3 ms·

Bitcoin is failing to scale. Whenever network is jammed, only the the high economic value transaction is sent through it. If you want to transfer the payment f

Bitcoin is failing to scale. Whenever network is jammed, only the the high economic value transaction is sent through it. If you want to transfer the payment for your home, then it makes sense to use bitcoin, but today most people sell their btc for daily expenses, convert it into a faster crpyto (like Ether or litecoin etc) and use that instead. Bitcoin maximalists don't want that, but I am quite comfortable with this scenario.

petertodd 9y ago
"Jammed" is a inaccurate way of describing the status of the Bitcoin network. Transactions are included in blocks in an auction system, where people bid for the limited amount of blockchain space available. If your bid is high enough, your transaction is included immediately. There have always been far more people who want to get transactions mined than there is blockchain space. You can find gigabytes of valid transactions that people have broadcast for various reasons, including deliberate DoS attacks, and extremely low-value applications like inefficient timestamping protocols. Any website that makes claims like the mempool is "100MB" is simply incorrect. The supply of space fluctuates randomly, as block creation is a poisson process, and demand fluctuates for other reasons. So if you have a lower bit you might get lucky in the future. But that's no different than the prices of any good subject to natural supply and demand fluctuations.
- splintercell 9y ago
  > But that's no different than the prices of any good subject to natural supply and demand fluctuations. You're just explaining my point in more detail, but not disagreeing with it. My point was, "Bitcoin can't be used for kik tokens because it has limited space and kik transactions are not justifiable for this purpose (via the high fees)".

3 ms·

Bitcoin is failing to scale. Whenever network is jammed, only the the high economic value transaction is sent through it. If you want to transfer the payment f

by splintercell 9y ago

petertodd 9y ago
"Jammed" is a inaccurate way of describing the status of the Bitcoin network. Transactions are included in blocks in an auction system, where people bid for the limited amount of blockchain space available. If your bid is high enough, your transaction is included immediately. There have always been far more people who want to get transactions mined than there is blockchain space. You can find gigabytes of valid transactions that people have broadcast for various reasons, including deliberate DoS attacks, and extremely low-value applications like inefficient timestamping protocols. Any website that makes claims like the mempool is "100MB" is simply incorrect. The supply of space fluctuates randomly, as block creation is a poisson process, and demand fluctuates for other reasons. So if you have a lower bit you might get lucky in the future. But that's no different than the prices of any good subject to natural supply and demand fluctuations.
- splintercell 9y ago
  > But that's no different than the prices of any good subject to natural supply and demand fluctuations. You're just explaining my point in more detail, but not disagreeing with it. My point was, "Bitcoin can't be used for kik tokens because it has limited space and kik transactions are not justifiable for this purpose (via the high fees)".