Post
Topic
Board Development & Technical Discussion
Re: Possibility to increase block time during network outages?
by
dagelf
on 21/01/2016, 20:29:57 UTC
Correct; and your argument is one that everyone loves to make. Although, during times of such "bigger problems", having access to a global medium of exchange, such as Bitcoin, would be a catalyst for faster rebuilding. So I do think it's worth considering.
Perhaps, but physical fiat cash will also be a medium of exchange and it isn't reliant on computers and the internet.

Not it won't, because presumably there won't be a government around to back them. Look at any war torn country run by warlords. People will still have mobile phones and wireless peer-to-peer networks and ad-hoc satellite uplinks would've sprung up all over, all running on solar power.

The difficulty only changes every 2016 blocks which is targeted to be 2 weeks.
That's news to me. I thought it changed based on total hash power, guess I need to read the source again.

If the internet were to go down and thus Bitcoin would no longer function, so would many bank systems. Most use computers now and connect via the internet to get balances since in reality, most money is digital, not cold hard currency. Banks know that there is a possibility, however slight, of the internet going down and their systems thus failing, but they don't cater to that scenario because of its unlikeliness. There are infinite possibilities and failure scenarios, but most of them are extremely rare events, and thus people don't even bother to solve them because it is wasted effort, and thus Bitcoin should not do something about a failure scenario that is extremely unlikely
You would be surprised at the disaster recovery protocols employed by many endeavours.

There are also projects in the works to bypass internet censorship and to also be able to use Bitcoin without connection to the internet. We can use radio to transfer the data for Bitcoin as well as many other methods to move the data around internet censors and even internet outages. There are also other projects like Tor which bypass those internet censors anyways.

Offline Bitcoin? Yes, that's in line with what I'm thinking about... where?

Many networks are often asynchronous or low bandwidth, both things Bitcoin (or a complimentary cryptocurrency) would do well to tolerate better...