Using the estimate of Seven Transactions per Second, the network is capable of handling only ~ 604800 transactions a day. That's not even enough for one million people to use on a daily basis. Bitcoin will never be able to replace fiat even if it scales up 100X. or 1000X.
Bitcoin was designed as an electronic peer to peer cash system. Lack of scalability is clearly a severe limit to adoption in that regard. It may be useful for other purposes, but each time it is used for something else, it's capacity as an electronic peer to peer cash system is reduced.
When I first read the story of the Coinwallet stress test, I thought immediately that they were planning to do something harmful, but then I thought about it. Bitcoin is antifragile. It needs to be stressed so that it can grow stronger. Is there even a working process for increasing scalability? We may find out soon. If there isn't one, then knowledge of that deficiency will be the first step towards solving it.
Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 20840. (Read 26608807 times)
September 07, 2015, 12:36:16 PM
September 07, 2015, 12:02:37 PM
September 07, 2015, 11:02:13 AM
September 07, 2015, 10:56:09 AM
He just left r/Bitcoin. This does not mean he is leaving Bitcoin.So let's keep a sense of proportion.
I sold my sense of proportion during the Grexit pump.
September 07, 2015, 10:43:14 AM
He just left r/Bitcoin. This does not mean he is leaving Bitcoin.So let's keep a sense of proportion.
September 07, 2015, 10:30:55 AM
September 07, 2015, 10:02:09 AM
September 07, 2015, 09:02:14 AM
September 07, 2015, 08:34:03 AM
September 07, 2015, 08:02:24 AM
September 07, 2015, 07:41:17 AM
Come one, piglets, you can do it, one last pump... My staggered limit shorts are waiting for you! 
September 07, 2015, 07:09:30 AM
Up please
https://33.media.tumblr.com/f54c33624abd2e55eafdbc3e9645379d/tumblr_mzeb123g6w1so28vco1_500.gif
yess we hit 240$ next target 250$
https://33.media.tumblr.com/f54c33624abd2e55eafdbc3e9645379d/tumblr_mzeb123g6w1so28vco1_500.gif
yess we hit 240$ next target 250$
September 07, 2015, 07:02:09 AM
September 07, 2015, 06:02:17 AM
September 07, 2015, 05:02:23 AM
September 07, 2015, 04:26:58 AM
September 07, 2015, 04:02:17 AM
September 07, 2015, 03:02:53 AM
September 07, 2015, 02:58:29 AM
I have not done anything regarding this. I told you the two reasons for this in my previous post. (The post you are responding to.)
1: Gavin have talked about statistical distribution of confirmations before.
2: Somebody are working on tree chains, which I think is related to the same, but I'm not sure.
The ideas are out there. I think Core devs Gavin & Jeff are capable of handling this shit, but Core boss Wladimir is just too scared to make any decitions or point in any direction.
If I don't see any development in this area in 6 months, I will probably contact Gavin to propose a deterministic distribution of transaction confirmations. But I do think fresher brains than mine are woring at it now. So I don't worry too much about bitcoin scaling.
I don't understand what you mean by your puff and pass remark. Probably a language thing, as I am from Norway.
1: Gavin have talked about statistical distribution of confirmations before.
2: Somebody are working on tree chains, which I think is related to the same, but I'm not sure.
The ideas are out there. I think Core devs Gavin & Jeff are capable of handling this shit, but Core boss Wladimir is just too scared to make any decitions or point in any direction.
If I don't see any development in this area in 6 months, I will probably contact Gavin to propose a deterministic distribution of transaction confirmations. But I do think fresher brains than mine are woring at it now. So I don't worry too much about bitcoin scaling.
I don't understand what you mean by your puff and pass remark. Probably a language thing, as I am from Norway.
Sorry for being glib. It's more a product of my own frustration with the progress (or lack thereof).
You may be thinking of IBLT?
Probably don't need to remind Gavin, he made a nice gist about it.
https://gist.github.com/gavinandresen/e20c3b5a1d4b97f79ac2
I gotcha
He he, no problem. And I don't even know what glib means!
Can you give me the short version of what IBLT is? (Clicked the link, but too drunk to read many letters, ha ha ha)
Anyway, don't worry about bitcoin scaling, it's not very difficult to scale. The beauty of the power distribution is simply that the best code will be used!
CHEEEEEERS MATE!!!!
I'm sorry but you might as well drink more so that tomorrow you have forgotten all about the idea.
The problem of scaling is indeed not technically difficult at all. The problem resides in messing with Bitcoin's carefully incentives. It is not enough to enable miners to process more transactions, we have to consider what the costs are on the whole network.
"And I don't even know what glib means! ... the beauty of the power distribution is simply that the best code will be used"
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