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Title: Flaw in Bitcoin? (video) Post by: townsend on December 05, 2013, 09:39:09 PM This is 3 minute video, just posted on youTube.
"Bitcoin has a fatal design flaw that almost no one is talking about." http://www.youtube.com/watch?v=PfeA94BedQI Should I be worried? Title: Re: Flaw in Bitcoin? (video) Post by: grue on December 05, 2013, 09:40:38 PM duplicate topic, see: https://bitcointalk.org/index.php?topic=359051.0
Title: Re: Flaw in Bitcoin? (video) Post by: townsend on December 05, 2013, 09:55:45 PM At some point the maximum number of bitcoins are issued.
Will the block chain cease to grow at that point? Are there any possible solutions of the tech teams to-do list? Are there dates in the Block Chain? Maybe I could specify the date of my first purchase, and only download blocks from then forward? Title: Re: Flaw in Bitcoin? (video) Post by: coinpr0n on December 05, 2013, 10:14:59 PM At some point the maximum number of bitcoins are issued. Will the block chain cease to grow at that point? Are there any possible solutions of the tech teams to-do list? Are there dates in the Block Chain? Maybe I could specify the date of my first purchase, and only download blocks from then forward? No. The blockchain is a record of the transactions, not the coins issued. Yes. The tech teams know about this. Uhm.. Title: Re: Flaw in Bitcoin? (video) Post by: drrussellshane on December 05, 2013, 10:31:08 PM The decentralized part of Bitcoin comes from the fact that the blockchain (ledger of all transactions) is stored on many, many computers worldwide - originally with each user keeping a copy as part of the Bitcoin client.
I think that the developers have been perhaps assuming/hoping that Moore's Law would be able to keep up with the blockchain size. And right now, there is a limit on the block size, so the growth is limited somewhat. But the block size is a whole 'nother can of worms. LOL. Bitcoin sure is a fun experiment. Title: Re: Flaw in Bitcoin? (video) Post by: takagari on December 05, 2013, 10:32:25 PM Yup, end of the world, everyone better sell your BTC off right now!
I'll be nice and give you each a penny per BTC to help you cope with your loss... Title: Re: Flaw in Bitcoin? (video) Post by: Akka on December 05, 2013, 10:38:01 PM Ohh wow! I can't belive nobody in Bitcoin thought of this problem in almost 5 Years! This guys are smart to figure this out!
Well, that's it. Experiment failed :( Let's just shut it down :'( ... Actually this issue is already addressed in the original Whitepaper: http://bitcoin.org/bitcoin.pdf See 7. Reclaiming Disk Space. This is a lot of work and requires sensible planning and testing. But it will come at some point. Title: Re: Flaw in Bitcoin? (video) Post by: Montago on December 05, 2013, 10:45:32 PM The funny thing is, that even if the Blockchain grows by 10,11,12,13,14 GB pr year, then the problem becomes smaller and smaller
Harddrives grow exponentionally Internet bandwidth grow exponentionally so even if the blockchain is 100GB in 5 years, then it will feel less of a burden than it does today ! |