Bitcoin Forum

If it aspires to be a real currency, this won't do... maybe that's one of the reasons why the price is going down

do you think that this TPS problem will be solved? what would be the consequences of trying to increase the TPS?

wow. I'm trying to understand, but it's complicated.





But 7 tps is not an option, as far as I can see. something ought to be done about it, right? Otherwise btc will remain as internet funny money

7tps  means 800k transactions/day
what was the maximum reached till now?

Everyone seems to know why the price is coming down.

Transaction times eh? You see a lot of complaints by the users do you?

As a an actual bitcoin user, I don't see it.

Translation:

"As a permabull bitcoiner, I am rambling about bitcoin becoming mainstream and getting rick quick, but at the same time I am ignoring/not talking about its limitations that make it impossible for that to happen"  :'(

The peak is at 110k transactions per day. That's 1/8th of the capacity.
The very real threat of a hard fork and altcoins being so much more advanced and better is more likely dragging the price down.
*crumble* *crumble*

Price going down because of the tps limit... i don't so. But one thing for sure is that if bitcoin aspires to one day grab hold of all the credit card companies market shares, this limitation needs to be seriously addressed

Which is exactly what the hard fork proposes with a scalable block size.

Because there are almost no users.  According to Bitcoin wiki, Visa alone "handles on average around 2,000 transactions per second (tps)" (https://en.bitcoin.it/wiki/Scalability)
Average doesn't mean maximum.
Visa is capable of handling 30,000 tps.  
Thirty thousand transactions per second.
Bitcoin can only handle seven transactions per second.  Not seven thousand, just seven (7).
Good luck, new world currency :D

I have noticed a lot of people that do not actually use Bitcoin, complaining about its "shortcomings".

I wish that damned Yeun was not so big, it doesn't fit in my pocket and when it gets wet it erases all of the numbers. Is this why it is going down vs the dollar?

I have noticed a lot of people that do not actually huff glue try to warn you about its "shortcomings."
Listen to the nice people, Elwar, and don't forget to thank them.

This forum is to speculate about the price.

I'm speculating that "big players" might look at this limitation that won't allow for btc to become a disruptive technology, and say, why would I invest in this? It has no way to grow that much because of its very nature (7 tps limit)

thus, no signifiicant price increase.

Comparing a nascent payment network with the largest payment gateway provider in the world is a great comparison!

7 transaction per second is hardcoded into Bitcoin.  Adding more hashpower/infrastructure/whateveryoucallit won't change that.  Nothing short of a hardfork (basically making a new coin) would.

P.S. Never use the word "nascent" unless to mock it--it's even gayer than "disruptive technology."

Bitcoin already had several hardforks. The next one to increase the blocksize limit will be no different.

Transactions don't all have to be on the blockchain...

A hard fork can be & do anything, it's basically making a new coin.  Many major players don't want this hardfork. (http://trilema.com/2015/if-you-go-on-a-bitcoin-fork-irrespective-which-scammer-proposes-it-you-will-lose-your-bitcoins/)   Which part of my post do you disagree with?

Sure.  Sorta defeats the purpose of having Bitcoin the blockchain tho.

Yes and the proposed hardfork will increase the theoretical TPS and allow the block size to scale. Not sure why you don't get this.

^
I get it, the problem is this hardfork creates a slew of its own problems, not the least of which is getting people to accept said hardfork.  Kindly follow the link above I was kind enough to provide for your edification.

Nope, the block chain is there also to regulate money creation.

Considering Mircea Popescu as a major player. rofl

Lol, how much coin do you hold, Rockefeller?

This is a proof of work coin. Who cares how many he holds?

By major player, I mean someone with vested interest in the success of Bitcoin.  Pragmatic miners would aim their hashpower at any SHA256 coin that pays. <==another tragic flaw of POW :(

Meanwhile, these "advanced" alts are crumbling even harder.

The thing about alts is they can afford to experiment and innovate, to come up with trains, cars, planes, rockets (most, granted, laughable), while Bitcoin continues refining its oxcart.

That's not why the price is down. We're nowhere near that limit at the moment. Let the market do its thing. Why can't you people realize that price moving down doesn't always have to indicate something "wrong" or negative... it's just simply the trend right now. Stop trying to fight the trend. Try this:

1. Establish a trend.
2. Make money off the trend.
3. Stop when you see a reversal.
4. Repeat.

If you want an explanation why the current trend is happening consider that the ATH price was bullshit, it was hyperinflated by all the shady business going on a Mt. Gox with the Willy trade bot and the China hype. The price never was supposed to be that high in the first place. What the hell do you people expect when you have a 100x increase in price in a single year...




Ok rant over. Yes we should consider fixing the 7 transaction per second limit, perhaps in time for when it's ACTUALLY a problem.

Would you expand on that?

^
Already mentioned the difficulty of getting it accepted.  The obvious resultant blockchain bloat.  The security repercussions of introducing new code.  And, of course, the loss of confidence--hardfork is the hallmark of a poorly designed coin.
But you're just trolling, no?

Nope, I believe that bitcoin will render both $ and € obsolete. Also Ripple a shit

The problems you indicated are no biggie.  ;)

^How's it going thus far?

http://s8.postimg.org/iv6u513r9/wileec2.gif

MPOE-PR a major player, u serious?