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The Bitcoin Blockchain Visualized in 3D

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Re: The Bitcoin Blockchain Visualized in 3D

#41

Post by keymone »

_ph_ wrote: post #37
uoylj wrote: post #27

Earlier quoted context omitted.

A secure global ledger does have value though. At least it does to lots of people.

Yes, Bitcoin seems to be popular in the trade of illegal goods and for paying ransomware. Doesn't exactly explain why most other people invest so much into Bitcoin. And the security is very dubious, considering the track record of Bitcoin exchanges.

sigh, how this is still an argument?

try going a step further and ask yourself why is bitcoin "popular in the trade of illegal goods and for paying ransomware".

hint: there's a thing that is even more "popular in the trade of illegal goods and for paying ransomware" - cash.

hopefully it's enough of a nudge in the right direction.

Re: The Bitcoin Blockchain Visualized in 3D

#43

Post by shireboy »

ignaloidas wrote: post #33
_ph_ wrote: post #26

Earlier quoted context omitted.

The dollar has not been backed by gold for a long time. It is backed by the Federal Reserve bank by the political power of the US and of course by the GDP of the US. Like with gold prices, there is quite some flexibility in the value of a currency, but that flexibility is contained in certain intervals because of the influence and the acting of the Federal Reserve bank. As long as the US doesn't default, the dollar h…

It is not backed. I cannot exchange dollars into political US power or GDP of US.

I get your point and generally agree fiat is not backed by much more tangible than BTC’s math. To be fair, plenty of people trade US dollars for US political power. Lobbying, 500k speaking fees, PACs, Charity “Foundations”. You and I can’t trade in those markets because we don’t have enough dollars (or have too many scruples)

Re: The Bitcoin Blockchain Visualized in 3D

#44

Post by gibybo »

akuji1993 wrote: post #32

It tells me there are only 30.000 transactions? In the last block? Because that number seems very small compared to the hype that surrounds Bitcoin if that is "All Transactions of all time"

A typical block has on the order of 1000 transactions and they occur on average once every 10 minutes.

The 30k number that the website gives in the beginning is talking about the number of transactions that have not yet made it into a block but are currently being replicated among nodes in the network. Each transaction includes a bounty to be paid to the miner that includes it in a block. Most of these 30k pending transactions have a low fee and are usually ignored by most miners, but may eventually make it into one when an altruistic miner manages to mine a block, or when a greedy miner has no better options. If they don't make it into a block relatively soon, nodes will stop replicating them.

Re: The Bitcoin Blockchain Visualized in 3D

#45

Post by akuji1993 »

gibybo wrote: post #44
akuji1993 wrote: post #32

It tells me there are only 30.000 transactions? In the last block? Because that number seems very small compared to the hype that surrounds Bitcoin if that is "All Transactions of all time"

A typical block has on the order of 1000 transactions and they occur on average once every 10 minutes. The 30k number that the website gives in the beginning is talking about the number of transactions that have not yet made it into a block but are currently being replicated among nodes in the network. Each transaction includes a bounty to be paid to the miner that includes it in a block. Most of these 30k pending tr…

Okay, that makes waaay more sense. Thanks for explaining.

Do I understand correctly, though? If I want to send a small amount of bitcoin, with a minimal fee, there is a possibility that that transaction won't go through, because no miner picks it up?

Re: The Bitcoin Blockchain Visualized in 3D

#46

Post by m00dy »

akuji1993 wrote: post #45
gibybo wrote: post #44

Earlier quoted context omitted.

A typical block has on the order of 1000 transactions and they occur on average once every 10 minutes. The 30k number that the website gives in the beginning is talking about the number of transactions that have not yet made it into a block but are currently being replicated among nodes in the network. Each transaction includes a bounty to be paid to the miner that includes it in a block. Most of these 30k pending tr…

Okay, that makes waaay more sense. Thanks for explaining. Do I understand correctly, though? If I want to send a small amount of bitcoin, with a minimal fee, there is a possibility that that transaction won't go through, because no miner picks it up?

right.

Re: The Bitcoin Blockchain Visualized in 3D

#47

Post by gibybo »

akuji1993 wrote: post #45
gibybo wrote: post #44

Earlier quoted context omitted.

A typical block has on the order of 1000 transactions and they occur on average once every 10 minutes. The 30k number that the website gives in the beginning is talking about the number of transactions that have not yet made it into a block but are currently being replicated among nodes in the network. Each transaction includes a bounty to be paid to the miner that includes it in a block. Most of these 30k pending tr…

Okay, that makes waaay more sense. Thanks for explaining. Do I understand correctly, though? If I want to send a small amount of bitcoin, with a minimal fee, there is a possibility that that transaction won't go through, because no miner picks it up?

That is correct, there is a maximum number of transactions that can occur on the main Bitcoin chain (it was ~7/second at the beginning, and I think it still is) so there is effectively an auction to get on the chain.

As ignaloidas explained in another comment though, this doesn't include the Lightning Network which is where most everyday transactions would occur.

Re: The Bitcoin Blockchain Visualized in 3D

#48

Post by mirimir »

navigatesol wrote: post #38
mirimir wrote: post #11

Earlier quoted context omitted.

You -- and lots of pesky Bitcoin speculators -- are missing the point. Bitcoin is currency. If it weren't for speculation, Bitcoin exchange rates with state-based currencies would be relatively stable. There's some deflation by design, but not enough to matter, unless you hoard. Exchange rate volatility is problematic. My solution is mainly to have more Bitcoin than I'd ever use, unless its value crashed. That works…

> but not enough to matter, unless you hoard. > My solution is mainly to have more Bitcoin than I'd ever use In other words, you're hoarding.

Yes, I suppose that I am.

But not mainly in a speculative way. Fundamentally, there's no safe way to move enough to matter without raising flags. As in, "where did that money come from"? I really don't want to go there.

Re: The Bitcoin Blockchain Visualized in 3D

#49

Post by School-Cotton »

ignaloidas wrote: post #34
akuji1993 wrote: post #32

It tells me there are only 30.000 transactions? In the last block? Because that number seems very small compared to the hype that surrounds Bitcoin if that is "All Transactions of all time"

This doesn't represent Lightning network, which is used for smaller, quicker transactions later synced onto the main Bitcoin chain by transferring only the differences between the nodes to save on transaction fees.

It's more honest to say "intended to be used for". The LN has been promised as the solution to Bitcoin's scaling woes for years, but somehow never seems to catch on.
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