3 ms·

Yeah, with 7tps

by epx 6y ago

Yeah, with 7tps

diegocerdan 6y ago
Enough to be the first settlement layer of the whole finacial system. On top of that layer, you can have country fiat coins, centralized exchanges and others.
- Robotbeat 6y ago
  ...a first settlement layer that the normal person simply cannot use. 7 billion peopl and 7 transactions per second is 1 billion seconds between transactions. Over 30 years. Going completely to only larger players and being inaccessible to most people at the first layer is completely missing the major purposes of Bitcoin as laid out by Satoshi.
  - diegocerdan 6y ago
    Most people in 1900 would not transact in Gold although it was the first settlement. The world was fine till governments decided to operate without hard money as first settlement layer. We are going to revert back. It _has_ to be fixed.
asah 6y ago
meh, bundled, off-chain transactions. Examples: https://blog.coinbase.com/coinbase-rolls-out-bitcoin-transaction-batching-5f6d09b8b045 https://blog.coinbase.com/coinbase-rolls-out-bitcoin-transac... https://en.bitcoin.it/wiki/Off-Chain_Transactions https://en.bitcoin.it/wiki/Off-Chain_Transactions
- woeirua 6y ago
  Great, so let's use a... separate system... with none of the advantages associated with a cryptocurrency to do actual transactions.
  - djschnei 6y ago
    https://lightning.network/ https://lightning.network/
    - woeirua 6y ago
      My criticism was in direct response to the lightning network.
      - djschnei 6y ago
        Surely you understand how "with none of the advantages associated with a cryptocurrency" could make it seem like you were referring to Coinbase batching (since that's centralized). How exactly does Lightning negate any of bitcoins advantages?
    - CyberDildonics 6y ago
      Why would anyone use a complex disaster that people are avoiding like the plague when they could just use other cryptocurrencies that didn't intentionally cripple their throughput to sell that hacky second layer? Ethereum dwarfs everything else in transaction volume and bitcoin cash has already consistently passed bitcoin in transactions per day. https://bitinfocharts.com/comparison/transactions-btc-eth-bch.html#6m https://bitinfocharts.com/comparison/transactions-btc-eth-bc...
dmichulke 6y ago
Reminds me of the transaction speed of gold back in the days they called it a gold standard.
- nullserver 6y ago
  During gold rush a Mug of beer was a pinch of gold. Bartenders would favor employees with big hands. Government came in and printed gold coins to solve the currency problem. However it turns out that a 50 dollar gold coin is not useful in any but the largest transactions.

Yeah, with 7tps

by epx 6y ago

Yeah, with 7tps

Enough to be the first settlement layer of the whole finacial system. On top of that layer, you can have country fiat coins, centralized exchanges and others.

Robotbeat 6y ago
...a first settlement layer that the normal person simply cannot use. 7 billion peopl and 7 transactions per second is 1 billion seconds between transactions. Over 30 years. Going completely to only larger players and being inaccessible to most people at the first layer is completely missing the major purposes of Bitcoin as laid out by Satoshi.
- diegocerdan 6y ago
  Most people in 1900 would not transact in Gold although it was the first settlement. The world was fine till governments decided to operate without hard money as first settlement layer. We are going to revert back. It _has_ to be fixed.

asah 6y ago

meh, bundled, off-chain transactions. Examples: https://blog.coinbase.com/coinbase-rolls-out-bitcoin-transaction-batching-5f6d09b8b045 https://blog.coinbase.com/coinbase-rolls-out-bitcoin-transac... https://en.bitcoin.it/wiki/Off-Chain_Transactions https://en.bitcoin.it/wiki/Off-Chain_Transactions

woeirua 6y ago
Great, so let's use a... separate system... with none of the advantages associated with a cryptocurrency to do actual transactions.
- djschnei 6y ago
  https://lightning.network/ https://lightning.network/
  - woeirua 6y ago
    My criticism was in direct response to the lightning network.
    - djschnei 6y ago
      Surely you understand how "with none of the advantages associated with a cryptocurrency" could make it seem like you were referring to Coinbase batching (since that's centralized). How exactly does Lightning negate any of bitcoins advantages?
  - CyberDildonics 6y ago
    Why would anyone use a complex disaster that people are avoiding like the plague when they could just use other cryptocurrencies that didn't intentionally cripple their throughput to sell that hacky second layer? Ethereum dwarfs everything else in transaction volume and bitcoin cash has already consistently passed bitcoin in transactions per day. https://bitinfocharts.com/comparison/transactions-btc-eth-bch.html#6m https://bitinfocharts.com/comparison/transactions-btc-eth-bc...

dmichulke 6y ago

Reminds me of the transaction speed of gold back in the days they called it a gold standard.

nullserver 6y ago
During gold rush a Mug of beer was a pinch of gold. Bartenders would favor employees with big hands. Government came in and printed gold coins to solve the currency problem. However it turns out that a 50 dollar gold coin is not useful in any but the largest transactions.