3 ms·

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 b

by 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.

3 ms·

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 b

by javert 5y ago

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.