Topic: The only one piece of legit FUD.... - page 2. (Read 1950 times)

:O shocking, I did not know this, and I mine at eligius. This feels contradictory to the very nature of bitcoin. Time to go over to their page and have a word.

How much do they make in fees per average block?

at the moment a 1mb block calculates to a 52gb blockchain per year. . if and only if the whole 1mb cap was filled with data.

but with bitcoin entering its 5th year, the entire blockchain sits at under half of 52gb, which over 5 years averages out as only 10% utilised. so until we see more blocks being fully filled up, then the 7tx/s is not an issue.

if you would like to learn a more prominent issue that does affect us today, which should not affect us for many decades. then research into mining pool scripts.

right now 25btc for an average 10 minutes worth of work is ample. yet miners greed is demanding people pay a fee on the transactions, to such an extent that pools coded by Luke Jr are now ignoring a majority of fee free transactions.

Luke Jr posted that the eligius pool only allows 1 unpaid transaction per block.

the way to imagine it is the railway network. where there is 10 carriages, 1 carriage for first class passengers and 9 for coach class. they only allow one coach class passenger on per train. the other coach passengers have to wait for a different companies train to arrive at the station to get onboard.

translation:
with 10% of a block being filled by fee paying transactions, and although there is room for 90% of a block for everything else. eligius only allow 1 transaction without a premium.

it does not cost a rail company or a mining pool anymore to have a full train/block, but its done to force people.. yes people, you and me. to pay more just to get accepted.

miners should not be demanding more value via transaction fee, they should however demand more value by hoarding their reward and getting better value on exchanges

Yep, though it is the least inspired solution. Off-chain transactions would also reduce the load.

That said, we are at roughly 1 transaction per second atm.

Oh ok *deletes post*

Lol, genuinely? What would th implications of doing this be? Just a huger blockchain for everyone to download?

The transaction limit of 7 tps comes from the maximum blocksize of 1 MB. This maximum can be increased without too much trouble if the need arises.

And just to point out, everything else in the spec forums about gox, chinese, russia, regulation, etc is all minor and concerns me in no way.

The only thing that worries me about bitcoin is its scalability - this 7 transactions a second thing. Is this just an average or a hard limit?

This is a very obvious problem.

How can we scale up? Can an adjustment be made to the mining process? Somehow utilize the vast amount of power we have to circumvent this problem?