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>How can BTC survive 100 years if no one can download the massive blockchain? Most residential IPs enforce a 1TB/mo cap This is specifically why the bulk of th

>How can BTC survive 100 years if no one can download the massive blockchain? Most residential IPs enforce a 1TB/mo cap This is specifically why the bulk of the community has stayed on a chain that limits blocks to 1 MB blocks. If you increase the shared resource, blockspace that everyone has to store, you increase free-rider problems and the tragedy of commons that goes with them. Given your question, and the properties of the Bitcoin blockchain size today, the rate of blocks being issued, it would take ~13 years before the blockchain would reach 1 TB. Since there is no central authority in bitcoin, there isn't a process where one can screen out "spam" and legitimate uses. The only way to do it this is to rate limit transactions. Periodically you'll see people come on to the network and try to issue large volumes of incredibly low-value transactions into the mempool queue. Are those spam transactions? I'll let you decide. See here: https://dedi.jochen-hoenicke.de/queue/#all https://dedi.jochen-hoenicke.de/queue/#all Second chart shows that there's about 16 BTC worth of outstanding transactions in the queue for inclusion in a block (about 1 PPM of total coins in circulation). The third chart shows that there is about 170 MB of transactions and you can see large number of low-fee, low value transactions being dumped on to the network.

CyberDildonics 9y ago
> Since there is no central authority in bitcoin, there isn't a process where one can screen out "spam" and legitimate uses. That's exactly what fees are > blockspace that everyone has to store Only people who sync with the chain have to store the blocks, not everyone who uses it. The vast majority of people don't sync with the chain and still reap all the benefits. > Are those spam transactions? I'll let you decide The miners decide
t0mbstone 9y ago
The simple fact that a currency like Bitcoin is technically limited to a set number of transactions per second should be proof to anyone with a brain that it is fundamentally flawed. There are over 7 billion people in the world. A good crypto-currency should be able to handle millions of transactions a second, indefinitely. It should be as ubiquitous and as easy to use as the internet itself. In an ideal scenario, the cost to run the currency network should be cheap enough that there should be virtually no transaction fees other than participation alone (think bittorrent), and the entire thing should be secure and un-hackable. It should be stable in value, or at least slightly inflationary (so people actually spend it instead of just holding onto it and treating it as an investment vehicle). Bitcoin doesn't even come close to meeting these goals. It's so incredibly flawed, it boggles my mind how people don't see the glaring problems. The wheel is moving, though! Bitcoin may not be the end-all, be-all solution, but it has certainly got people thinking.
- DINKDINK 9y ago
  Bitcoin is limited in the number of on-chain transactions it will allow but effectively limitless on-chain enforceable transactions. So yes, it can handle millions of transactions per second: https://medium.com/@melik_87377/lightning-network-enables-unicast-transactions-in-bitcoin-lightning-is-bitcoins-tcp-ip-stack-8ec1d42c14f5 https://medium.com/@melik_87377/lightning-network-enables-un...
  - t0mbstone 9y ago
    You're talking about the Lightning network which is not bitcoin. It's some other thing entirely, which happens to be built on top of bitcoin. For all intents and purposes, it might as well be a different crypto currency. I was directly talking about bitcoin, as it exists today.

CyberDildonics 9y ago

> Since there is no central authority in bitcoin, there isn't a process where one can screen out "spam" and legitimate uses. That's exactly what fees are > blockspace that everyone has to store Only people who sync with the chain have to store the blocks, not everyone who uses it. The vast majority of people don't sync with the chain and still reap all the benefits. > Are those spam transactions? I'll let you decide The miners decide

t0mbstone 9y ago

The simple fact that a currency like Bitcoin is technically limited to a set number of transactions per second should be proof to anyone with a brain that it is fundamentally flawed. There are over 7 billion people in the world. A good crypto-currency should be able to handle millions of transactions a second, indefinitely. It should be as ubiquitous and as easy to use as the internet itself. In an ideal scenario, the cost to run the currency network should be cheap enough that there should be virtually no transaction fees other than participation alone (think bittorrent), and the entire thing should be secure and un-hackable. It should be stable in value, or at least slightly inflationary (so people actually spend it instead of just holding onto it and treating it as an investment vehicle). Bitcoin doesn't even come close to meeting these goals. It's so incredibly flawed, it boggles my mind how people don't see the glaring problems. The wheel is moving, though! Bitcoin may not be the end-all, be-all solution, but it has certainly got people thinking.

DINKDINK 9y ago
Bitcoin is limited in the number of on-chain transactions it will allow but effectively limitless on-chain enforceable transactions. So yes, it can handle millions of transactions per second: https://medium.com/@melik_87377/lightning-network-enables-unicast-transactions-in-bitcoin-lightning-is-bitcoins-tcp-ip-stack-8ec1d42c14f5 https://medium.com/@melik_87377/lightning-network-enables-un...
- t0mbstone 9y ago
  You're talking about the Lightning network which is not bitcoin. It's some other thing entirely, which happens to be built on top of bitcoin. For all intents and purposes, it might as well be a different crypto currency. I was directly talking about bitcoin, as it exists today.