Post
Topic
Board Bitcoin Discussion
Re: Bitcoin XT - Officially #REKT (also goes for BIP101 fraud)
by
VeritasSapere
on 30/11/2015, 23:41:06 UTC
Peter R definitely seems to be trolling sometimes. I've stopped taking him seriously long ago. This visualization of BIP101 makes it even look worse than it actually is:
Quote
Visa-2015-level transactions by 2032! Sounds awesome.
Quote
Notice how it says it would take us until 2032 to reach the CURRENT ts/ps of Visa. LOL. Such blocksize increase is futile and will only centralize Bitcoin, this is a fact. We aren't getting nowhere without LN. Get a grip.
Handling the amount of Visa transactions of 2015, by 2032, will make Bitcoin obsolete then because it will not be able to handle enough volume (i.e. BIP101 solves nothing).
You claim that increasing the blocksize according to the schedule outlined in BIP101 solves nothing yet it does increases the throughput of the Bitcoin blockchain by a factor of eight thousand, compared to where it is now over a period of twenty years. Practically this makes a huge difference, the solution does not need to be perfect, be careful to not fall into the trap of the engineers nirvana fallacy.