⭐ Merited by vapourminer (1)
Therefore anyone who is suggesting that we need BIGGER blocks right now needs to provide such evidence and logic to such an extent that it is convincing others that such a change is justified.
Pretty simple, let's assume 10% of the world population wants to use Bitcoin (not just own IOU on an exchange) , each gets his coins and opens a LN.How long will that take at current block size?
I frequently question whenever anyone starts out a claim with "pretty simple." hahahahaha
Yeah it's pretty simply
You have 10 percent of the worlds population a fixed number
You have one output to get them their coins to their wallet, let's batch those tx in 1 inputs 100 output for convenience, fixed numbers.
Then you have each of this guy from the 10% of the world population opening a channel.
You calculate the size of that you divide by 144 blocks a day and simple as this> (p*u/s)s+y/f+r-(e^e) you have the answer!
It's not complicated at all, a few years more or less years ! Now if you would want them in this decade to close and again open one channel and do like 2-3 not micro transactions things go blurry, as in we'll be all dead by then.
Or, or....we could use doge which has no problem with this numbers:
Bitcoin Transactions last 24h 472,460 Avg. Transaction Fee 0.00015 BTC ($6.59)
Doge Transactions last 24h 1,745,736 Avg. Transaction Fee 0.069 DOGE ($0.0055)
I really wonder what magic they use for this
But anyhow, I doubt it's something simple as having a larger capacity that could be achieved with 8Mb blocks or something!
Now to the good news:
We had 30 extra blocks in the last 24 hours.
The previous difficulty adjustment was 7.35%, again an insane increase in the number of transactions confirmed in 24 hours than normal.