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Title: Will it Scale? Post by: no to the gold cult on May 10, 2011, 09:43:59 AM For me bitcoin has already more or less Arrived. There is only one more question that remains.... will it scale?
For me the way the speed of confirmations has slowed is worrying, I don't think it can any more be said that bitcoin means instant payment. My vague understanding of the technology on this level implies that confirmation speed will be prone to scaling-failure if millions and multi-millions start to use btc. By the same token will latency and load on the btc network itself start to make bitcoin impracticable under heavy use? I admit my technical knowledge on these or other scaling related questions is not strong so would appreciate your input. In my opinion Tipping Point is within weeks, media / social network reverberation is in evidence as I post about bitcoin in a forum somewhere and some other poster responds "yeah I heard about bitcoin, interesting idea". I'm pretty sure bitcoin is The One as if it does fail then uptake of any new cryptocurrency would be unlikely to appear for a decade at least. The way I see bitcoin possibly failing is if it doesn't scale and can't usefully cope with millions of users. Title: Re: Will it Scale? Post by: FreeMoney on May 10, 2011, 09:52:38 AM For me bitcoin has already more or less Arrived. There is only one more question that remains.... will it scale? For me the way the speed of confirmations has slowed is worrying, I don't think it can any more be said that bitcoin means instant payment. My vague understanding of the technology on this level implies that confirmation speed will be prone to scaling-failure if millions and multi-millions start to use btc. By the same token will latency and load on the btc network itself start to make bitcoin impracticable under heavy use? I admit my technical knowledge on these or other scaling related questions is not strong so would appreciate your input. In my opinion Tipping Point is within weeks, media / social network reverberation is in evidence as I post about bitcoin in a forum somewhere and some other poster responds "yeah I heard about bitcoin, interesting idea". I'm pretty sure bitcoin is The One as if it does fail then uptake of any new cryptocurrency would be unlikely to appear for a decade at least. The way I see bitcoin possibly failing is if it doesn't scale and can't usefully cope with millions of users. I know free transfers is a nice selling point, but really really cheap transfers is good too. Have you had delays when you attached a fee? Title: Re: Will it Scale? Post by: no to the gold cult on May 10, 2011, 09:59:03 AM For me bitcoin has already more or less Arrived. There is only one more question that remains.... will it scale? For me the way the speed of confirmations has slowed is worrying, I don't think it can any more be said that bitcoin means instant payment. My vague understanding of the technology on this level implies that confirmation speed will be prone to scaling-failure if millions and multi-millions start to use btc. By the same token will latency and load on the btc network itself start to make bitcoin impracticable under heavy use? I admit my technical knowledge on these or other scaling related questions is not strong so would appreciate your input. In my opinion Tipping Point is within weeks, media / social network reverberation is in evidence as I post about bitcoin in a forum somewhere and some other poster responds "yeah I heard about bitcoin, interesting idea". I'm pretty sure bitcoin is The One as if it does fail then uptake of any new cryptocurrency would be unlikely to appear for a decade at least. The way I see bitcoin possibly failing is if it doesn't scale and can't usefully cope with millions of users. I know free transfers is a nice selling point, but really really cheap transfers is good too. Have you had delays when you attached a fee? Mus admit that I've not tried it yet...:) I don't really have enough bitcoins or means of getting more bitcoins that I can start spending them just on transferring them. But I did notice that thread about the transaction fee and was glad to see the issue discussed. Right now 0.01 fee pretty much scuppers any business plan that involves payments of less than 0.01. Title: Re: Will it Scale? Post by: FreeMoney on May 10, 2011, 10:01:29 AM A new version will let the fee go down. It's stuck a bit high because of the fast value rise, but there is no reason a miner would decline a tenth of a penny fee. It is nearly free to include them.
Title: Re: Will it Scale? Post by: genjix on May 10, 2011, 10:06:53 AM It won't scale currently,
http://bitcointalk.org/index.php?topic=7450.0 Title: Re: Will it Scale? Post by: Mike Hearn on May 10, 2011, 03:38:00 PM See:
https://en.bitcoin.it/wiki/FAQ#If_every_transaction_is_broadcast_via_the_network,_does_BitCoin_scale? |