He's describing a network where payments are being distributed hierarchically and recursively to all the creators behind a work. What does that have to do with bitcoin? you could replace the payment method with another and it would all be the same.
Bitcoin for Rockstars
11–20 of 49 posts
Re: Bitcoin for Rockstars
#12Well, the music industry wanted copyright with "no formalities", and that's in the TRIPS agreement. No more need to put a copyright notice on something, or send a copy to the Library of Congress. Now the industry is whining that keeping track of who owns what is too hard. They dug their own hole. Let them deal with it. This is so typical of the music industry, which has been shooting itself in the foot since the inve…
Agreed, I think what a lot of people misunderstand is that bitcoin is a terribly inefficient way of achieving consensus. No one is going to build mining farms just to protect digital rights.
Bitcoin has a chance at becoming a currency because in the past it has been hard to reach a global consensus on value.
It may be possible to use a bitcoin based timestamping solution like https://github.com/goblin/chronobit to record the rights, but I can't see where the incentive is for everybody to support a distributed database of such rights.
Re: Bitcoin for Rockstars
#13The elephant in the Bitcoin room is that it simply cannot scale up to high TPS rates. If any kind of meaningful adoption actually happened, the network would keel over pretty quickly trying to globally broadcast all that data, and the blockchain would quickly balloon to unmanageable sizes.
I see a lot of these articles hailing Bitcoin as the answer to some monetary injustice or other, or as the fundamental underpinning of some revolutionary new product, but people totally ignore Bitcoin's technological limitations. Instead, the blockchain is talked about as if it's some magical box that is pretty much whatever the author needs it to be.
The amount of cognitive dissonance in the Bitcoin community regarding this topic is baffling. The whole point of side chains was that even core devs realized that Bitcoin can not scale. Yet side chains were hailed by the community as some sort of fantastic innovation that is 'good for bitcoin'.
Maybe these people are just talking their book, I don't know, but next time you read an article about Bitcoin or blockchain tech just realize that VISA can handle 47.000 tps. Bitcoin currently is doing slightly more than 1.
Inb4 'merkle trees', 'invertible bloom filters', 'something something moore's law', 'corporate shill', 'freedom hater', 'the market will sort it out', 'side chains', etc.
Re: Bitcoin for Rockstars
#14The problem here is, music gets produced at increased rates. You might have a huge database of all the music from yesterday, which would be less useful than you think if you'll not figure a way to make every musician put metadata for their newest creations there.
Re: Bitcoin for Rockstars
#15The elephant in the Bitcoin room is that it simply cannot scale up to high TPS rates. If any kind of meaningful adoption actually happened, the network would keel over pretty quickly trying to globally broadcast all that data, and the blockchain would quickly balloon to unmanageable sizes. I see a lot of these articles hailing Bitcoin as the answer to some monetary injustice or other, or as the fundamental underpinni…
Firstly, Bitcoin does not need to scale that much to be considered widely successful. Heck, Western Union[1] averages only 10 tps, which is only 10x what Bitcoin is doing today, so such a target is clearly within reach with a 2MB block size.
Secondly, Bitcoin can actually scale by many orders of magnitudes, see the math and arguments there: https://en.bitcoin.it/wiki/Scalability You need solid counterarguments to this page to convince us it can't possibly scale.
Thirdly, Bitcoin has done 6 years in a row what critics have always said it cannot do ("nobody would want bitcoins", "the exchange rate will never reach $1/$10/$100", "it will crash and be forgotten after the Jun 2011/Mar 2013/Nov 2013 bubble", "the US govt will make it illegal", "big companies will never accept it", etc). So you need to sit back and start thinking why is it that Bitcoin keeps growing and reaching milestone after milestone, instead of throwing one more empty statement "bitcoin can't do X" with zero reasoning behind.
[1] WU does ~250 million consumer transaction/year.
Edit: @inoop I misremembered and meant WU, not Paypal
Re: Bitcoin for Rockstars
#16The elephant in the Bitcoin room is that it simply cannot scale up to high TPS rates. If any kind of meaningful adoption actually happened, the network would keel over pretty quickly trying to globally broadcast all that data, and the blockchain would quickly balloon to unmanageable sizes. I see a lot of these articles hailing Bitcoin as the answer to some monetary injustice or other, or as the fundamental underpinni…
Firstly, Bitcoin does not need to scale that much to be considered widely successful. Heck, Western Union[1] averages only 10 tps, which is only 10x what Bitcoin is doing today, so such a target is clearly within reach with a 2MB block size. Secondly, Bitcoin can actually scale by many orders of magnitudes, see the math and arguments there: https://en.bitcoin.it/wiki/Scalability You need solid counterarguments to thi…
From your link:
> PayPal, in contrast, handles around 10 million transactions per day for an average of 115 tps.
Re: Bitcoin for Rockstars
#17The elephant in the Bitcoin room is that it simply cannot scale up to high TPS rates. If any kind of meaningful adoption actually happened, the network would keel over pretty quickly trying to globally broadcast all that data, and the blockchain would quickly balloon to unmanageable sizes. I see a lot of these articles hailing Bitcoin as the answer to some monetary injustice or other, or as the fundamental underpinni…
Firstly, Bitcoin does not need to scale that much to be considered widely successful. Heck, Western Union[1] averages only 10 tps, which is only 10x what Bitcoin is doing today, so such a target is clearly within reach with a 2MB block size. Secondly, Bitcoin can actually scale by many orders of magnitudes, see the math and arguments there: https://en.bitcoin.it/wiki/Scalability You need solid counterarguments to thi…
Isn't WU a not-so-relevant service that's mostly used by scammers? I'm not from the US, and I've always heard of it in such terms...
Re: Bitcoin for Rockstars
#18Earlier quoted context omitted.
Firstly, Bitcoin does not need to scale that much to be considered widely successful. Heck, Western Union[1] averages only 10 tps, which is only 10x what Bitcoin is doing today, so such a target is clearly within reach with a 2MB block size. Secondly, Bitcoin can actually scale by many orders of magnitudes, see the math and arguments there: https://en.bitcoin.it/wiki/Scalability You need solid counterarguments to thi…
Isn't WU a not-so-relevant service that's mostly used by scammers? I'm not from the US, and I've always heard of it in such terms...
Pretty much, although in some areas its used more legitimately than others.
Re: Bitcoin for Rockstars
#19The elephant in the Bitcoin room is that it simply cannot scale up to high TPS rates. If any kind of meaningful adoption actually happened, the network would keel over pretty quickly trying to globally broadcast all that data, and the blockchain would quickly balloon to unmanageable sizes. I see a lot of these articles hailing Bitcoin as the answer to some monetary injustice or other, or as the fundamental underpinni…
Firstly, Bitcoin does not need to scale that much to be considered widely successful. Heck, Western Union[1] averages only 10 tps, which is only 10x what Bitcoin is doing today, so such a target is clearly within reach with a 2MB block size. Secondly, Bitcoin can actually scale by many orders of magnitudes, see the math and arguments there: https://en.bitcoin.it/wiki/Scalability You need solid counterarguments to thi…
> Thirdly, Bitcoin has done 6 years in a row what critics have always said it cannot do
The one thing that hasn't changed a great deal is accessibility to them. When buying, you are either subject to waiting periods, or have to conduct the transaction in cash in person. No one in their right mind will take credit cards or PayPal for them. I believe this is the major hurdle to adoption of crypto by the mainstream public. Writing tools to make BTC easy to work with is the easy part. Until they can be bought at Walmart or your local check cashing store, it's going to be a fairly rough road for new adoption.
Re: Bitcoin for Rockstars
#20The elephant in the Bitcoin room is that it simply cannot scale up to high TPS rates. If any kind of meaningful adoption actually happened, the network would keel over pretty quickly trying to globally broadcast all that data, and the blockchain would quickly balloon to unmanageable sizes. I see a lot of these articles hailing Bitcoin as the answer to some monetary injustice or other, or as the fundamental underpinni…
Firstly, Bitcoin does not need to scale that much to be considered widely successful. Heck, Western Union[1] averages only 10 tps, which is only 10x what Bitcoin is doing today, so such a target is clearly within reach with a 2MB block size. Secondly, Bitcoin can actually scale by many orders of magnitudes, see the math and arguments there: https://en.bitcoin.it/wiki/Scalability You need solid counterarguments to thi…
>So you need to sit back and start thinking why is it that Bitcoin keeps growing and reaching milestone after milestone
Because it has the support of a vocal, passionate, educated community of tech people, some with a monetary stake in having it succeed, combined with the hide-in-a-bunker, sky-is-falling crowd, still feeling the effects of the financial crash.