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> I'd love to see bitcoin (and other cryptocurrency) proponents tell the world how they are going to deal with that. The price of cryptocurrencies are a functi
by TheAdamAndChe 9y ago
> I'd love to see bitcoin (and other cryptocurrency) proponents tell the world how they are going to deal with that.
The price of cryptocurrencies are a function of supply and demand. A very large number of people wanting to get bitcoins combined with a limited number of bitcoins means the price would go up.
- dmitriid 9y agoI’m not talking about price. I’m talking about scale
- kkarakk 9y agocrypto scales with need - the number of nodes are increased and the blockchain balloons in size to keep up, just like regular banking transactions do. plus the core devs are very aware of scaling issues - since it's mentioned every time financial crypto is brought up hardware is cheap, why would crypto scaling be an issue?
- dmitriid 9y ago> hardware is cheap, why would crypto scaling be an issue? Because the algorithms governing crypto may not be scalable. Case in point: a simple game of CryptoKittens basically crippled Ethereum: - Etherscan has reported a sixfold increase in pending transactions on Ethereum since the game's release, by the Axiom Zen innovation studio, on 28 November - CryptoKitties has become so popular that it's taking up a significant amount of available space for transactions on the Ethereum platform - the CryptoKitties game accounts for over 10% of network traffic on Ethereum. As traffic increases, transactions become more expensive to execute quickly. All this for a number of transactions that wouldn't even register on the radar of ... well ... any of the "more traditional" paying systems (including the pay apps like Tez, AliPay, WeChat etc.)