3 ms·

Average transaction cost has been shown to be a bad metric, context: https://www.reddit.com/r/Bitcoin/comments/7b7jj1/john_newbery_responds_to_erik_voorhees_10

Average transaction cost has been shown to be a bad metric, context: https://www.reddit.com/r/Bitcoin/comments/7b7jj1/john_newbery_responds_to_erik_voorhees_10_average/ https://www.reddit.com/r/Bitcoin/comments/7b7jj1/john_newber...

colemannugent 9y ago
This is a very good explanation of the scaling issues Bitcoin is having and how many could be solved if people understood more about how Bitcoin actually works (and SegWit for that matter).
Kiro 9y ago
24 hours? I want it to confirm in 1 second for even less fee than that. How else can Bitcoin become a serious mean of payment?
- ryanlol 9y ago
  How else can wire transfers become a serious means of payment??
  - Kiro 9y ago
    Do you pay online with wire transfer? My vision is a decentralised coin that is as fast as VISA is perceived but a lot cheaper to transact. Obviously that's not the vision of Bitcoin though?
    - ryanlol 9y ago
      I pay salaries with bitcoin, compared to wire transfers it is just amazing.
    - johnvonneumann 9y ago
      Please don't start on the "Vision" rhetoric, look at the pipeline of core, there is a clear path to VISA scale tx but it is an engineering challenge, unfortunately the majority of people complaining and talking about scaling blocksize (right now, with a terrible straight-up hard-fork) are (bad) Operations people who are more than happy to shitcan half the benefits of a decentralised, privacy focused system for a frankenstein system that in reality still won't compete with VISA. Protip, if you're competing against a behemoth incumbent, it's not enough to simply match their capabilities, you have to surpass them. Lightning network fees will be cheaper than VISA, a lot cheaper. Scaling a $120b financial network on a whim without a real engineering team is not only a bad idea, it's downright fucking deplorable to put users at risk.
      - deleted 9y ago
        [deleted]
      - deleted 9y ago
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      - Kiro 9y ago
        I've never said that Bitcoin Cash is any better. It may have lower fees right now but it still takes ages to transact. I just doubt that any Bitcoin based coin will ever match my vision and that we need something fundamentally different. Maybe Lightning Networks will solve it but it doesn't seem clear.

colemannugent 9y ago

This is a very good explanation of the scaling issues Bitcoin is having and how many could be solved if people understood more about how Bitcoin actually works (and SegWit for that matter).

Kiro 9y ago

24 hours? I want it to confirm in 1 second for even less fee than that. How else can Bitcoin become a serious mean of payment?

ryanlol 9y ago
How else can wire transfers become a serious means of payment??
- Kiro 9y ago
  Do you pay online with wire transfer? My vision is a decentralised coin that is as fast as VISA is perceived but a lot cheaper to transact. Obviously that's not the vision of Bitcoin though?
  - ryanlol 9y ago
    I pay salaries with bitcoin, compared to wire transfers it is just amazing.
  - johnvonneumann 9y ago
    Please don't start on the "Vision" rhetoric, look at the pipeline of core, there is a clear path to VISA scale tx but it is an engineering challenge, unfortunately the majority of people complaining and talking about scaling blocksize (right now, with a terrible straight-up hard-fork) are (bad) Operations people who are more than happy to shitcan half the benefits of a decentralised, privacy focused system for a frankenstein system that in reality still won't compete with VISA. Protip, if you're competing against a behemoth incumbent, it's not enough to simply match their capabilities, you have to surpass them. Lightning network fees will be cheaper than VISA, a lot cheaper. Scaling a $120b financial network on a whim without a real engineering team is not only a bad idea, it's downright fucking deplorable to put users at risk.
    - deleted 9y ago
      [deleted]
    - deleted 9y ago
      [deleted]
    - Kiro 9y ago
      I've never said that Bitcoin Cash is any better. It may have lower fees right now but it still takes ages to transact. I just doubt that any Bitcoin based coin will ever match my vision and that we need something fundamentally different. Maybe Lightning Networks will solve it but it doesn't seem clear.