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@Vigme86 you totally forget that hard-drive capacity increasing over time and price/GB become lower over time.
Additionally if we're talking about scaling, storage capacity isn't biggest problem. Internet bandwidth, internet latency and RAM usage are bigger problem.
Furthermore, even with scaling solutions such as LN, you still need on-chain transaction to open and close channel.and current on-chain capacity isn't enough if Bitcoin is mass adopted (and even if all of them only use LN) .
...
Additionally if we're talking about scaling, storage capacity isn't biggest problem. Internet bandwidth, internet latency and RAM usage are bigger problem.
Furthermore, even with scaling solutions such as LN, you still need on-chain transaction to open and close channel.and current on-chain capacity isn't enough if Bitcoin is mass adopted (and even if all of them only use LN) .
...
Are you suggesting someday BTC will increase its block size ?
What do you mean when you're saying "mass adopted"?
In my mind mass adoption means there will be millions of full nodes running on a daily basis, am I wrong?
I'm aware capacity will increase over time, not quite sure it will be enough.
Finally, I would like to know what is "witness scale factor", never heard about it
.Can you please give me a hint ?
⭐ Merited by DooMAD (2)
Hi all,
....
....
firstly segwit does not actually offer 4mb true open utility. thats the fake promise of a 2015 scaling debate
secondly if your thinking of keeping the same computer for 10 years. then i feel sorry for your computer in regards to future other software from microsoft, apple and any other software available (unrelated to bitcoin) that wont work well on a computer thats over 10 years.(most people upgrade their pc's every 4-6 years on average
thirdly having millions of people running a full node would actually cause more of a bottleneck than having ~10k-100k used by merchants that NEED to monitor funds of thousands of people paying them each day. rather than home users that may only get paid once a month.
those only getting paid once a month and only wanting to use bitcoin just to buy groceries to be delivered next day, can just use spv wallets. not everyone needs to be a full node and monitor ~2000 tx every 10 minutes if they are only personally involved in 1 tx a day/week
if you are a business NEEDING to be monitoring more than just a couple addresses. then you probably for other business purposes have your computers on a 4 year tax deductibles set-up where you replace equipment. and you probably hav a business internet plan. rather than a home user plan
..
lastly LN is a separate network to be used for multiple coins. meaning it will require once established properly. masternodes that monitor multiple chains. thus making LN hardware requirements to be a "full node"(factory/hub/watchtower) compared to just using bitcoin and only using a bitcoin node to make transaction on the bitcoin network
First of all, thanks for your reply, but some of your answers I simply do not understand quite a lot.
Firstly: I'm not a technician, 4 MB for single block will never be reached ? I believe you, anyway it seems to me you're turning around the point,
that is in the next years blockchain will increase way more than 50 GB/year, size will be around 1-2 TB and common users will simply cease to run full nodes.
EDIT: You've already answered at this in a previous reply, anyway there have been a 2.26 MB, hence 2.1 MB is not the limit
https://www.blockchain.com/btc/block/00000000000000000021868c2cefc52a480d173c849412fe81c4e5ab806f94ab
Secondly: It's not about pc upgrade but hard-disk size increase rate. It seems you're confident in ten years we'll have 16 TB hard-disk as standard, I'm not.
Thirdly: I simply do not understand this point, it seems quite in contradiction with a peer to peer electronic cash system.
You're saying common users (i.e. people which are not using bitcoin for transactions on a daily basis) should not run a full-node, while
vast majority of bitcoiners on the internet are saying exactly the opposite, like for instance aantonop here
https://www.youtube.com/watch?v=oX0Yrv-6jVs]https://www.youtube.com/watch?v=oX0Yrv-6jVs]https://www.youtube.com/watch?v=oX0Yrv-6jVs
Why should million full nodes will cause a bottleneck ?
Lastly: I do not understand this point, I'm trying to read it again later.
Hi all,
I've recently discovered something is quite concerning for me, i.e. with Segwit transactions single block size will rise up to 4 Mb.
This would lead to a blockchain increase up to ~200 GB/year, while a normal laptop does not have more than 500 GB.
Right now blockchain is already at 200 GB.
In ten years it seems quite unsustainable. Common users will cease to run a full node, only pros and geeks will do that,
and we'll never have millions of full nodes in that way.
If bitcoin is peer to peer electronic cash and want to be worldwide, IMHO more than mining centralization and price dumping
it's mass adoption of the peer-to-peer network that should be concerned.
If LN will have a great development in the following years, and I hope I will. what about reducing block size back to 1 MB or even lower?
I would like to have explanation and thoughts about a technician.
Thanks in advance.
I've recently discovered something is quite concerning for me, i.e. with Segwit transactions single block size will rise up to 4 Mb.
This would lead to a blockchain increase up to ~200 GB/year, while a normal laptop does not have more than 500 GB.
Right now blockchain is already at 200 GB.
In ten years it seems quite unsustainable. Common users will cease to run a full node, only pros and geeks will do that,
and we'll never have millions of full nodes in that way.
If bitcoin is peer to peer electronic cash and want to be worldwide, IMHO more than mining centralization and price dumping
it's mass adoption of the peer-to-peer network that should be concerned.
If LN will have a great development in the following years, and I hope I will. what about reducing block size back to 1 MB or even lower?
I would like to have explanation and thoughts about a technician.
Thanks in advance.
Re: Medium of Exchange vs Store of Value: Where is Bitcoin today?
A store of Value , Holds it Value Relative to Fiat.
Bitcoin is not a store of Value as over 80% can be lost at a moment's notice as the past year has proven.
Things that value is almost fixed are a store of value.
People need to learn the difference.
Bitcoin is a fluctuating medium of exchange, it has never been and never will be a store of value.
Bitcoin is not a store of Value as over 80% can be lost at a moment's notice as the past year has proven.
Things that value is almost fixed are a store of value.
People need to learn the difference.
Bitcoin is a fluctuating medium of exchange, it has never been and never will be a store of value.
It depends, how are you defining store of value ? In a free market, nothing has a fixed price.
If you see Gold/USD 50-years chart, it has highs and lows too.
Do you think gold is not a store of value ?
A store of value is an asset that maintains its value without depreciating.
https://www.investopedia.com/terms/s/storeofvalue.asp
BTC has 80% losses every 2 or 3 years , a store of value it is not.
Gold remains relatively stable , and when it price decreases too much , their are alternative uses in industry for it that eventuality increase it's price.
BTC has no other usage except as a payment system, which the miners are now losing money to keep it running.
Gold can't die, because a group of miners stop mining , bitcoin can.
Find anyone that purchased Bitcoin above $6000 and tell them it is a store of value,
don't be surprised when they laugh in your face and ask for their thousands of dollars of value back that evaporated into thin air.
You do have a point, but BTC is a store of value not in the mid term (2-3 years) but in the long one (at least 5 years).
Gold has lost 50%+ of its value against USD in the past within two years (Jan 1980 - Jun 1982), but in the long term has always kept its value.
https://www.macrotrends.net/1333/historical-gold-prices-100-year-chart
BTC is really too young to be judged on a long term view, but it has always shown a steady growth since its foundation, we'll see in 2021 who's right.
If someone invested a sum at 6,000 USD/BTC that he cannot afford to lose I'm sorry for him, but that's a misinvestment.
By the way BTC can't die if current miners stop mining, this just means difficulty will be lowered, medium hashrate will decrease, new miners will come.
Re: Medium of Exchange vs Store of Value: Where is Bitcoin today?
A store of Value , Holds it Value Relative to Fiat.
Bitcoin is not a store of Value as over 80% can be lost at a moment's notice as the past year has proven.
Things that value is almost fixed are a store of value.
People need to learn the difference.
Bitcoin is a fluctuating medium of exchange, it has never been and never will be a store of value.
Bitcoin is not a store of Value as over 80% can be lost at a moment's notice as the past year has proven.
Things that value is almost fixed are a store of value.
People need to learn the difference.
Bitcoin is a fluctuating medium of exchange, it has never been and never will be a store of value.
It depends, how are you defining store of value ? In a free market, nothing has a fixed price.
If you see Gold/USD 50-years chart, it has highs and lows too.
Do you think gold is not a store of value ?
The general population would rather deal with a currency that is somewhat close to the USD or Euro value. Why are we still talking in terms of 0.000653 btc when we should be using mbtc more and eventually talking in satoshi once bitcoin reaches 500k levels.
This is why Satoshi gave bitcoin so many decimal places.
With the example you have given we are still in the position of using decimal places as .000653 BTC is equal to 0.653 mBTC, it really does not come any close to the dollar value you are hoping since 1 mBTC is equal to .001 BTC or 1/1000 of a Bitcoin. I also don't think that coming close to the Dollar or Euro value is a prevalent problem here for the general population as switching back and forth from BTC, mBTC, or even uBTC will be a much more greater problem as what BTCforJoe mentioned it will cause a lot of confusion when it comes to payments for them. BTC is still new and a lot of newbies don't know the other two denominations I have mentioned. This is why Satoshi gave bitcoin so many decimal places.
Sticking up to the BTC value which has 8 decimal places is what a lot of people are used to, I was confused at first but then I tried reading the values from the start of the number after all the zeroes and thinking it as a whole number at that point on reading BTC values was an easy thing for me to do. Also in my own opinion this is not our problem to solve, if this became an issue the government could easily set a standard on what denomination will their country use when it comes to cryptocurrency payments and the transition will be easy if that happens.
I quite agree with posts quoted, speaking about mBTC or BTC is not a big issue.
There's a question related to this thread but I'm quite confused about the answer i.e. about the 8 decimal places rule.
What if in 20 years thanks to a big increase of BTC valued they will not be enough (let's dream a 20,000,000 $/BTC or even more
) ?Lurking around this forum I've sensed it's not possible to add new decimal places, is that right ?
Very interesting and helpful topic, I would merit if I still had it.
From a user point of view sounds like LN it's a potential breaktrough innovation but still with some big issue to fix
(opening a channel 24/7 is clearly impossible, and it's not clear to me how you can manage negative balance once a user wants to close his channel).
Anyway there's a sentence that sounds really disappointing to me
It's one year since BCH fork, and after all that debate here's the conclusion
.
I quite disagree with it. Block weight should stay 1 MB forever. Makes no sense to me increasing it.
From a user point of view sounds like LN it's a potential breaktrough innovation but still with some big issue to fix
(opening a channel 24/7 is clearly impossible, and it's not clear to me how you can manage negative balance once a user wants to close his channel).
Anyway there's a sentence that sounds really disappointing to me
...We cant avoid increasing the block weight in the future...
It's one year since BCH fork, and after all that debate here's the conclusion
.I quite disagree with it. Block weight should stay 1 MB forever. Makes no sense to me increasing it.
I think Monero is right now the best privacy coins out there, but many altcoins which are focused on privacy could be better that XMR in the next future. One very interesting altcoin I highly suggest you to look into it is DeepOnion (ONION), It is a PoW/PoS based cryptocurrency founded last July with a dev team really active, many improvements have been done. You can fins a brief introduction on https://bit.ly/2L9GRrl and join the community here https://deeponion.org/community
? Re: [ANN][Main] Bitcore- BTX - SEGWIT - hybrid fork 1:0.5 of Bitcoin
What happens to the price of the coin? Why is everything so sad? All merge due to the closure of the bonus program?
It's kind of dying slow, sad to say, devteam seems unaffected
Re: [ANN] [ACT] Achain - A smart contract platform for enterprise-class DAPP
Another mastenrode project, let's hope that it won't dump as almost everyone good luck.
What do you mean with that
Can you be more specific ? How are they linked ?Re: [ANN] Proxy Wallet || ePRX || Secure your coin! Chat with anyone!
When will the token be listed? I am the holder of your tokens^_^ 
Well actually the ePRX token is already listed on KKCoin ForkDelta and AcceleratorEx, you can check the list
on https://www.proxycard.io/. If I may if you ask this to sell right now your tokens I suggest you to wait,
this project is kind of sleeping IMO, sooner or later will get more attention, but the choice is up to you.
Re: [ANN] [ACT] Achain - A smart contract platform for enterprise-class DAPP
Achain weekly update [4.21.2018 - 4.28.2018]
https://medium.com/@AchainOfficial/achain-weekly-update-4-21-2018-4-28-2018-1b0cd832c2f6
https://medium.com/@AchainOfficial/achain-weekly-update-4-21-2018-4-28-2018-1b0cd832c2f6
Thanks for the update, AChain is definitely one of the most interesting coins in this year, the tech behind it sounds really good (maybe it should be reviewed the whitepaper english version, but nevermind
) what's really impressive is 24h Volume, it's like 20% of the entire market cap really remarkableRe: [ANN] [ICO] [PoS] BXO BitExo Casino-⚡Dividends⚡🚀🚀 Bet & Invest with BXO
It really has become a little quiet here in the thread. is there any news in march? is the small team still active here? Let's see if the next days something new will be posted here
We decided to setup our own exchange on Bit-Exo.com before we proceed with the sale and poker. We expect it to be live this month.
Hi guys, any news about this project ?
nothing new , we are still waiting for the insite exchange launch so people can start trading BXO after that slots n go poker may be added
also dev is working on adding Ethereum to the site , so that should impact BXO too since the plans involve paying bxo holders dividends from the site profit so adding ethereum is great for investors
And now? Any news ? Time flies
Re: [ANN] Proxy Wallet || ePRX || Secure your coin! Chat with anyone!
The PRXY -> ePRX swap will begin on Friday, 4/13. This will be a 1:2 swap in which you will receive 2 ePRX for everyone 1 PRXY that is being swapped. We will have two secure methods to swap your coins .
Ok, this involve sending old proxy to an address?
You can join telegram channel https://t.me/proxycard and you will find the instruction
