Etherium
Did Bitcoin just prove it can't scale?
271–280 of 501 posts
Re: Did Bitcoin just prove it can't scale?
#272Have you seen any announcements from merchants, businesses, exchanges regarding downtime due to congestion? Probably not, because the spam-prevention mechanism built into Bitcoin by Satoshi themselves is working as intended. On the flipside, you have Ethereum with more or less unbounded block sizes having issues with Cryptokitties congesting the entire network. Numerous entities using Ethereum are unable to do busine…
It's the same case for Ethereum. Blocks are bound by total gas, and you can ensure your transaction is included into a block quicker by paying a higher gas fee, if you are willing.
For about $0.40 you can get an ETH transfer into a block in a couple of minutes. https://ethgasstation.info/
Re: Did Bitcoin just prove it can't scale?
#273Earlier quoted context omitted.
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.
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.
The market doesn't function when people can't transact freely. Price signals get distorted. When the blockchain is frozen, we don't know the actual supply and demand of Bitcoin.
Bitcoin Cash fixes Bitcoin by providing a capacity market, where transactions can cost whatever nodes / miners can compete at.
Re: Did Bitcoin just prove it can't scale?
#274Earlier quoted context omitted.
Doge has unlimited inflation it is nothing like Bitcoin Cash.
Bcash is already over-inflated relative to Bitcoin due to its mining algorithm. When the block reward diminishes enough, and fees don't supplant it, Bcash will hard fork to infinite inflation.
It's 0.001% over-inflated? So it reaches the 2020 halving earlier, and wins then too.
Re: Did Bitcoin just prove it can't scale?
#275Earlier quoted context omitted.
"Bitcoin: A Peer-to-Peer Electronic Cash System" Peer to peer cash. Not "Gold", not "asset", but "Peer-to-Peer Electronic Cash".
The IRS classifies and taxes it as an asset because functionally it is an asset. The design is speculated to be based off of hashcash and maybe it was suppose to be used as cash and in a way it is still useful as "electronic cash" for online orders since wait times are less relevant. http://www.hashcash.org/papers/hashcash.pdf
The IRS is wrong.
Re: Did Bitcoin just prove it can't scale?
#276Earlier quoted context omitted.
Yes, a "currency" should be treated as an asset, not cash. The pro-BTC arguments are becoming absolutely inane
Currency A currency in the most specific use of the word refers to money in any form when in actual use or circulation as a medium of exchange, especially circulating banknotes and coins. A more general definition is that a currency is a system of money (monetary units) in common use, especially in a nation. Under this definition, British pounds, U.S. dollars, and European euros are examples of currency. Wikipedia
Stores-of-value aren't "actually used" nor "medium of exchange". Bitcoin Cash fixes Bitcoin, restoring its utility and will cannibalize Bitcoin's market share.
Re: Did Bitcoin just prove it can't scale?
#277Earlier quoted context omitted.
I’m not sold on Bitcoin but I don’t agree with your definition of what it needs to be successful. There is no reason that actual bitcoin end-users need to deal directly in bitcoin. If Bitcoin were to ever become a major currency, a big if, there would be financial institutions (banks) issuing instruments (physical or digital notes) backed by real bitcoins held by those institutions. Real bitcoin transactions would be…
Bitcoin and The Blockchain are only useful when you absolutely can't trust anybody but yourself. Why would financial institutions need Bitcoin and its immense overhead when they all can use the law as a tool to ensure adequate trust? If they can trust each other at that level, all they need is a simple database. In other words, "financial institutions" have no need for the blockchain. Want proof? You think the NASDAQ…
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Re: Did Bitcoin just prove it can't scale?
#278Not only is BTC epicly badly designed (energy consumption=Denmark) but it doesn't solve a problem that anyone actually has (and neither do any of the other cryptos). Nobody uses them to pay for things, and nobody has any incentive to start doing so, because paying for things is not currently a problem. Compare with the Internet boom: along with the stock bubble, millions of people began using this new tool which chan…
You must not have any experience with international transfers or currencies other than euro and USD.
Indeed I don't. Nor do most other people. That's one of the reasons why, to first approximation, zero people are using them. And even if lots more people suddenly begin needing to transfer non-reserve currencies internationally, these transfers are going to run into legal issues which, despite fantasies of bitcoin enthusiasts, are not going to be evaded just by putting "crypto" in a prefix.
Re: Did Bitcoin just prove it can't scale?
#279Earlier quoted context omitted.
Bcash is already over-inflated relative to Bitcoin due to its mining algorithm. When the block reward diminishes enough, and fees don't supplant it, Bcash will hard fork to infinite inflation.
It's 0.001% over-inflated? So it reaches the 2020 halving earlier, and wins then too.
In the ~4 months since its creation, 115,975 Bcash tokens were mined ahead of schedule.
Re: Did Bitcoin just prove it can't scale?
#280Earlier quoted context omitted.
Dogecoin has much cheaper fees than Bcash and its block confirmation target is around 1 minute -- roughly an order of magnitude cheaper and faster than Bcash.
Doge has unlimited inflation it is nothing like Bitcoin Cash.
That doesn't matter if you only use it for transactions. Step in, transact, step out.