other war of words are bitcoins own invented words.

wallet.. does it mean the client or just the keybackup file
wallet.. but its not a leather thing in your pocket that holds bank notes
bitcoin.. does it mean the node network, the protocol code rules or the currency unit
bitcoin.. but its not a coin. its a unit of measure, infact its a ledger entry of value.

i think things need to change.
EG
measure the currency in satoshi's and bits(100sat) that way the currency vs protocol are distinguishable. its inevitable we will at some point be measuring value in bits and sats so maybe time to get used to it now to help avoid confusing the currency with the technology

a wallet storing the private keys. should we rename it as a keyring (a thing you store your keys on)

now for those that just want a number.. to the OP's question
population= 7bill
tx per month=42(based on real fiat use stats per month as a bases for comparison)

7bill x 42tx=294000000000tx a month
294000000000tx/28/24/6= 72916666.66666667tx/block(10min) = 121,528tx/s (14,468tx/s based on average bitcoin use stats)

now lets clarify

we are not going to have bitcoin as a one world currency - so no doomsday speaches please. bitcoin being a one world currency is worse than 200 fiats combined.

we are not going to have 7billion permenent users tomorrow - so no doomsday speaches please. bitcoin will gain more users but it wont be 7billion tomorrow. bitcoin can grow naturally at a pace that can cope and it certainly wont be 7billion in the next couple decades.

please chillout and refrain from doomsday speaches of short term exaggerations

---

now that is said.
real world stats show the average fiat citizen uses fiat 42 times a month.
at the moment bitcoin users only use bitcoin 5 times a month. which while looking at the amount of merchants accepting bitcoin (300k) is small and manageable.

anyone shouting that we need to lock peoples funds into LN hubs requiring hub managers to sign off on transactions out of fear of 7billion people piling into bitcoin.. seriously needs to wake up.
we dont need to turn bitcoin into bank2.0 via LN.. we do however need to realise that now that core have deemed 4mb 'safe' we should get core to sort out dynamic blocks to allow for real growth of the expected 7tx/s to 28tx/s which will still be under cores recent backtrack(4mb good)
in the form of 4mb base
or
in the form of 2mb base 4mb weight. (14tx/s) thus they also get their segwit feature they love so much.

as for that 28tx/s this would allow
the current 2mill userbase to do 20tx a month instead of 5tx
or
the current 2mill userbase to grow to 8mill userbase, still doing 5tx a month.

then in a few years(before 2020) look at the 'state of the network' to use consensus to grow the block buffer sizes again to allow more potential growth.
and slowly and naturally grow at a pace that can cope.


oh and if you are going to shout doomsdays of datacentres and excess costs.. please refrain from spewing out those delusions.
bitcoin can happy run on a raspberry pi with a data store the size of a fingernail.
technology of normal cheap desktop computers is superier to that so not an issue.
even telecommunication companies 5 year plan has shown to not be an issue for rational onchain growth.

---

now then.. there are 4032 bitcoin blocks a month.
average tx=400byte
294000000000tx = 117600000000000bytes a month
117600000000000byte/4032 blocks= 29,166,666,667bytes = 29,166mb blocks = 29.166gb blocks(3.5gb blocks based on average bitcoin use stats)

most will think 29gb(3.5gb) blocks is crazy. but be realistic. no one in reality will see 7billion people jump into bitcoin tomorrow.
but here is the thing...

only 20 years ago
if you told people that were on dialup when a song(3mb) took 10 minutes to download, that in a game running in HD while livestreaming it to twitch would require 1megabyte a second.. they would shout dont bother making the game online. it would fail.

if you told people that had a max hard drive of 4gb that a game would require 80gb, they would shout dont bother making the game. it will fail.

yep thats right 20 years ago 4gb hard drives were the max available at consumer level.. thats currently 1000x less than todays consumer level
yep thats right 20 years ago 56k internet was the max available at consumer level.. thats 100x less than todays consumer level

so imagine it like this.. 29gb(3.5gb) in 20 years will have the same 'feel' as what we envision as 29mb(3.5mb) today. we will think its childsplay and not an issue.

but as i said even in 20 years we wont have 7billion bitcoiners. and those that are using bitcoin wont be using it 42x a month like they do with fiat.
so that 29gb(3.5gb) block is just a doomsday number of worsecase scenario but has no place in reality and should not be part of any debate today or anytime soon.

the bit in red is wrong.
firstly the pools most are racist about have already mitigated the risk of being "pulled". they operate multiple stratums in other countries. the asic farms are not all in china. the managers of the pools are not in china. yes they may speak chinese. but dont let that fool you

PoS is not the best algo out there.. its simply the fantasy of holders getting paid for doing no work.. but the reality that only the rich will get richer. plus PoS is not as secure as PoW

what i think would be more beneficial for bitcoin.. and helpful to the world economy.
stop measuring bitcoin in dollars.

imagine bitcoin being measured in the 'cost of living index' thus making the bitcoin<->goods/services more direct where fiat becomes the side issue sat in the corner where people think of it as an afterthought just to calculate taxes once a year

if you think the revolution will be a happy event. you are fooled.
firstly the IRS will request your income amount. even if you list that you only have assets(bitcoin) they will still ask for FIAT payment of tax on those assets.
if you do not comply by suggesting you dont want to touch fiat. then expect a court order with excessive penalties added on.
if you still dont comply expect a knock at the door from the local sherriffs office to sieze goods and arrest you for tax fraud and unpaid fines.

end result is people end up paying tax or using the governments hyper ledger to avoid all that hassle. but ofcourse they wont know its hyperledger, they will just see it as normal bank/government money that is taxed and inflated.

---

but here is something really interesting.(a scenario)
you know the xx trillion dollar national debt. most of those finance agreements are contracted to repay in dollars.
so when a government moves over to its 100% controlled hyperledger.. the old dollar can happily be hyper inflated to such a point that 10 trillion dollars only amounts to a slice of bread. thus literally wiping the slate clean.

citizens wont care about the dollar hyper inflation as their funds would be measured in hyperledger coin value not dollars.
but the citizens own credit agreements /mortgages will have the terms re-wrote before that happens so dont expect citizens to gain from a switch.

and dont expect government to turn to bitcoin.. as i said they cannot control bitcoin so the future will be minimum wage laws, income tax, fines which will be payable in hyperledger coin. requiring converting bitcoin to hyperledger and most citizens ending up still required to pay hyperledger coin(fiat2.0) to stay within the law.

i think this forum needs a subcategory next to altcoins where the category is named hyperledger. so we can throw all these topics about government/banker blockchain stuff in there.. as its all to do with hyperledger

governments have laws inplace.
1. income tax
2. minimum wage
3. fines

even if 99% of america used another currency (whether it be bitcoin, euro, pound, hyperledger) the people will still need to convert to fiat to remain within the law. to pay taxes, fines etc.

at the moment although bitcoin is being thrown around as the saviour of human rights and the next best thing since sliced bread. america will stick to having laws to protect THEIR 'PRODUCT'. AKA dollar.

they wont introduce bitcoin into being legal tender.
they wont introduce the euro, brics or other national currency into being legal tender.

because they cannot 100% control it.
however you will see the government join the IMF to have something america can control. which will be a sidechain of hyperledger. though average citizens wont notice the difference when using payment methods as the hyperledger sidechain will be hidden in the background.

forget trying to convince governments to accept bitcoin.
bitcoin should remain free from government control. otherwise it becomes commercialised and simply another fiat currency the banks can boom and bust..

leave bitcoin as the free and open choice for people that want an alternative to fiat.

'passing the message on' is always their polite footnote message to end the conversation. its not something special or a hint that they are seeking advice.. its just standard customer service rep stuff to say to most conversations about any matter

paypal have actually already looked deep into bitcoin a couple years ago. the issues they came up against:
1. blockchain taint / risk of AML did not fit their regulatory policy they had to adhere to when dealing with customers/regulators
2. the purchasing/sell of bitcoin in and out of fiat is still a questionable area. exchanges are not fully regulated and dont have enough liquidity to match paypals needs
3. customer demand is less than 1% wanting/needing bitcoin so its not a top priority for them.

a couple years back people propositioned the community to spam paypal with emails requesting them to accept it. although doing so would raise the third point. it still wont solve the first and second point.

at this moment coinbase have negotiated with paypal to allow coinbase to withdraw fiat into customers paypal account
https://blog.coinbase.com/coinbase-adds-support-for-paypal-and-credit-cards-21968661d508#.du9u3thlr
but not the other way round due to the 'chargeback' scammer risk

but as for paypay offering bitcoin on paypals site or paypal selling bitcoin or paypal guaranteeing no chargeback risk on deposits into exchanges.. i dont see that happening anytime soon.. paypal has too much red tape strangling it

paypal have however got something happening (beta testing) using their braintree subsidiary.. imagine it like paypal-bitpay hybrid where paypal customers can buy things from your ebay site by being diverted to braintree to take the payment in bitcoin
https://www.braintreepayments.com/payment-methods/accept-bitcoin

but as i said. its in beta test and not directly available as a built in paypal/ebay feature

current rigs (s9 13t/hash) works out as $450 at america's 10cent/kwatt for 6 months.. so your 12cent/kw would cost you $540 for 6 months.

however this is not the problem with miners today. the ASIC cost is.
at todays $2100 pricetag plus $120 for a PSU that is going to be the major lump you have to recoup.

so knowing its going to be an initial outlay of $2760,

also current maths of todays estimated mining income and considering the fortnightly drop income due to difficulty adjustments. you will expect to get ~1.2btc after 6 months.

no one would in their right mind pay $2760 for 1.2btc..
you would be far better off just buying 2.5btc now and hoarding it.

the reason that people do mine is because they get the rigs 'at cost' (estimated at under $400) mostly though its the asic manufacturers that are the ones in profit to sustain mining.

this is simply because for every rig they sell at retail($2100) they can make upto 5 rigs.
what they (if smart) would do is make 3 rigs. give 1 rig to the customer. put 2 rigs online and have $600 spare to go towards paying the electric, meaning thanks to their customers, asic manufacturers get 2 rigs for free and cash to cover electric for free. thus any bitcoin they get, is 100% profit

unless you can get a rig dirty cheap, at lets say a quarter of the retail price forget it. but thats my evaluation based on bitcoin mining

others will suggest altcoin mining.. but thats hit and miss based on timing of mining the right coin at the right time and selling it at the right time of the pump.. before you hit the dump

lol more fake rhetoric trying to point fingers at the chinese.. all to make sure people are not looking in the direction of the devs.
come on. stop the racist rhetoric of grouping people together simply because of skin colour.

analysts have looked at his posts and language use, checked the times he posts. those that interacted with satoshi on cypherpunks, sourceforge this forum and emails have all pointed to one person and not a group.

though bitcoin is a patchwork of many idea's of many people and many devs worked on it. the entity behind the pseudonym satoshi is just one person

thwarted ?
let me guess the drugs you sniff regularly, which originate from the soldiers in the middle east's war, grabbing all of them poppy(opium plant) farms, didnt kill you via an overdose. so you, while hallucinating think that makes it is a victory against the governments that are the real supplier of drugs..

ok its time you went to rehab

funny thing is that ive always said 2mb is fine.. the community said its fine
its the core fanboys that dream up doomsdays of 80gb tomorrow..

those wanting onchain scaling have LAST YEAR compromised to 2mb knowing that 8mb is safe, but 2mb is super safe to shut up the core doomsdayers..
yet all year core fanboys have been talking about hundreds of megabyte blocks and terrabytes of yearly growth... yet that has never been part of any bip or viable option for any real growth..

so wake up and stop following the old script. and learn what real onchain growth proposals have actually always been. and stop crying the doomsday scripts of yesteryear

the real funny part is how the core fanboys are throwing around the "conservative" buzzword. you guys have no clue of the meaning of the word, and the over use of the word by the same group has become very apparent and recognised
sounds like a script when all of a sudden out of nowhere every core fanboy tries to slide in the word "conservative". its like one of them sales games, you get commission for mentioning a buzzword in a sales pitch.. but it starts to become obvious by the over use of the word where in context, core are spouting out the opposite of natural safe growth

you do realise that pruned nodes, no witness nodes and LN nodes are going to kill off/dilute down the full node count
because it wont increase the node count, it will tempt those who are full nodes to downsize..

far faster than natural onchain growth would

yep, we are already seeing some governments proposing to allow the tax office to access peoples bank accounts and just take what the tax office thinks people owe without question. the UK for instance is implementing "Direct Recovery of Debts (DRD)" where HMRC literally takes the money from your account.

i feel this will be expanded where this will happen for many things like: parking tickets, court orders, local service charges, etc. where rather than having bailiffs/debt collectors knocking at your door to request you pay up (costing government money in wages) they will just press a button and take the funds from your account.

bitcoin ONCHAIN transactions are as you say.
but what if i told you the devs want to push people into multisigs requiring a hub manager to 'authorise' your purchase by signing off on your transactions..... where your funds are locked in a 50/50 control address where you are penalised for wanting to get out early or not agreeing to a variable fee

by devs pushing for offchain LN as the ultimate solution rather than natural onchain progressive scaling (dont rebuttle with sudden large jumps in small timeframe doomsday, as thats already been proven wrong) we are seeing bitcoin become less permissionless and less uncontrolled

though i like the idea of amazon go

downsides.
1. amazon go.. someone steals your phone=shopping spree, champagne and caviar, mmm
2. Aadhar EPS.. if your a manual worker where your fingers get chapped(dry brittle skin) or a papercut, you starve

point 1 also applies to hardware wallets and wristbands. so although easier to use as a wristband/smartwatch rather than a phone or debit card. i feel its only a 'training' device that UK barclays/disney have started doing and eventually they will probably suggest implants as an even more convenient method that you will never lose

same goes for point 2. an implant wont get affected by manual labour or papercuts scrubbing away the top layer of skin to distort fingerprint scanners.

sidenote.
amazon go's concept is not new. and i prefer this IBM advert from 10 years ago to amazon go's advert today.
https://www.youtube.com/watch?v=GclCUPr2CV8

be warned my maths is not an expectation or prediction so do your own calculations and work out how much loss per difficulty jump you expect and form your own numbers

based on lets say antpools 500petahash getting 70 blocks in the last 48 hours(875btc)
which is estimated at 6125btc a fortnight for 500peta

you can then break down that to work out how the maths for a fortnight for just 13thash would result

fortnight income divide 500peta down to 1thash then multiply by 13 thash
(6120/500000) *13 =0.15925

so for the first fortnight, for 13thash would be 0.15925
then expect approximately ~9% LOSS every fortnight due to difficulty jumps and competitor hashpower increases too
the 9% i used is just an example(7%diff chang 2% hashrate change). you should look at the history of difficulty change amounts and then also factor in hashrate increase amounts to get your own fortnightly loss number

0.15925000
0.14491750
0.13187493
0.12000618
0.10920563
0.09937712
0.09043318
0.08229419
0.07488772
0.06814782
0.06201452
0.05643321
0.05135422

this is a estimate of each fortnightly income for 6months which totals: 1.25019621

do not go by some of the crappy online income calculators, which predict value now and simply multiply it by X weeks. ensure you account for difficulty changes and competitor hashpower.

EG if a calculator says you will get say 0.01 a day and then says you will get 3.65 a year. then it is wrong because all it has done was calculate a day then multiplied by 365

be warned my maths is not an expectation or prediction so do your own calculations and work out how much loss per difficulty jump you expect and form your own numbers

too far fetched.

the thing is the cypherpunks have been trying to solve the double spend issue for decades.

blockchain was not new to 2008-2009 or satoshi.
proof of work was not new to 2008-2009 or satoshi
ecdsa keypairs was not new to 2008-2009 or satoshi.

all together there are atleast 10 things that make bitcoin what it is..
all of them are not new to 2008-2009 or satoshi

what satoshi done, was be the person who was the genius that patchworked all the things together in a way that works beautifully.

and no before you try, although adamback 'invented' proof of work in 1997.. does not make adamback satoshi either

satoshi did work with others and bounce idea's off other people.
satoshi did also take other peoples idea's
this is no secret.

but satoshi was only one person. only one person used his pseudonym