On average a new block is created every 10 minutes. Right now there is a limit of 1 MB per block. So, if the limit isn't changed, then the growth rate is limited at: - 1 MB every 10 minutes (on average)
- 6 MB every hour (on average)
- Approximately 144 MB per day
- Just a bit over 1 GB per week
- A bit less than 4.4 GB per month
- A bit less than 52.6 GB per year
It will generally be a bit less than the limit since not every block is always filled 100%. If the block size limit is increased in the future, then the blockchain will grow faster, but making such a change will require an overwhelming majority of nodes, miners, and pools to all agree on the new rule. It is impossible to predict what limit might be agreed to, and therefore impossible to guess what the maximum growth rate would be under new rules. It is staggering to think what the impact of a 2 MB per block or even a 8 MB per block will be on the bandwidth and diskspace requirements to run a node. I agree, not all blocks will be full at all times, but what would happen, if it does. A lot of people in my country, have limitations on their internet bandwidht < Capped at 60 GB to 100 GB per month > A 8 MB per block, running at full capacity will burn through that bandwidht in no time, so this will effectively only allow people with Uncapped internet to host a node. < Weakening decentralization > Off-chain solutions makes so much sense, when you look at these scenarios. |
|
|
|
i agree although trezor is a hardware wallet. to get full functionality you need browser add-ons and connect via their server. (facepalm to obvious trojan/hack weakness via phishing sites and hijacked add-ons) though you can link it to other desktop wallets like multibit, etc. but still..
though trezor and other hardware wallets are one security 'step up' from the standard desktop installed software due to the privkeys/seeds not being stored on the computer the app/add-on is stored. and many steps up from just a webwallet...its still not perfect and still has points of weakness.
the two main desktop wallets that are compatible with trezor and can be deemed trusted are
electrum and multibit
advantages of trezor:
private key/seed held separately from computer. adding the layer of defense
disadvantages:
watch out for any desktop app/browser addin/page telling you there is an error and you need to type in your seed. be cautious to check its a real error and not a phishing attempt
a true hardware wallet should not connect to any middlemen service or require anything installed on a persons pc to function. hopefully future hardware wallets will be true independently and fully run from the USB hardware device, without risk of fake "error, please type in seed" phishing scams via trojans.(no requirement to download/use anything on pc/middleman webservice)
I am now beginning to think my cheap home made "hardware wallet" is more secure than Trezor. I installed Tails Linux in a USB, enabled persistence and I am using an Electrum wallet that came preinstalled. All traffic goes thru Tor so it is good for anonymity and I never use it except as a Bitcoin wallet. There in lies the problem. The persistence volume sacrifice your security that Tails offers you. A normal Tails setup wipes everything after every session, but when you enable persistence, this volume mounts with every session. The latest version of Tails have Electrum pre-installed, but only retains your wallet information, when you enable persistence. The other danger is when the persistence volume corrupts... then the wallet is gone. Right. The Trezor have ways to resotore the seed, when things goes wrong. |
|
|
|
I hope this week's vote on lottery luck is to me.. wish me luck
I wish you luck. if you win it in freebitco.in, then, will be very much BTC will you get. Well, this time I do not want to try it, because I think this is not a good opportunity. I just want to feel free roll and get good grades You have a better chance of getting good grades than winning anything in this lottery. The good grades are in your control, because you determine what they will be, based on how much you have studied. The lottery system is supposed to be based on your luck, but that is debatable. I would rather invest my money and time into my studies than pissing it away on some suspect lottery system. I invested a bunch of money into my studies and I was rewarded with a good salary every month. I had to pay off loans to do that, because my parents could not afford to pay for it. And even if they could, I would not have expected it from them. I work hard for every cent I own, and luck has nothing to do with that. ^smile^ |
|
|
|
I'm just wondering what the US response to this will be, I don't think they would make it easy for China to just switch to a gold standard instead of the Dollar.
How are they going to stop them? China is being preemptive in response to observations that the USA economy are on a downward spiral. The USA are swimming in huge debt, and they will never recover from that within this century. The Chinese see gold as the safe haven when the shit hits the fan and I do not blame them. The thing is, gold is not performing that well, if you are looking at it over a 10 year period. https://www.kitco.com/charts/popup/au3650nyb.html |
|
|
|
Thanks for sharing this useful resource, mate. I've never thought that there would be a service where you could make your own cryptocurrency. Even though this is one option, I prefer to make it by myself in order to learn more about how the Bitcoin source code works and make an altcoin. So far, I am interested into making either a Bitcoin based private blockchain or an Ethereum private blockchain which would be useful for smart contract testing, among many other things. Another thing I've been looking into is the NXT Monetary System. I like the fact that you can issue your own coins, and make them mineable too without no coding experience or knowledge of the Bitcoin source code.  Well it is fine when everything goes well, but unfortunately you would need some coding knowledge and experience when things goes wrong. You have to remember that you are working with someone else's money and that is a huge responsibility. Do not even attempt this without a team of good developers with sound knowledge and experience. |
|
|
|
The bitcoin subreddits definitely have a tendency to praise and ONLY praise bitcoin. Rarely do I ever see a thread or post that puts bitcoin in a negative light. Only posts about the value of bitcoin going up or the adoption of bitcoin by various business/government agencies across the world are upvoted. Very one-sided discussion if you ask me.
 Sounds like bitcointalk.org! They hate negative posts around these parts. Unless it's guided negative posts that is. Then it is free game. Oh, Bullshit Look at your post history and say that with a straight face again. You are not here to promote Bitcoin, and the rest of us do not appreciate your constant negative post, but unfortunately we have to tolerate it, because freedom of speech gives every asshole a opportunity to speak. Reddit is a whole other story, because people can down vote posts into oblivion to suppress opposing opinions. You can then add to that the unbiased moderation that occur, and you effectively impose censorship without control. Let's not dance around the truth, and admit that censorship on all platforms exist and we will never be free to say what we want, when we are being policed and governed by people with their own opinions and agendas. |
|
|
|
|
My guess would be that it is for the same reason other big sites have also not started to accept Bitcoin :
~ Bitcoin is not defined as a currency.
~ Bitcoin is not regulated in all countries.
~ Bitcoin has a bad reputation. < Silkroad / MtGox >
~ Bitcoin to fiat conversion is too much extra effort.
~ Bribes can be traced. ^heh^
~ They get too much donations via other payment methods and do not see the need to add more.
These are some of the vibes I have picked up on with my dealings with other companies, when I send them emails about Bitcoin.
|
|
|
|
|
We need some good Bitcoin editorial videos to replace the content that James D'Angelo's pulled from Youtube. His videos was the benchmark for all Bitcoin videos for me, but unfortunately that was removed for whatever reason. I think James D'Angelo had some issues with Chinese dominance and centralization and he left?
In any way, thank you for the contribution, and keep adding to the collection. ^smile^
|
|
|
|
|
If you had to come to this forum to validate their credentials, then something is fishy. I always say, "When in doubt, stay the fuck away" There are just way too many scams out there and I did not work my ass off for my money, to piss it away on scams.
The positive thing about your post, is the warning it offers to other. ^smile^
|
|
|
|
|
If what you are saying is true, that banks have unlimited funds to buy 10% of the hashing power, then why just go for 10% then? They could just buy a whole mining pool and cripple the whole network with a 51% attack. The double spend, will pay for the whole operation and everything will collapse.
Unfortunately that is not how it works. Banks have shareholders and they will have to account for their actions. Once something like this is leaked, people will support the next Bitcoin even more. People will query these "free" transactions and realize what is going on, and they will react to it. If they push, we will push back harder. ^smile^
|
|
|
|
|
Well most of these hackers are using these addresses just once, and then they push these funds through mixer services to sweep their tracks. If the authorities are serious about the conviction of these people, then they will have to follow the legal route and Subpoena these Mixer services for this information and then follow the money from there.
Bitcoin is not 100% Anonymous and can be followed, if the right strategies are used to follow the money.
The best prevention now, will be to make incremental backups. < Not just over writing the same old backup every day >
|
|
|
|
To think banks could have done something like this years ago, but it is too much hassles. You just develop a system, where the network create a random address linked to your main account, for every transaction you make. The address is only valid for that transaction. The main account funds that temporary address, and when the transaction is done, the address is empty. I know some banks are working on what they call < Virtual Credit Cards > but I do not know how this compares to this idea. ^?  ?^ I will try this, when someone has tested it, and confirmed that it is not a scam. ^smile^ |
|
|
|
|
This is the same as the Zimbabwean government trying to print themselves out of trouble. You create these fake tokens and link some sort of value to it, or a promise that it is valuable and people buy this. The control is still centralized and it can manipulate the operating parameters.
Do not jump up and down about this, because Bitcoin is in no way connected to this. ^hmmmm^
|
|
|
|
Why does everyone just stand around doing nothing while nullc / Blockstream / GMax takes over Bitcoin?
Did people say this when Gavin was in control and the Lead developer? People want their bread buttered on both sides. They complain that Bitcoin cannot scale to accommodate for mainstream adoption, and when someone develop something to address that, then they still complain about them. SegWit and LN is probably not the best option, but it is better than nothing. Increasing the Block size to help with the scaling problem, will only increase the possibility that we will have a spam fest and more attacks on Bitcoin. So what is your solution to the problem? LOL, The solution is a Hard Fork either with 1. Larger Block Sizes or 2. Faster BlockSpeeds Either one or both would increase transactions capacity, but both are irrelevant as are the BTC Devs, none of them can do anything unless the Chinese Mining Pools that control over 51% of the hash agree to it. Which is why you see these non-solutions being offered. There is nothing they can really do without the Chinese stamp of approval.   FYI: https://blockchain.info/charts/mempool-sizeBTC transactions are overloaded at the time of this post , with more than 2 hours going by without even 1 confirmation. LTC is working with transactions to spare, Chinese control it too.  Increase the block size to what? That will only cause more problems with a new attack vector. You cannot increase the block size to infinity to accommodate for scaling to the level where we need Bitcoin to be to be ready for mainstream adoption. You need some solution where you still maintain the high level of security that Bitcoin offer now, and where it can scale to these levels. Do not be fooled by the current congestion, most of it is spam to simulate a crisis. ^smile^ |
|
|
|
I believe the only way for it to work is by kicking all the old people out of office (100% of them) and replacing them with people who understand today's technology. I mean, tell your 75-year-old grandfather about bitcoin or blockchain. What is his reaction? The reaction will be the same as the old people in office that run the government.
Dude, you have a distorted view of the structure of governments. These "old" people have young advisors in advisory committees that study the impact of every decision that needs to be made. The older leaders are just the face of these decisions. Do not underestimate the intelligence and experience of "older" people. They have walked the road, got the t-shirt and ran the marathon many times before. ^smile^ |
|
|
|
well, last time i have spotted that seriously many people want to start a new altcoin.
I dont know what the fuck is going on, we already have tons of fakecoins, shitcoins, scamcoins etc... there are basically no funds to start a new batch but well, i wanna see them success haha
I seriously don't see many new types of coins succeeding but we'll see If the developers in Bitcoin continue along the direction that they are going now, people will get frustrated and they will move to other options, even if it turns out to be pump n dumps or scam coins. Bitcoin is under attack from all sides, even from within for profits. < Warning > OP, is a known troll/Shill and threads like this is created to fuel the flames of negativity. Bitcoin has turned into a social experiment for me, and the human behavior is spectacular. < Greed, Jealousy, Hate ... everything is there > Bring the Popcorn, this is FUN! ^smile^ |
|
|
|
|
Let's rather say some criminal elements within the Bitcoin community has failed Bitcoin. They saw a technology that would help them to execute their illegal activities and they tainted the technology. The media and the fiat shills focused in on those stories, and preferred to ignore all the good things that was done, because it was boring to report on that, and it did not fit their agenda.
Now we need to build something positive that was tainted by criminals. < MtGox/Silkroad/Scams >
|
|
|
|
Is this true?If this is
really true thats a sad news.
No it is not true, and people are lazy to read. Take the time, read the article and then come back and post something constructive. The EU knows Crypto currencies are here to stay, it is now part of the financial system. They have a duty to protect the consumers, if something is perceived as a threat. < Imo Fiat and the banking sector is the biggest threat, and they did not lift a finger to stop them > Bitcoin and Crypto currencies will just be regulated to protect consumers, but a blanket ban will achieve very little. |
|
|
|
|
I got taken for some money from all these Cloud mining services, when they were still very new. I believed all the hype around the returns that I would get, and bought a lot of hashing power. I never reached ROI in any of the Cloud mining I have signed up for.
It is all funded by Ponzi type schemes, and you are just lucky when you get away from that with a bit of money.
Oh, and then I also bought some Chickens in that Chicken farm Ponzi game. It turns out, all my eggs were rotten from the start. ^grrrrr^
|
|
|
|
|
I like the fact that it is a disruptive technology. We need alternatives in our lives, and Bitcoin offer us the alternative. If we only had one option for everything, that option would take advantage of their position and they would start to exploit that position. A perfect example of this is the banks. They are in a position of power, because they offered us money and now we are under their control with the debt.
The debt does not exist, because the money was created out of thin air. < If you understand, how they created that money >
Bitcoin is the alternative to many centralized payment options and also remittance services like MoneyGram/WU that are exploiting people with high fees.
|
|
|
|
|
Show Posts
