3 ms·
Everything is relative. The significant part is that increasing the block size steadily can scale to huge transaction volumes. Visa level transaction levels of
by anonymous5133 9y ago
Everything is relative. The significant part is that increasing the block size steadily can scale to huge transaction volumes. Visa level transaction levels of around 2,000 TPS can be achieved with block size increases and higher end computer hardware. If we are talking visa level transaction volumes then the user base has to be at least 500 million users. If the userbase is that large then think of how many people would be willing to run full nodes. Not everyone but probably 10,000+. The current crypto ecosystem is probably a few million people across all coins.
Also it is important to note that BTC could be like BCH at higher transaction levels if they increased the block size but that won't because of this lightning network idea. Which is what I don't get. You can increase the block size right NOW and work on the lightning network as well. Yet, they don't do that because the lightning network is everything and any other solution is not even considered.
I used to also think that bigger blocks were always bad but that is simply not true. The original block size limit was purely implemented to stop spam when bitcoin's userbase was very low. Satoshi actually wanted to implement bigger blocks as the userbase grew. Bigger blocks is the not the long-term solution but it is a solution that we have right now that works.
https://www.youtube.com/watch?v=5SJm2ep3X_M https://www.youtube.com/watch?v=5SJm2ep3X_M
- Frogolocalypse 9y ago> The significant part is that increasing the block size steadily 160,000+ bitcoin nodes are not interested in your centralization scheme, whether it is done 'steadily' or immediately.
- rothbardrand 9y agoUnfortunately, pointing out the fact that this sort of faux scaling will lead to centralization is never going to be popular among the tech illiterates at this site who believe Roger Ver over listening to people who actually work on the bitcoin code.
- Frogolocalypse 9y agoIt's kind of weird really. They think they can make reality go away because they make sockpuppets and try and force an outcome that will make them rich. By being really loud, and not really understanding how any of the technology works. All they do is copy paste things from people they think are smarter than them. Sadly, they are being played by much more experienced shysters and charlatans. Reckon it's mostly kids though.
- Bombthecat 9y agoHow big does a block needs to be to allow around 4k transactions?
- davej 9y agoProbably the best part of 1GB.