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What system is that? Keep in mind that such a system has to be able to handle the TPS necessary.

javert 5y ago
Bitcoin, which can handle unlimited TPS. The vast majority of US dollar transactions happen off of the Fed's official ledger. Similarly, the vast majority of bitcoin transactions need not happen on the blockchain. That's probably already the case today. The problem with bitcoin today is that the price is too volatile. Bitcoin proponents believe that can change with time and increasing adoption.
- JaimeThompson 5y ago
  Do you have a source for your first statement?
  - javert 5y ago
    I explained the first statement in the rest of the comment. I don't think I understand what you're asking for. Or maybe you're referring to the second statement?
    - JaimeThompson 5y ago
      I was asking for what systems currently in use can support that transaction rate. Based on my research no current crypto system comes remotely close to being able to handle the TPS needed.
      - javert 5y ago
        You can have transactions denominated in crypto using conventional database technology. This happens when people buy crypto using PayPal or Cash App or Robinhood, and at least thousands of times a second worldwide on crypto exchanges. More generally, there is nothing stopping anyone from making a "PayPal of crypto" or a "Zelle of crypto." In my mind, this is no way defeats the purpose of bitcoin. Bitcoin is like a Euro but for the whole world (which would never be politically achievable), plus cannot be manipulated (in terms of supply and interest rates) by a central bank (I think a huge plus, but obviously this is controversial). The point of bitcoin is not to be able to do illegal things on a blockchain. Personally, I don't care about the other (i.e. non-bitcoin) cryptocurrencies. There's some interesting tech there that could change the world, but defi and smart contracts are addressing totally different things than bitcoin is.
sakopov 5y ago
There aren't a lot of projects that surpass Visa's TPS speed of 1700. The one legitimate contender that I can think of is Solana with TPS of ~50K transactions. The problem, however, is that it's still fairly centralized.
- KptMarchewa 5y ago
  It's not a problem. We need a centralized, reversible system for payments.
grover35 5y ago
Bitcoin SV
polski-g 5y ago
Iota can support the TPS. And transactions are free. How garbage like Bitcoin is still popular blows my mind. $10 for a single transaction?

Bitcoin, which can handle unlimited TPS. The vast majority of US dollar transactions happen off of the Fed's official ledger. Similarly, the vast majority of bitcoin transactions need not happen on the blockchain. That's probably already the case today. The problem with bitcoin today is that the price is too volatile. Bitcoin proponents believe that can change with time and increasing adoption.

JaimeThompson 5y ago
Do you have a source for your first statement?
- javert 5y ago
  I explained the first statement in the rest of the comment. I don't think I understand what you're asking for. Or maybe you're referring to the second statement?
  - JaimeThompson 5y ago
    I was asking for what systems currently in use can support that transaction rate. Based on my research no current crypto system comes remotely close to being able to handle the TPS needed.
    - javert 5y ago
      You can have transactions denominated in crypto using conventional database technology. This happens when people buy crypto using PayPal or Cash App or Robinhood, and at least thousands of times a second worldwide on crypto exchanges. More generally, there is nothing stopping anyone from making a "PayPal of crypto" or a "Zelle of crypto." In my mind, this is no way defeats the purpose of bitcoin. Bitcoin is like a Euro but for the whole world (which would never be politically achievable), plus cannot be manipulated (in terms of supply and interest rates) by a central bank (I think a huge plus, but obviously this is controversial). The point of bitcoin is not to be able to do illegal things on a blockchain. Personally, I don't care about the other (i.e. non-bitcoin) cryptocurrencies. There's some interesting tech there that could change the world, but defi and smart contracts are addressing totally different things than bitcoin is.

sakopov 5y ago

There aren't a lot of projects that surpass Visa's TPS speed of 1700. The one legitimate contender that I can think of is Solana with TPS of ~50K transactions. The problem, however, is that it's still fairly centralized.

KptMarchewa 5y ago
It's not a problem. We need a centralized, reversible system for payments.

grover35 5y ago

Bitcoin SV

polski-g 5y ago

Iota can support the TPS. And transactions are free. How garbage like Bitcoin is still popular blows my mind. $10 for a single transaction?