|
Title: Keep Calm And Bitcoin On | Valery Vavilov, Co-founder Bitfury Post by: johnyj on January 19, 2016, 06:51:45 AM https://medium.com/@BitFuryGroup/keep-calm-and-bitcoin-on-4f29d581276#.dz7yrygg0
FACT 1: Bitcoin Is Not an Electronic Payments System Like PayPal FACT 2: Bitcoin Is Not and Should Not Be Free to Use FACT 3: Bitcoin Transaction Processing Is Not Presently Clogged FACT 4: Miners Embrace Bitcoin’s Popularity FACT 5: Bitcoin Mining Is Decentralized FACT 6: Mass Rule is Not Appropriate for Bitcoin FACT 7: Bitcoin XT Would Not Have Solved Bitcoin’s Challenges --------------------------------------------------------------------------------- I think FACT 6 is worth debating, because if mass rule is not working, less rule is even less likely to be working. Maybe Valery is threatening to overtake bitcoin by building a miner's consortium :D Title: Re: Keep Calm And Bitcoin On | Valery Vavilov, Co-founder Bitfury Post by: Bitcoinpro on January 19, 2016, 06:57:03 AM Fact 1# it has obsoleted everything :)
Title: Re: Keep Calm And Bitcoin On | Valery Vavilov, Co-founder Bitfury Post by: johnyj on January 19, 2016, 02:27:47 PM Fact 1# it has obsoleted everything :) I think Fact 1# is quite accurate, trying to compare bitcoin with papal or VISA is similar to comparing car traffic vs train traffic. Even some devs are openly use this comparison, showing that their poor knowledge when it comes to finance People should be aware that unlike bitcoin, any transaction between financial institutions (Banks, exchanges, payment processors) do not move money at all, it barely change numbers in a centralized database that stored in those institution's server, so that the net debt between those institutions changes as a result. This makes it possible to do thousands or even millions of transactions per second, because all the change is towards one database on one server, and the memory bandwidth of this server can be over 100 Gigabytes per second To put the same traffic on bitcoin network, you have to make sure the internet connection of each user is 100GB per second, e.g. 1T bps, several magnitudes larger than the fastest home internet speed, not even mention cross continental traffic bandwidth, which typically is 100KB per second today Another difference is the storage. Bitcoin has to store everyone's balance on blockchain. Financial institutions only store their customers balance data, they don't store data of customers of another institution, or even another branch in the same institution. This makes the size of their database highly manageable Title: Re: Keep Calm And Bitcoin On | Valery Vavilov, Co-founder Bitfury Post by: Sitarow on January 19, 2016, 02:32:07 PM Fact 1# it has obsoleted everything :) I think Fact 1# is quite accurate, trying to compare bitcoin with papal or VISA is similar to comparing car traffic vs train traffic. Even some devs are openly use this comparison, showing that their poor knowledge when it comes to finance People should be aware that unlike bitcoin, any transaction between financial institutions (Banks, exchanges, payment processors) do not move money at all, it barely change numbers in a centralized database that stored in those institution's server, so that the debt between those institutions changes as a result. This makes it possible to do thousands or even millions of transactions per second, because all the change is towards one database on one server, and the memory bandwidth of this server can be over 100 Gigabytes per second To put the same traffic on bitcoin network, you have to make sure the internet connection of each user is 100GB per second, e.g. 1T bps, several magnitudes larger than the fastest home internet speed, not even mention cross continental traffic bandwidth, which typically is 100KB per second today Another difference is the storage. Bitcoin has to store everyone's balance on blockchain. Financial institutions only store their customers balance data, they don't store data of customers of another institution, or even another branch in the same institution. This makes the size of their database highly manageable You left out the part where Bitcoin Ledger is public and distributed, and due to this finally solves the “Byzantine General's" problem. Title: Re: Keep Calm And Bitcoin On | Valery Vavilov, Co-founder Bitfury Post by: maokoto on January 19, 2016, 02:38:42 PM It is true that with Bitcoin, money really "moves" in the sense that when it changes hands everybody in the network is allowed to know about it. With fiat there is no registry that money is moving at all, only in the private databases of institutions. Very good point indeed.
Title: Re: Keep Calm And Bitcoin On | Valery Vavilov, Co-founder Bitfury Post by: watashi-kokoto on January 21, 2016, 11:33:54 AM It is true that with Bitcoin, money really "moves" in the sense that when it changes hands everybody in the network is allowed to know about it. With fiat there is no registry that money is moving at all, only in the private databases of institutions. Very good point indeed. Interesting point. What's better that everyone can have backups, and check that everything is all right. |