3 ms·

Bitcoin has a transaction throughput of 1 KB/s (less than a 28.8 modem) for the entire world. https://bitinfocharts.com/comparison/size-btc.html#1y https://bit

Bitcoin has a transaction throughput of 1 KB/s (less than a 28.8 modem) for the entire world. https://bitinfocharts.com/comparison/size-btc.html#1y https://bitinfocharts.com/comparison/size-btc.html#1y

fnordpiglet 4y ago
Stop using facts, math, information theory, and other malarkey when discussing crypto. They are all clearly not important to the goal of pumping and dumping. Thanks.
idiotsecant 4y ago
It's curious to me that this is downvoted, I am practically a crypto evangelist and have been since the beginning but even I acknowledge that the BTC network's capacity is extremely, extremely low. It's not suitable as a world-wide transaction engine, not even for relatively infrequent transaction types like store of value accounts that don't move around. There have been some half-hearted attempts to fix this (lightning network for example) but nothing that actually provides substantial throughput. Bitcoin Cash was an attempt to improve it incrementally but that was pretty solidly rejected by the community (and wouldn't have really solved the problem anyhow) I think it's fair to say BTC has a capacity problem, and it's not just a technical one - it's also a cultural aversion to change in the base protocol and cultural aversion to extension of the base protocol to allow additional abstraction layers that could solve the problem.
- Laaas 4y ago
  In what way does Lightning not solve the problem?
  - CyberDildonics 4y ago
    How does it solve the problem in any way? If we take a step back, we should also realize that no other cryptocurrency has this problem. You just let the throughput be higher and it works, because 1 KB/s is completely absurd in 2023. Any transaction still has to make it on to the chain. A side chain would be like us playing catch in the back yard and thinking we will somehow be padding our major league baseball stats. It doesn't matter until something happens where it counts. If you find someone to play catch with, that's great, but the whole point of a global transaction network is that anyone can send a balance to anyone else.
  - idiotsecant 4y ago
    Lightning has a fundamental graph theory / routing problem. As the number of nodes increase the path between those nodes grows at a nonlinear rate. The internet has this problem too, which it mainly solves by letting a human put a finger on the scale in a centralized fashion. Lightning network cannot make this tradeoff. It's a simple mathematical problem that we've known about for centuries and it's baffling that anyone thought it would help in the first place.

fnordpiglet 4y ago

Stop using facts, math, information theory, and other malarkey when discussing crypto. They are all clearly not important to the goal of pumping and dumping. Thanks.

idiotsecant 4y ago

It's curious to me that this is downvoted, I am practically a crypto evangelist and have been since the beginning but even I acknowledge that the BTC network's capacity is extremely, extremely low. It's not suitable as a world-wide transaction engine, not even for relatively infrequent transaction types like store of value accounts that don't move around. There have been some half-hearted attempts to fix this (lightning network for example) but nothing that actually provides substantial throughput. Bitcoin Cash was an attempt to improve it incrementally but that was pretty solidly rejected by the community (and wouldn't have really solved the problem anyhow) I think it's fair to say BTC has a capacity problem, and it's not just a technical one - it's also a cultural aversion to change in the base protocol and cultural aversion to extension of the base protocol to allow additional abstraction layers that could solve the problem.

Laaas 4y ago
In what way does Lightning not solve the problem?
- CyberDildonics 4y ago
  How does it solve the problem in any way? If we take a step back, we should also realize that no other cryptocurrency has this problem. You just let the throughput be higher and it works, because 1 KB/s is completely absurd in 2023. Any transaction still has to make it on to the chain. A side chain would be like us playing catch in the back yard and thinking we will somehow be padding our major league baseball stats. It doesn't matter until something happens where it counts. If you find someone to play catch with, that's great, but the whole point of a global transaction network is that anyone can send a balance to anyone else.
- idiotsecant 4y ago
  Lightning has a fundamental graph theory / routing problem. As the number of nodes increase the path between those nodes grows at a nonlinear rate. The internet has this problem too, which it mainly solves by letting a human put a finger on the scale in a centralized fashion. Lightning network cannot make this tradeoff. It's a simple mathematical problem that we've known about for centuries and it's baffling that anyone thought it would help in the first place.