Re: Thoughts from Russia on the block size situation and Blockstream
As long as there is fiat money, people will always first spend it since it is inflationary, so the scenario that bitcoin used for daily spending at large scale will never realize
Then the major usage left are long term saving and international remittance, both happens at very large size (over $100) and very low frequency (once a week/month)
In fact, majority of the transactions today in bitcoin network are pools paying miners and speculators deposit/withdraw from exchanges/gambling sites.
Gambling sites could occupy large amount of transaction capacity for blockchain, how to move their large amount of traffic offline is a challenge, maybe they should cooperate with bitcoin exchanges and do internal settlement without direct receiving coins from individual users
Then the major usage left are long term saving and international remittance, both happens at very large size (over $100) and very low frequency (once a week/month)
In fact, majority of the transactions today in bitcoin network are pools paying miners and speculators deposit/withdraw from exchanges/gambling sites.
Gambling sites could occupy large amount of transaction capacity for blockchain, how to move their large amount of traffic offline is a challenge, maybe they should cooperate with bitcoin exchanges and do internal settlement without direct receiving coins from individual users
And what case do you make about decentralized app that will rely on the blockchain? i.e. OpenBazaar and Joystream?
Crippling the blockchain would just cripple what you can build on top of it.
Sounds like the logic of a crippled brain
How dare you reply to such a brilliant post with such a bland comment?If OpenBazaar behave they can get a private, anonymity supported sidechain straight out of Blockstream Labs and run their own Lightning hub
That's really cool but the fact is OpenBazaar will deliver much faster than blockstream will.
I would imagine since they got a jump start from code they didn't write
I also imagine you are convince hordes of consumers will rush to use OpenBazaar as soon as they officially launch, right?
And you think people will rush into unproven concept / untested sidechains right from their launch?
I don't see where I said that? I'd be much more interested in an anonymous sidechain than crypto-ebay though to be honest...
The issue is the premise of your argument is that Open Bazaar hugely popular market place might get choked out of transaction room.
I advise your to get rid of these disease that is trying to satisfy inexisting demand because "I swear" mass adoption is coming. To quote:
But this mass thing is so not going to happen anyway, even if you "scale it" in advance. Sry but wake up, in its current form, bitcoin is out of the reach of regular sheeple.
People are too much anticipating, buying the fake dreams of them Antonopoulos, Gavin, Hearn et al., saving the planet with free insta-frappucinos.
People are too much anticipating, buying the fake dreams of them Antonopoulos, Gavin, Hearn et al., saving the planet with free insta-frappucinos.
I never made the claim that mainstream was coming by tomorrow. The thing is that you and I don't know exactly from where it will come and when. Will it come from a killer app? A monetary crisis? A mass marketeer campaign by the big boys? We don't know. What I do know though is that it will NEVER happen before we let enough room for it to happen.