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Credit card companies averaged over 22,000 transactions per second in 2023 without ever having to raise the fee. How many is crypto even capable of processing?

Credit card companies averaged over 22,000 transactions per second in 2023 without ever having to raise the fee. How many is crypto even capable of processing? Processing without the fee going up? What fraud protection guarantees are offered to the parties of crypto transactions?

nailer 2y ago
> Credit card companies averaged over 22,000 transactions per second in 2023 without ever having to raise the fee. Oh good because the fee is insanely high. > How many is crypto even capable of processing? 1M a second including voting transactions, divide by 4 for non-voting TPS. https://youtu.be/8sl3RcN2Rdk?si=saRTd-fQqG1-L_kb https://youtu.be/8sl3RcN2Rdk?si=saRTd-fQqG1-L_kb Transaction fee for a simple transfer is a fraction of a penny. I’m not sure if your last question is regarding consumer fraud or cryptographic fraud proofs so I won’t answer it until you clarify.
- daveguy 2y ago
  Most money and most transactions aren't in Solana. Solana processes ~15B /day. Credit card companies, 15T. Solana has only ever reached 2k/s https://capitaloneshopping.com/research/number-of-credit-card-transactions/ https://capitaloneshopping.com/research/number-of-credit-car... Come on now, you know I was referring to consumer fraud. And there is no protection, unless you go off chain. Transaction fees in the most common coin, Bitcoin, vary wildly. The spike rose to over $100 at one point. https://ycharts.com/indicators/bitcoin_average_transaction_fee https://ycharts.com/indicators/bitcoin_average_transaction_f... Does everyone just need to get out of Bitcoin and get into Solana before a stampede happens? If Bitcoin crashes, all coins will crash, because there's hundreds of them to choose from. You're playing with tulips.
  - nailer 2y ago
    Yes, you are right. The traditional financial system is indeed more popular than crypto. I’m not sure what your point is, but yes, I absolutely agree. Obviously, that has no effect of the capacity of crypto to take over the volume of existing financial transactions and largely replace existing middle men. Random old tech from 2015 also had wildly fluctuating transaction fees. Likewise I can’t run call of duty on my ZX spectrum. I’m not sure what your point is there either, but yes, I agree. Obviously old tech being old doesn’t affect the capabilities of new tech, and the vast majority of payments are done on Solana rather than these old networks. > Come on now, you know I was referring to consumer fraud No I didn’t. But it was late. My point, that crypto already has the capacity and the low fees remains unscarred.
    - daveguy 2y ago
      No response to Bitcoin being woefully inadequate in terms of capacity? Do you just think everyone is going to switch to your preferred coin? Oof. Oh, and nice indignation to avoid discussion of fraud protection. The only one relevant to both is fraud protection. Well, good luck to you.
      - nailer 2y ago
        Agreement re: bitcoin being woefully inadequate. See point about ZX spectrum not being able to play call of duty. > Do you just think everyone is going to switch I don’t have to, other modern networks exist but stablecoin transactions are already mainly on Solana, we don’t have to wait to switch. Happy to discuss consumer fraud protection after you acknowledge a single one of my prior points.
        daveguy 2y ago
        Bitcoin still has 58% of the market. https://coinmarketcap.com/charts/bitcoin-dominance/ https://coinmarketcap.com/charts/bitcoin-dominance/ Solana is $5B/day. Bitcoin is $50B/day. People just don't have value in Solana like they do Bitcoin.
        nailer 2y ago
        Not in payments. Look up stablecoin transactions. Solana is by far the most active.

nailer 2y ago

> Credit card companies averaged over 22,000 transactions per second in 2023 without ever having to raise the fee. Oh good because the fee is insanely high. > How many is crypto even capable of processing? 1M a second including voting transactions, divide by 4 for non-voting TPS. https://youtu.be/8sl3RcN2Rdk?si=saRTd-fQqG1-L_kb https://youtu.be/8sl3RcN2Rdk?si=saRTd-fQqG1-L_kb Transaction fee for a simple transfer is a fraction of a penny. I’m not sure if your last question is regarding consumer fraud or cryptographic fraud proofs so I won’t answer it until you clarify.

daveguy 2y ago
Most money and most transactions aren't in Solana. Solana processes ~15B /day. Credit card companies, 15T. Solana has only ever reached 2k/s https://capitaloneshopping.com/research/number-of-credit-card-transactions/ https://capitaloneshopping.com/research/number-of-credit-car... Come on now, you know I was referring to consumer fraud. And there is no protection, unless you go off chain. Transaction fees in the most common coin, Bitcoin, vary wildly. The spike rose to over $100 at one point. https://ycharts.com/indicators/bitcoin_average_transaction_fee https://ycharts.com/indicators/bitcoin_average_transaction_f... Does everyone just need to get out of Bitcoin and get into Solana before a stampede happens? If Bitcoin crashes, all coins will crash, because there's hundreds of them to choose from. You're playing with tulips.
- nailer 2y ago
  Yes, you are right. The traditional financial system is indeed more popular than crypto. I’m not sure what your point is, but yes, I absolutely agree. Obviously, that has no effect of the capacity of crypto to take over the volume of existing financial transactions and largely replace existing middle men. Random old tech from 2015 also had wildly fluctuating transaction fees. Likewise I can’t run call of duty on my ZX spectrum. I’m not sure what your point is there either, but yes, I agree. Obviously old tech being old doesn’t affect the capabilities of new tech, and the vast majority of payments are done on Solana rather than these old networks. > Come on now, you know I was referring to consumer fraud No I didn’t. But it was late. My point, that crypto already has the capacity and the low fees remains unscarred.
  - daveguy 2y ago
    No response to Bitcoin being woefully inadequate in terms of capacity? Do you just think everyone is going to switch to your preferred coin? Oof. Oh, and nice indignation to avoid discussion of fraud protection. The only one relevant to both is fraud protection. Well, good luck to you.
    - nailer 2y ago
      Agreement re: bitcoin being woefully inadequate. See point about ZX spectrum not being able to play call of duty. > Do you just think everyone is going to switch I don’t have to, other modern networks exist but stablecoin transactions are already mainly on Solana, we don’t have to wait to switch. Happy to discuss consumer fraud protection after you acknowledge a single one of my prior points.
      - daveguy 2y ago
        Bitcoin still has 58% of the market. https://coinmarketcap.com/charts/bitcoin-dominance/ https://coinmarketcap.com/charts/bitcoin-dominance/ Solana is $5B/day. Bitcoin is $50B/day. People just don't have value in Solana like they do Bitcoin.
        nailer 2y ago
        Not in payments. Look up stablecoin transactions. Solana is by far the most active.