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Did Bitcoin just prove it can't scale?

news.ycombinator.com

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Re: Did Bitcoin just prove it can't scale?

#231

Post by scotty79 »

username223 wrote: post #146
jstanley wrote: post #106

Earlier quoted context omitted.

You're confusing the value of 1 US dollar with the agreement that a dollar bill is worth 1 US dollar. The dollar bill is worth 1 USD because the government asserts that. That doesn't make 1 USD anything. It just means the dollar bill is worth 1 USD. The government has no power to prop up the value of the USD if the world decides it's worthless.

> The government has no power to prop up the value of the USD if the world decides it's worthless. I don't see "the world" deciding USD is worthless anytime soon: people in third world nations keep pristine US cash in their closets as a store of value; a lot of international trade uses dollars as a common currency; etc. If "the world" decides that dollars are worthless, that will be the least of my problems while I'm…

It might be different if Middle East decides it prefers to be paid in yuans not usd. Of course you can then rain a bit more democracy on them but then again China might take offence.

Re: Did Bitcoin just prove it can't scale?

#232

Post by pmorici »

makomk wrote: post #154
etherael wrote: post #120

Earlier quoted context omitted.

Bitcoin cash is still that.

Bitcoin Cash does indeed have very low fees... and about a tenth the transaction volume of Bitcoin proper, with few places using it, mainly just a handful of people involved in creating it. It's certainly not as ridiculous an option as it was back before the difficulty adjustment fix when its supporters were promoting it as the fast option despite it usually taking days for transactions to confirm (supporters respond…

Bitcoin Cash has been around for 3 months. 1 tenth the volume in that time is extremely impressive given than popular services like Coinbase and Bitpay don't even support it yet.

Re: Did Bitcoin just prove it can't scale?

#233

Post by jeremyjh »

pmorici wrote: post #220

The piece you are missing is that this problem is a direct result of the Core dev teams deliberate choice not to scale. They have a strangle hold on development and vehemently opposed any proposal to scale through block size increases as was the original intent. Bitcoin Cash isn't having these problems and won't have these problems in the future. Many people aren't aware of the underlying issues driving the transacti…

So if we say it “won’t” scale - would that be more accurate? It can, but chooses not to? Seems like a distinction without a difference.

Re: Did Bitcoin just prove it can't scale?

#234

Post by grubles »

Bombthecat wrote: post #186
moduspol wrote: post #79

Others here are touching on Bitcoin being like the "1.0" of cryptocurrency, but it's actually a lot more than that. In the public eye, it's a symbol of what cryptocurrencies can be. You're suggesting Bitcoin just proved it can't scale, but it actually just proved it did--just not with transaction volume. The network continued to process transactions averaging one block every ten minutes exactly as it was built to do,…

Dude, It literally stopped accepting transactions. After 72 hours your transaction is dropped. Without further notice. Until then you must guess if it was processed or not.

Child pays for parent. Use it.

https://themerkle.com/what-is-child-pay-for-parent/

Re: Did Bitcoin just prove it can't scale?

#235

Post by pmorici »

grubles wrote: post #230
pmorici wrote: post #220

The piece you are missing is that this problem is a direct result of the Core dev teams deliberate choice not to scale. They have a strangle hold on development and vehemently opposed any proposal to scale through block size increases as was the original intent. Bitcoin Cash isn't having these problems and won't have these problems in the future. Many people aren't aware of the underlying issues driving the transacti…

There was an instance of SatoshiDice taking up half of a Bcash block consolidating UTXOs the other day. Congestion will happen on Bcash, as will a hard fork to infinite inflation due to lack of transaction fees to supplant block rewards.

I'm talking about Bitcoin Cash. You must be confused "Bcash" is a fork of zcash that hasn't launched yet.

Re: Did Bitcoin just prove it can't scale?

#236

Post by moduspol »

pmorici wrote: post #223
moduspol wrote: post #219

Earlier quoted context omitted.

Dropping low-fee unconfirmed transactions is not the same as not accepting transactions.

What is low fee to you? Because there are people paying several bucks to do a transaction right now that are being dropped.

Sorry—-I meant low relative to the other pending transactions. They’re not low at all relative to other payment methods.

Re: Did Bitcoin just prove it can't scale?

#237

Post by grubles »

Xorlev wrote: post #131
whiskyant wrote: post #129

Earlier quoted context omitted.

You do realize bitcoin is constantly evolving and can change its code right? If another crypto creates a better scaling tech, bitcoin can incorporate that idea.

Can, but won’t as has been proven repeatedly.

libsecp256k1, which was developed for Bitcoin, uncovered bugs in OpenSSL. It also increased signature validation speed by 5x.

https://bitcoin.org/en/release/v0.12.0#signature-validation-...

Re: Did Bitcoin just prove it can't scale?

#238

Post by lojack »

omio wrote: post #155
zrm wrote: post #93

Earlier quoted context omitted.

> What is being missed by your analysis is that the value in a blockchain comes more from the network than the tech. That is the reason why anyone can't just create a new coin and expect everyone else to value it, but that doesn't mean there can't be any viable competitors. And if a competitor with a sufficient advantage got popular enough, it could take the lead. For example, the hack Bitcoin used to become popular…

That wouldn't work because mining blocks also validates transactions.

Difficulty is adjusted approximately every two weeks, so the network would self adjust to a reduced mining rate.

Mining isn’t used to validate transactions. You can validate transactions without mining. It’s purpose is to secure the network. The network validates transactions using asynchronous cryptography and nodes only transmit valid transactions. Mining secures those transactions from being overwritten.

Re: Did Bitcoin just prove it can't scale?

#239

Post by grubles »

pmorici wrote: post #235
grubles wrote: post #230

Earlier quoted context omitted.

There was an instance of SatoshiDice taking up half of a Bcash block consolidating UTXOs the other day. Congestion will happen on Bcash, as will a hard fork to infinite inflation due to lack of transaction fees to supplant block rewards.

I'm talking about Bitcoin Cash. You must be confused "Bcash" is a fork of zcash that hasn't launched yet.

Didn't you hear there's an existing fork of Bitcoin called Bcash too? This new altcoin you're talking about will have to change their name, because we all know starting an altcoin with the same name as an existing one doesn't go so well.

Re: Did Bitcoin just prove it can't scale?

#240

Post by hhbbhhg »

Bombthecat wrote: post #213
always_good wrote: post #197

Earlier quoted context omitted.

Well, that's not accurate either. Miners sort transactions by fee and fill up a 1MB block. Use https://estimatefee.com/ . Not paying enough to win the fee auction is not the same as no transactions getting through at all. You seem a bit misinformed to be using the "Dude" prologue.

https://bitcoin.stackexchange.com/questions/43155/do-unconfi... K thx bay

What is it with bitcoins that attracts Reddit-dwelling idiots?
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