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> The network needs a 10000x improvement. Says who? Would I like Bitcoin to support 10,000x more transactions per second than it does now? Of course. But ju
by fpgaminer 9y ago
> The network needs a 10000x improvement.
Says who?
Would I like Bitcoin to support 10,000x more transactions per second than it does now? Of course. But just because I _want_ it to, doesn't mean it's magically going to be able to. Bitcoin is what it is.
I'd like ships that can go faster than the speed of light, but physics isn't going to bends its rules just because I want it to.
We cannot, physically, increase Bitcoin's throughput 10,000x. We could change one constant, the max blocksize, make it 10GB and ... oops, now the network is broken. No one on Earth can actually validate 10GB blocks in the span of 10 minutes. And even if they could, who could handle 1.4 TB of increasing disk space per day?
10,000x is an extreme example of principals that apply to any blocksize increase. If we increase the blocksize, it means less and less PCs are capable of actually running the Bitcoin software. And it won't take much before the exponential complexity of validating blocks eats everything.
Whether we like it or not, we are dependent on optimizing the Bitcoin network if we want any kind of scale. It will take time and it will take innovation. In the meantime, we have SegWit which enables lightning networks, which we can use for anything we don't need the full guarantees of a Bitcoin transaction for.
- deleted 9y ago[deleted]