4 ms·

"The problem is that transaction fees easily become a significant part of the total cost to the end user meaning that Bitcoin becomes unattractive for all but l

"The problem is that transaction fees easily become a significant part of the total cost to the end user meaning that Bitcoin becomes unattractive for all but large purchases." This is NOT a quality of Bitcoin, only the Bitcoin implementation called "Core". This "problem" was solved by Satoshi himself and has been activated in the chain, Bitcoin Cash. The whole argument in this article is baseless and assumes that for some reason the "Core" implementation is the only one possible.

BubRoss 7y ago
Not only that, but I don't think this person understands that hash difficulty can go down.
mudlus 7y ago
It also assumes there is no incentive/demand for "Layer 2" solutions, like Liquid, Lightning Network, Bisq. There's lots of room for experimentation, but I'm very opposed to "big blocks" (as the above poster has mentioned). If you'd like to hear why, and in fact should maybe be even smaller, I suggest this brief explanation: https://www.youtube.com/watch?v=CqNEQS80-h4 https://www.youtube.com/watch?v=CqNEQS80-h4
- BubRoss 7y ago
  There's always someone ready to say that 2KB/s is too much for servers. There is never a real explanation or evidence of course, just vague hand waving, predictions about the future, assertions they hope people won't think about or validate, etc. The person in this video was adamant that the sun revolves around the earth (yes really) possibly stemming from radical religious beliefs that most reasonable people would take as a sign of mental illness. Don't forget that he is essentially arguing that something that already works won't work. I can't believe anyone would believe that cryptocurrency blocks can't go over 1 MB every 10 minutes when plenty already have. Most users don't even sync with the main chain even though they can. The whole thing is mind melting. Why keep doing this? The second layer stuff is a solution in search of a problem and everyone behind it keeps trying to convince everyone there is a problem.
  - wilma5 7y ago
    Have you ever tried to sync Bitcoin from the genesis block?
    - BubRoss 7y ago
      Many times. It is trivial but would go even faster if the reference software would use network resources better.
      - RL_Quine 7y ago
        Er better? Sync speed is now limited entirely by a single threaded hash table update, nothing to do with the networking.
        BubRoss 7y ago
        Why would that be true and why would you think that? Do you realize that even a poorly made hash table can be updated 10 million times per second on single core of a 14 year old computer? Weren't you the same person saying that a node that just has to download blocks and send them out couldn't be run on a VPS for some reason? Are you sure you understand these things and haven't just been reading misinformation?
  - therein 7y ago
    > The person in this video was adamant that the sun revolves around the earth (yes really) I hadn't clicked on the link above but after reading your comment, I immediately knew we're talking about Luke Dashjr. :) I remember back when I mined, his pool Eligius would embed bible verses into the mined blocks. We had quite a chat about it back then.
throwaway2048 7y ago
Core is the only implementation anyone really cares about, a hard fork can do arbitrary things, the problem is people need to use it, and they aren't using bitcoin cash. The actual bitcoin people care about has massive transaction fees (sometimes peaking above $20+), its nearly unusable as a currency.
- smabie 7y ago
  I mean, Western Union can have way higher transaction fees, and people still use that for some reason.

BubRoss 7y ago

Not only that, but I don't think this person understands that hash difficulty can go down.

mudlus 7y ago

It also assumes there is no incentive/demand for "Layer 2" solutions, like Liquid, Lightning Network, Bisq. There's lots of room for experimentation, but I'm very opposed to "big blocks" (as the above poster has mentioned). If you'd like to hear why, and in fact should maybe be even smaller, I suggest this brief explanation: https://www.youtube.com/watch?v=CqNEQS80-h4 https://www.youtube.com/watch?v=CqNEQS80-h4

BubRoss 7y ago
There's always someone ready to say that 2KB/s is too much for servers. There is never a real explanation or evidence of course, just vague hand waving, predictions about the future, assertions they hope people won't think about or validate, etc. The person in this video was adamant that the sun revolves around the earth (yes really) possibly stemming from radical religious beliefs that most reasonable people would take as a sign of mental illness. Don't forget that he is essentially arguing that something that already works won't work. I can't believe anyone would believe that cryptocurrency blocks can't go over 1 MB every 10 minutes when plenty already have. Most users don't even sync with the main chain even though they can. The whole thing is mind melting. Why keep doing this? The second layer stuff is a solution in search of a problem and everyone behind it keeps trying to convince everyone there is a problem.
- wilma5 7y ago
  Have you ever tried to sync Bitcoin from the genesis block?
  - BubRoss 7y ago
    Many times. It is trivial but would go even faster if the reference software would use network resources better.
    - RL_Quine 7y ago
      Er better? Sync speed is now limited entirely by a single threaded hash table update, nothing to do with the networking.
      - BubRoss 7y ago
        Why would that be true and why would you think that? Do you realize that even a poorly made hash table can be updated 10 million times per second on single core of a 14 year old computer? Weren't you the same person saying that a node that just has to download blocks and send them out couldn't be run on a VPS for some reason? Are you sure you understand these things and haven't just been reading misinformation?
- therein 7y ago
  > The person in this video was adamant that the sun revolves around the earth (yes really) I hadn't clicked on the link above but after reading your comment, I immediately knew we're talking about Luke Dashjr. :) I remember back when I mined, his pool Eligius would embed bible verses into the mined blocks. We had quite a chat about it back then.

throwaway2048 7y ago

Core is the only implementation anyone really cares about, a hard fork can do arbitrary things, the problem is people need to use it, and they aren't using bitcoin cash. The actual bitcoin people care about has massive transaction fees (sometimes peaking above $20+), its nearly unusable as a currency.

smabie 7y ago
I mean, Western Union can have way higher transaction fees, and people still use that for some reason.