i just recently read some slides on bitcoin that seems to make some okay arguments against it, mostly concerning the size of the blockchain.
they make the claim that if bitcoin were to replace just visa, then we would require 3TB of storage every 21 days.
the average transaction size for the past 1000 blocks is 438, bytes i assume, it does not give units.
given the number of 4000 average TXN per second at 438 bytes per TXN
1752000bytes per second
105120000 bytes per minute
6307200000 bytes per hour
147825000 kilobytes per day
~140 gigabytes per day
~51456 terabytes per year (365)
seeing these numbers makes you wonder really wonder. what is the solution?
if we could get the average TXN size down to 300 bytes per TXN @ 4000 TPS
1200000 bytes per second
72000000 bytes per minute
70312.5 kilobytes per minute
4119 megabytes per hour
98876 megabytes per day
34 terabytes per year
i don't know if bitcoin has a future seeing this.
but here are some solutions to help the problem
use only 1 address
checkpoint blocks, every x number of blocks, every transaction done since the last checkpoint block is consolidated, only contains a huge DB of who has how much, its a block that does not use any hashing and is made by every client, no reward is given. yes there is some security problems with this.
compression(i think the blockchain gets ~70% compression ratio)
making a brand new branch of bitcoin every so often
yes i will still use bitcoin, we just need to fix this problem now before the situation gets out of control.
99.99% of the bitcoin transaction will happen inside the online wallet service in the future. we are not patient animal who can wait 10 - 60 mins for the transaction confirmation. the bitcoin network just function on a lower fundamental level, just to control the quantity of the money |
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I have noticed when the price dropped down to $5 that days before it looked like a major player or like I call market manipulator has pulled out. It looks like the past few days that he has come back and is trying to prop up the market again. He tried to pump the market into new short term highs buy buying late at night, and then he seems to be trying to hold the market in the double digits a bit over $10 to try and set a new psychological level.
I also determined this buy watching the amount of Bid's on the market, which was very low when he was out, now it seems to be higher now that he is back in.
It looks like he is not getting the success he wants, and it is obvious that he does not understand that you can not push bitcoin higher unless you expect to buy many of the coins that are being mined. I think this will lose steam and he will pull out again, and the prices should plummet again.
My recommendation would be to sell into this. This manipulation was not able to push the prices any higher than $10 dollars long term. It is starting to lose steam and there are already signs of it cracking.
If only I could short the market right now...
I took your recommendation and sold at $9.75. I hope I won't be disappointed by your advice. Yes, you will. |
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How to audit a 3rd party bitcoin bank have the bitcoin they claim to have.
make it 100% sure, without any possible cheating method
make it 100% safe, not allowing the auditor take away the bitcoins.
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which firm, and how regulated, and why.
thanks.
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If you have to trust some people, they must at least be willing to tell their real identity information.
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China will ban bitcoin completely and police it's net traffic to make it very costly to participate in BTC. So I think your prediction will be wrong on that point, how do I know this? Simple, one thing China is very involved in is currency control, they heavily police their currency and bitcoin wouldn't even been seen in the same like as trading RNB to and from a foreign currency it would be viewed as a direct competitor. A chinese citizen is currently even limited to how much RNB in a year they can transfer to legally recognized foreign currency. The existing RNB exchange from what I understand operates out of Hong Kong and that is the only reason that even exists, Hong Kong is still *mostly* free of Chinese government meddling.
You're mostly right, but I predict that our gov won't take any action toward bitcoin in next 2~3years at least, probably 6 years. Later one is how much time it took our gov take some not so serious regulation on the virtual currency like QQ coin, issued by Tencent. |
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this is a ponzi scheme, and I guess if you join right now and leave at a early future, you will earn some money from fools.
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There are always some stupid stuff would tell you how to encrypt and backup your wallet in 14 easy steps and never want to make a easy safety solutions for the protection of the wallet.dat.
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I stop reading when I see the Rothschilds craps.
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It says it is the first bank which can't be right if it was opened yesterday. I guess they didn't really do their research.
They take fees from transactions and and then give "most" of it back in interest payments. I don't get that at all. What the heck is the point in that?
Mr. Ponzi is telling you now that he has got an profitable stamp arbitrage business... |
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Of course mtGox will charge back the money. He has six months to do so. If you spend it, you are on the hook. I would highly suggest leaving it where it is so it goes smoothly for Dwolla.
He is chinese name. If he is in china, you have to spend at least 10k usd to got him. |
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Now we can't contact the owner of Mtgox. that's the sad results of no phone number left on website.
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Audit has a negative connotation for most people (at least those who live in the US). The average person will equate "audit" with the IRS. It's probably a more accurate description than miner but if you're trying to appeal to the masses, probably not the best choice of words.
Thanks for you post. Excuse me I'm not a native English speaker, and even before your post, I already feel that there must be something wrong with the word "audit" in English or U.S, which word is a highly respectable, expert-style conception in Chinese. So maybe just everyone emphasize the useful part of miners' job to newbie, but not the gold-rush feelings. |
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If we have so much "not to mention", we should rethink about the whole PR strategy.
And I think Vladimir is the guy who give us a suggestion to use 14 "easy" steps to keep wallet safe, but never urge and even oppose the developing team to make a default encrypted wallet.
The IT geeks will understand the exciting aspect of the boring conception of auditing immediately, but it's hard for average people understand why are you miners should be get paid 300 bitcoins per hour collectively with so much waste of energy...
It's not a problem of whether mention it or not, people who try to get the concept of bitcoin will do their own research, and the words of mining just show up. Some guys just ask, are you just search for the medicine of curing AIDS or looking for E.T.? why you should get paid? If miners are mining gold, OK, gold is useful to people. but you're mining strings of numbers, is this a fraud? a pyramid scheme? a ponzi game...
we all know that if people get the first impression bad, it will be very hard in a very long time to adjust it.
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Imagine the monumental waste of effort and resources if we had to change every word in the language every time one person found it offensive / old timey / antiquated / or just wanted to sound useful by coming up with an idea
I guess that's how open source and macro collaboration work. And we didn't find that much words who were mentioned by people that want to be changed in this forum, which makes you so impatient. |
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If you want to do this, I suggest that all of the players who want to join the Green address should set up a central service, to check the balance of everyone owns to others, which will minimum the risk and promote the trustworthy.
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