Re: Estranged Core Developer Gavin Andresen Finally Makes Sensible 2MB BIP Proposal!
This is where we disagree. I think that Bitcoin can scale the blocksize limit, and it does not need to be efficient. Bitcoin can be suited for micro transactions. I think people that disagree with this vision should just create a new coin, and stop trying to "force" this alternative vision onto Bitcoin. I believe in the original vision of Bitcoin and I want the experiment to continue, I share this vision with its founder.
These quotes are irrelevant and outdated. You can only try to disagree with something that is a fact, but that is pointless. Let me show you an example of a recent and quick calculation that I've made.Quote
Let's say that 700 million people use Bitcoin (that's ~10% of the World population, even less), and that they all make only 1 transaction per day. Transaction size is averaging half a kilobyte today (source Bitcoin Wiki).
700 million transactions * 0.5 = 350 million Kilobyte = ~350 GB/ 144 (blocks per day) = ~2.4 Gigabyte per block. This is only if they make a single transaction per day (which is unlikely, as the average would be much higher with adoption on this scale).
It is reasonable to assume that the average transactions per person per day would be between 5 - 10 (minimum) if Bitcoin was used for everyday purchases. You're talking about 1750 - 3 500 GB of unnecessary data per day. Unnecessary as it, can be avoided with second layer solutions. Another problem with you is that you see LN as an alternative coin, but it is not even remotely close to that. 700 million transactions * 0.5 = 350 million Kilobyte = ~350 GB/ 144 (blocks per day) = ~2.4 Gigabyte per block. This is only if they make a single transaction per day (which is unlikely, as the average would be much higher with adoption on this scale).
I would love to know the validation time of a 24 GB block on the latest CPU's.
What you don't understand is that LN gives the opportunity for two persons (or companies) to have an theoretically infinite amount of transactions between themselves and then settling on the block chain. Tell me why this is bad if the transactions on LN (a decentralized solution) are almost equally as secure, cheaper and faster (near instant transacting in a payment channel)?