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Unfortunate wording in the title. The price of Bitcoin "crashed" as in plummeted, and the Chivo wallet system they're trying to use in El Salvador "crashed" as

Unfortunate wording in the title. The price of Bitcoin "crashed" as in plummeted, and the Chivo wallet system they're trying to use in El Salvador "crashed" as in went offline. The Bitcoin network, of course, chugged merrily along, at its usual 4 or so txns/second.

ninetenfour 5y ago
Wait, is BTC really only doing 4 transactions a second? I knew it was bad, but I didn't realize this bad. Bitcoin is like a 1960s mainframe computer in an old bank headquarters that runs everything but is an archaic relic.
- UncleMeat 5y ago
  Yes. There was a big argument several years back about increasing transaction counts and the "more transactions please" advocates lost. BTC, by design, targets roughly this number of transactions per second regardless of how much energy is spent to mine.
  - seanw444 5y ago
    Isn't this the reason for the Lightning network layer?
    - UncleMeat 5y ago
      It is. There are some people who believe that lightning causes a "worst of both worlds" situation where you are reliant on intermediate processors for everything and the network still emits gobs of CO2.
      - qecez 5y ago
        This is wrong. Lightning Network transactions are 100% non-custodial.
Hammershaft 5y ago
4 transactions a second!? I heard it was bad but that is absolutely pathetic, my local strip mall likely averages out to more then 4 transactions a second.
letmeinhere 5y ago
> chugged merrily along, at its usual 4 or so txns/second. who needs failure when this is what success looks like?
frays 5y ago
Is it still 4 txns/second even with the Lightning network?
- mort96 5y ago
  4 transactions per second is for the main chain, not side-chains. Nobody uses side-chains, so I don't think their capacity is the interesting number.
  - qecez 5y ago
    > Nobody uses side-chains... I use LN every day. Also, have you heard the El Salvador news? This is just active, malicious disinformation - why are you doing this?
- qecez 5y ago
  LN blows away legacy payment rails by many orders of magnitude - you can do hundreds of millions of transactions per second, today.

ninetenfour 5y ago

Wait, is BTC really only doing 4 transactions a second? I knew it was bad, but I didn't realize this bad. Bitcoin is like a 1960s mainframe computer in an old bank headquarters that runs everything but is an archaic relic.

UncleMeat 5y ago
Yes. There was a big argument several years back about increasing transaction counts and the "more transactions please" advocates lost. BTC, by design, targets roughly this number of transactions per second regardless of how much energy is spent to mine.
- seanw444 5y ago
  Isn't this the reason for the Lightning network layer?
  - UncleMeat 5y ago
    It is. There are some people who believe that lightning causes a "worst of both worlds" situation where you are reliant on intermediate processors for everything and the network still emits gobs of CO2.
    - qecez 5y ago
      This is wrong. Lightning Network transactions are 100% non-custodial.

Hammershaft 5y ago

4 transactions a second!? I heard it was bad but that is absolutely pathetic, my local strip mall likely averages out to more then 4 transactions a second.

letmeinhere 5y ago

> chugged merrily along, at its usual 4 or so txns/second. who needs failure when this is what success looks like?

frays 5y ago

Is it still 4 txns/second even with the Lightning network?

mort96 5y ago
4 transactions per second is for the main chain, not side-chains. Nobody uses side-chains, so I don't think their capacity is the interesting number.
- qecez 5y ago
  > Nobody uses side-chains... I use LN every day. Also, have you heard the El Salvador news? This is just active, malicious disinformation - why are you doing this?
qecez 5y ago
LN blows away legacy payment rails by many orders of magnitude - you can do hundreds of millions of transactions per second, today.