work, eg weeks, months, years, decades.
If we assume the current rate of growth of Bitcoin?
An order of magnitude would be acceptable in such guess work, eg weeks, months, years, decades.
November 01, 2013, 05:17:43 AM
Consensus is the block size limit will have to rise.
Us geeks were/will/are arguing over how and when, not if...
Us geeks were/will/are arguing over how and when, not if...
November 01, 2013, 05:07:00 AM
This is something that came up in a speculation discussion thread I'm involved in, and I was hoping someone with better knowledge of the technical aspects of bitcoin could clear things up for me.
As I understand it, bitcoin needs to have exponentially greater number of transactions in just a few years in order to keep miners interested as the block reward continues to halve, particularly as the miner fee gets smaller in the face of a rising price of Bitcoin. However, if there is a 1mb block size hard limit, it would seem that something's got to give.
I mostly want to hand wave this away and say oh the devs will work it out, but it's probably better to just reach out and get things clarified. Is this an inevitable doomsday scenario for Bitcoin in a world where bitcoin is the universal payment option internationally representing a $20 trillion market cap?
As I understand it, bitcoin needs to have exponentially greater number of transactions in just a few years in order to keep miners interested as the block reward continues to halve, particularly as the miner fee gets smaller in the face of a rising price of Bitcoin. However, if there is a 1mb block size hard limit, it would seem that something's got to give.
I mostly want to hand wave this away and say oh the devs will work it out, but it's probably better to just reach out and get things clarified. Is this an inevitable doomsday scenario for Bitcoin in a world where bitcoin is the universal payment option internationally representing a $20 trillion market cap?
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