The thing that will destroy Bitcoin. - page 8.

RustyNoman

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Quote from: naidray on February 08, 2016, 03:49:55 PM

Quote from: yenxz on February 08, 2016, 06:03:00 AM

nothing,i just said that there is nothing can destroy bitcoin,even bitcoin used for illegal activity,bitcoin will not dissapear,even goverment ban bitcoin,it can be people stop using bitcoin.

But the governments will ban it, yeah the governments will ban if the bitcoin were used for criminal act frequently then the affected states’ governments will ban. But no one can stop people using bitcoin and saving it.

Bitcoin itself it not for criminal usage. I use it a lot. But I am not a criminal. The government should ban the criminal activity itself.

naidray

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Quote from: yenxz on February 08, 2016, 06:03:00 AM

nothing,i just said that there is nothing can destroy bitcoin,even bitcoin used for illegal activity,bitcoin will not dissapear,even goverment ban bitcoin,it can be people stop using bitcoin.

But the governments will ban it, yeah the governments will ban if the bitcoin were used for criminal act frequently then the affected states’ governments will ban. But no one can stop people using bitcoin and saving it.

ShrykeZ

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But drive capacity will further expand and is relatively cheap to purchase, I have seen multiple 1TB drives as low as £30-40.

prtty2gal2

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Quote from: PakistanHockeyfan on February 07, 2016, 03:36:48 AM

Well yeah, anything has the potential to destroy Bitcoin, but not anytime soon. As far as I am concerned, the best plan to stick with would be to simply just focus on more tacticle moves in terms of growing and strengthening Bitcoin, rather than focusing on what could kill it it. Yes, it is very important to know what we're up against. Sometimes though, it is impossible to eliminate them from the journey, so in some cases (not all), we must learn to coexist.

Bitcoin is currently an interesting and benefiting currency for online users, so with that capacity the bitcoin will go stronger and if the people leaved bitcoin then the time of destruction will start, but the people are not going to leave it. So its strength is in us, the people.

vrm86

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Quote from: bearex on February 07, 2016, 03:42:45 AM

This is definetly true. More exchanges and BTC transfers, the more the size will grow. And soon you wont be able to store it on your computer, so something will have to get changed. But it will not be as "decentralised" if any new things like that take place such as one central place where transactions will be stored.

We don't live in 2004 anymore to be worried about 60 or even 600GB disk space. I wonder if there could be any mechanism that would encourage people to set dedicated bitcoin servers (nodes). If it would be economically reasonable (I am not saying about stream of $$$) I'd run one on my own.

darewaller

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Quote from: yenxz on February 08, 2016, 06:03:00 AM

nothing,i just said that there is nothing can destroy bitcoin,even bitcoin used for illegal activity,bitcoin will not dissapear,even goverment ban bitcoin,it can be people stop using bitcoin.

Yeah, It can be people stop using bitcoin and it is the destruction of bitcoin, but why will they stop using it? Is it the price going lower down and people will stop it, yeah it is the only reason I think that because of it people will leave it, but people are getting more interest in it and so intern there is no any chance for the price to go down.

Anddos

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Bitcoin was created years ago, time in which it would have died if it would have been so full of imperfections as you say it is. I think time has and will show that the system works. And that's the best argument in its defense.

yenxz

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nothing,i just said that there is nothing can destroy bitcoin,even bitcoin used for illegal activity,bitcoin will not dissapear,even goverment ban bitcoin,it can be people stop using bitcoin.

bearex

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This is definetly true. More exchanges and BTC transfers, the more the size will grow. And soon you wont be able to store it on your computer, so something will have to get changed. But it will not be as "decentralised" if any new things like that take place such as one central place where transactions will be stored.

PakistanHockeyfan

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Well yeah, anything has the potential to destroy Bitcoin, but not anytime soon. As far as I am concerned, the best plan to stick with would be to simply just focus on more tacticle moves in terms of growing and strengthening Bitcoin, rather than focusing on what could kill it it. Yes, it is very important to know what we're up against. Sometimes though, it is impossible to eliminate them from the journey, so in some cases (not all), we must learn to coexist.

aarons6

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Quote from: ctlaltdefeat on February 07, 2016, 02:07:57 AM

Quote from: BADecker on January 29, 2016, 09:43:43 PM

The thing that will destroy Bitcoins is simple. It will be the bloated size of the blockchain. Soon the blockchain will be so large, that we will need centralized "housing" to hold it. We will have to trust "Central" to state what is in the blockchain every time we want to use Bitcoin. And, this is the thing we are trying to get away from - centralization.

The blockchain is almost 70 gigabytes large right now. Imagine what it would be like if people around the world traded something like the Forex on it.

Someone better figure out a way to make it a whole lot smaller, and fast. Why fast? Because when fiat collapses, a lot of people will jump into Bitcoin. The blockchain will surge in size. In a short time it will be too large to use.

One solution that I can see would be to keep the current blockchain in total, on several servers around the world, including any person who thinks he has enough hard drive space to store it on, and enough bandwidth to handle all the transactions that hit Bitcoin at once. At the same time, implement a new kind of blockchain that keeps only a record of the first use of a new address, and, say, the last two uses of it. Everything else is deleted. This will be a reasonable solution, I think, until a better kind of blockchain can be developed.

What does anybody think about this?

What ideas do you have for overcoming this problem?

Okay. From the comments we have more points. So far we have...

1. Blockchain size for storage and downloading;

2. Number of transactions causes impractical updating of the blockchain because of bandwidth limitations;

3. Impractical confirmation time without a fee;

4. Unreasonably long confirmation time even with a fee;

5, (more?).

i am agree with number 4,Unreasonably long confirmation time even with a fee. yes i also think that this is will be not good for bitcoin,delaying more than 3 days is worst,even take some fee,i dont know why it still happen.

also the fact that your #4 can actually cause the transaction to FAIL and the sender getting his bitcoin back.. causing the receiver to be at the mercy of the sender to resend it.

ctlaltdefeat

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Quote from: BADecker on January 29, 2016, 09:43:43 PM

The thing that will destroy Bitcoins is simple. It will be the bloated size of the blockchain. Soon the blockchain will be so large, that we will need centralized "housing" to hold it. We will have to trust "Central" to state what is in the blockchain every time we want to use Bitcoin. And, this is the thing we are trying to get away from - centralization.

The blockchain is almost 70 gigabytes large right now. Imagine what it would be like if people around the world traded something like the Forex on it.

Someone better figure out a way to make it a whole lot smaller, and fast. Why fast? Because when fiat collapses, a lot of people will jump into Bitcoin. The blockchain will surge in size. In a short time it will be too large to use.

One solution that I can see would be to keep the current blockchain in total, on several servers around the world, including any person who thinks he has enough hard drive space to store it on, and enough bandwidth to handle all the transactions that hit Bitcoin at once. At the same time, implement a new kind of blockchain that keeps only a record of the first use of a new address, and, say, the last two uses of it. Everything else is deleted. This will be a reasonable solution, I think, until a better kind of blockchain can be developed.

What does anybody think about this?

What ideas do you have for overcoming this problem?

Okay. From the comments we have more points. So far we have...

1. Blockchain size for storage and downloading;

2. Number of transactions causes impractical updating of the blockchain because of bandwidth limitations;

3. Impractical confirmation time without a fee;

4. Unreasonably long confirmation time even with a fee;

5, (more?).

i am agree with number 4,Unreasonably long confirmation time even with a fee. yes i also think that this is will be not good for bitcoin,delaying more than 3 days is worst,even take some fee,i dont know why it still happen.

owm123

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Quote from: bitboy11 on February 06, 2016, 10:23:52 PM

I think that when people notice that BlockStream is NOT what Bitcoin was meant to be and that it is actually an abomination of Satoshi's vision...they will simply move over to something else, be it Classic or some altcoin. Wink

Blockstream is pushing the line with their pro-corporations and pro-banksters agenda. Just yesterday I installed Classic beta, and ditched Core.

jbreher

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lose: unfind ... loose: untight

Quote from: BADecker on January 29, 2016, 09:43:43 PM

The blockchain is almost 70 gigabytes large right now.

Oh the horror. It occupies $3.09 USD worth of disk space. Whatever shall we do?

http://www.newegg.com/Product/Product.aspx?Item=N82E16822236971

amacar2

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CryptoTalk.Org - Get Paid for every Post!

Quote from: FlyingSaucer on January 30, 2016, 04:26:45 AM

I think the thing that will destroy bitcoin is greed.

Greed can only destroy the bitcoin price friend not the blockchain technology.
I think we need more and more wallet service like blockchain which are not interconnected and some of the large miners. In this way it will be decentralized also and everybody who uses don't have to run full nodes in his computer.

Bit_Happy

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A Great Time to Start Something!

Quote from: FlyingSaucer on January 30, 2016, 04:26:45 AM

I think the thing that will destroy bitcoin is greed.

No.
A profit motive can be very healthy for honest people acting in a (reasonably) free market.
Greedy criminals, like Big Vern & Mark Gox need to rot in jail for a very long time.

commandrix

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Storage for the Blockchain won't need to be centralized any more than it is already, even if the problem gets so bad that the Blockchain can't be stored on a $100 external hard drive. I suggest looking at what Storj wants to do if you think this is going to be a problem.

bitboy11

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I think that when people notice that BlockStream is NOT what Bitcoin was meant to be and that it is actually an abomination of Satoshi's vision...they will simply move over to something else, be it Classic or some altcoin. Wink

BADecker

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Quote from: eon89 on February 01, 2016, 10:24:17 AM

Quote from: BADecker on January 29, 2016, 09:43:43 PM

The thing that will destroy Bitcoins is simple. It will be the bloated size of the blockchain. Soon the blockchain will be so large, that we will need centralized "housing" to hold it. We will have to trust "Central" to state what is in the blockchain every time we want to use Bitcoin. And, this is the thing we are trying to get away from - centralization.

The blockchain is almost 70 gigabytes large right now. Imagine what it would be like if people around the world traded something like the Forex on it.

Someone better figure out a way to make it a whole lot smaller, and fast. Why fast? Because when fiat collapses, a lot of people will jump into Bitcoin. The blockchain will surge in size. In a short time it will be too large to use.

One solution that I can see would be to keep the current blockchain in total, on several servers around the world, including any person who thinks he has enough hard drive space to store it on, and enough bandwidth to handle all the transactions that hit Bitcoin at once. At the same time, implement a new kind of blockchain that keeps only a record of the first use of a new address, and, say, the last two uses of it. Everything else is deleted. This will be a reasonable solution, I think, until a better kind of blockchain can be developed.

What does anybody think about this?

What ideas do you have for overcoming this problem?

Okay. From the comments we have more points. So far we have...

1. Blockchain size for storage and downloading;

2. Number of transactions causes impractical updating of the blockchain because of bandwidth limitations;

3. Impractical confirmation time without a fee;

4. Unreasonably long confirmation time even with a fee;

5, (more?).

Holding the blockchain on "several servers around the world" is exactly what we're trying to avoid here. It's the exact template the banks use. And, at the same time, that's the secret of bitcoin, of everyone having the opportunity to have the blockchain so no one manipulate it.

Exactly!

How large of a hard drive do you have (rhetorical)? The blockchain could easily jump to 1 terabyte if the world started using Bitcoin for their basic currency. It might even happen in one day.

What if the Forex (trades in the range of 4 or 5 trillion Dollars a day) were to use Bitcoin? Imagine a blockchain of 1 petabyte size. And what if it goes to a zettabyte or larger in a decade from now?

And the bandwidth to handle all those transactions would have to be enormous, especially when the blockchain system would have to track which fork is the most optimal one to use.

I'm not saying that there is nothing in the works to replace the current blockchain "style." But the current one will never work once the world opens up to bitcoin.

Amph

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Quote from: franky1 on January 30, 2016, 04:15:30 AM

Quote from: enhu on January 30, 2016, 04:09:21 AM

it will grow in the future. might even exceed 6T in a year once billions of users get to make transactions everyday.

lol 6Tb?

um 2mb=104Gb a year
to be 6Tb a year thats means the block limit would be 120Mb a block.

um, sorry thats not gonna happen in 2016

and even if it will happen, hdd size is growing much faster and cost always much lower than the previous version each passing year

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