Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
Accordingly, I still have troubles understanding when the blocksize and/or scaling issues are presented as "an emergency."
Do you understand the principle of non-parallel lines in a two-dimensional cartesian coordinate system?
No. I don't understand: "non-parallel lines in a two-dimensional cartesian coordinate system."
It's may sound fancy, but it's very simple. This is a (logarithmic) graph of the number of Bitcoin transactions over time:
The interactive version is here: https://oxt.me/charts
The blue line is the number of transactions in a given month. In December and January there were 6 million transactions per month. The maximum per day that can be processed is about 250,000, so that's 7.5 million per month. To visualize that maximum, you could draw a horizontal line in the graph at 7,500,000. As you can see, the growth in transactions is pretty steady, in this logarithmic graph it's almost a straight line (so the growth is actually exponential). If you extrapolate that line to the future, it will cross the horizontal line at 7,500,000 tx at some point. In fact, if two lines don't run parallel, you know for sure they will cross each other sometime.
I haven't felt any significant delay because usually the transaction will show up with zero confirmations within 5 minutes or so then I can rest assured that it is coming to me.
When blocks become persistently full, you will never be able to safely assume that a zero-conf transaction will ever get included in a block.
And that is a fact.
O.k. I will accept your representation. Currently, we seem to be a long ways away from the "fact" that you are asserting to be coming about, and from my understanding, there are several potential bandaid solutions in place until a possible more permanent solution is agreed upon or implemented by coup de at...
It will only take a few more months before the lines will cross. I wouldn't call that a long way off. And rolling out a hard fork takes time. So yes, time is running out fast.