Re: Bitcoin XT - Officially #REKT (also goes for BIP101 fraud)
Ehhh, the forkers are back on full retard mode.
https://www.reddit.com/r/Bitcoin/comments/3uvaqn/visualizing_bip101_a_payment_network_for_planet/?sort=controversial
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:https://www.reddit.com/r/Bitcoin/comments/3uvaqn/visualizing_bip101_a_payment_network_for_planet/?sort=controversial
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Visa-2015-level transactions by 2032! Sounds awesome.
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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).
Cant' you read? It means that this alone will make it possible to grow like that. More will be possible together with protocol improvements and other measures.
We don't need artificial scarcity:
BeYourOwnBank ; 33 Punkte vor 13 Stunden*
Blockstream/Core are weak and desperate, centralized and fragile.
Their only hope of succeeding is by creating artificial scarcity all around: artificially restricting us from speaking out freely on our forums, artificially restricting us from transacting directly and cheaply on our blockchain and in our mempool.
Their only chance of success is to change everything from being permissionless back into being permissioned: they want us to ask their permission to speak on "their" forums (via their censors), they want us to ask permission to transact on "their" blockchain (via LN), and they want us to compete to pay higher fees to propagate in "their" mempool (via RBF).
They know they are vulnerable and they are running scared.
All Bitcoin has to do to succeed is remain decentralized and anti-fragile and open to everyone.
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My feeling (not that a feeling is worth much) is that 8GB blocks will be enough. If we really do see that level of adoption (~1 billion transactions per day) there will be a lot of off-chain transactions as well.
In other words, the idea that 1 MB blocks (or 2 or 4 or
can be "enough" with layer-2 or offchain solutions is... unrealistic, but that layer-2 or offchain solutions can help Bitcoin get from 1 billion to 10 (or 100) billion transactions per day seems plausible to me.chriswilmer, Today at 12:36 AM
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I agree, and even 32MB blocks will allow for 100 TPS on-chain, which is a lot of real-world business, and would support a very healthy BTC price. It is fully reasonable to expect off-chain solutions to take a lot of volume *eventually*. The strategic error is trying to force that outcome before off-chain solutions develop organically and take volume on their own merits.
solex, Today at 1:10 AM