Ninjastic
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Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
by
rolling
on 07/07/2015, 06:06:57 UTC
Quote from: cmacwiz on July 07, 2015, 06:02:29 AM
Quote from: rolling on July 07, 2015, 05:23:19 AM
Quote from: JayJuanGee on July 07, 2015, 05:11:27 AM
Quote from: rolling on July 07, 2015, 04:52:09 AM
Quote from: shmadz on July 07, 2015, 04:34:18 AM


Bitcoin is not here to compete with visa. It's not here to make banking better, it's not about buying coffee or micro payments or any of that crap. It's not about mass adoption.

 It's about monetary freedom.

If three transactions per second is not enough, then there will grow an ecosystem of alt coins to pick up the slack. We will see exchanges grow that allow for easy transfer of value from one coin to the next and through this multi-coin environment, we can scale without limit.

There is no solution for one chain to hold all the transactions. Any proposal that suggests compromising the security, integrity, or distributed nature of bitcoin in order to gain some kind of imaginary "adoption" is an attack and should be treated as such.



Can someone please explain this to Gavin and the other "Scientists"?

I have a sense that Gavin and some of the other like minded scientist are attempting to discuss bitcoin by use of less disruptive terms in order that BTC seems less threatening to the status quo.

Not the monetary freedom part but they have to realize that every cup of coffee and micro transaction on the planet can't possibly and shouldn't be kept in the blockchain.


What about all other types of transactions and apps to be built on the blockchain? It can be used in many other ways; security and validity of transactions is a function of the network size. It would be better to have a larger consensus. At the other end of the spectrum, we could have a million different blockchains, each so weak that they could be subverted by a planned attack. Eventually there is a sweet spot we will find, but in the mean time scaling to accommodate higher TPS at an early stage helps.

No problem with the other types of transactions. Let the fees determine which make it on to the blockchain. If the fee for a transaction is $10 then you might use it for a 1 satoshi smart contract but not for a $3 cup of coffee.