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Alex1212
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July 09, 2015, 07:48:43 PM
 #1

When bitcoin is actually "mainstream" and the volumes of transactions that we are seeing today, is becoming a normal thing, how will the network handle it?


on a side note, does anyone know when the attack will stop? any estimates
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July 09, 2015, 07:54:10 PM
 #2

that's the point of this test, because bitcoin can't handle this, and we can't reach mainstream with the current TX limit, mainstream is far worse than just 150 tx per second, far far worse, the tx spam that you're seeing right now is nothing in comaprison, a big joke....

take a look at the TX volume of Visa for example, this is what we call mainstream
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July 09, 2015, 08:06:03 PM
 #3

that's the point of this test, because bitcoin can't handle this, and we can't reach mainstream with the current TX limit, mainstream is far worse than just 150 tx per second, far far worse, the tx spam that you're seeing right now is nothing in comaprison, a big joke....

take a look at the TX volume of Visa for example, this is what we call mainstream


BTC will never EVER have the same TX volume as Visa. Why? because BTC will be a token for the largest financial ledger of the world. ppl wont use BTC to buy coffee. They use it to buy a house, pay tuition or simply hedge against other financial vehicle
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July 09, 2015, 08:10:42 PM
 #4

that's the point of this test, because bitcoin can't handle this, and we can't reach mainstream with the current TX limit, mainstream is far worse than just 150 tx per second, far far worse, the tx spam that you're seeing right now is nothing in comaprison, a big joke....

take a look at the TX volume of Visa for example, this is what we call mainstream

Why do you say the network can't handle when the only point is the block size?

When block size is increased there is no problem in bitcoin
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July 09, 2015, 08:26:18 PM
 #5

that's the point of this test, because bitcoin can't handle this, and we can't reach mainstream with the current TX limit, mainstream is far worse than just 150 tx per second, far far worse, the tx spam that you're seeing right now is nothing in comaprison, a big joke....

take a look at the TX volume of Visa for example, this is what we call mainstream

Why do you say the network can't handle when the only point is the block size?

When block size is increased there is no problem in bitcoin

the network can't handle it right now, the OP think that we can reach mainstream with the current TX limit, which is impossible

that's the point of this test, because bitcoin can't handle this, and we can't reach mainstream with the current TX limit, mainstream is far worse than just 150 tx per second, far far worse, the tx spam that you're seeing right now is nothing in comaprison, a big joke....

take a look at the TX volume of Visa for example, this is what we call mainstream


BTC will never EVER have the same TX volume as Visa. Why? because BTC will be a token for the largest financial ledger of the world. ppl wont use BTC to buy coffee. They use it to buy a house, pay tuition or simply hedge against other financial vehicle

actually btc would suit well for thing that don't cost too much, like coffee, because for small transaction you can accept zero confirmation more safely, or you can do it off-chain via other service like xapo
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July 09, 2015, 08:30:57 PM
 #6

When bitcoin is actually "mainstream" and the volumes of transactions that we are seeing today, is becoming a normal thing, how will the network handle it?

the amount of transactions which we had these days is literally fraction compare to bright future, where bitcoin will become "mainstream"..and yes, current network with this size of block can't handle it and you can see it right now..

https://blockchain.info/unconfirmed-transactions

https://blockchain.info/charts/n-transactions
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July 09, 2015, 08:59:30 PM
 #7

that's the point of this test, because bitcoin can't handle this, and we can't reach mainstream with the current TX limit, mainstream is far worse than just 150 tx per second, far far worse, the tx spam that you're seeing right now is nothing in comaprison, a big joke....

take a look at the TX volume of Visa for example, this is what we call mainstream


BTC will never EVER have the same TX volume as Visa. Why? because BTC will be a token for the largest financial ledger of the world. ppl wont use BTC to buy coffee. They use it to buy a house, pay tuition or simply hedge against other financial vehicle

You are assuming a lot of things. In the future people may get tired of government control and they may start using it. Also you aren't considering that it will be all over the world. All over the world transactions could easily match Visa's. And trust me it will scale up to anything that's needed.
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July 09, 2015, 09:05:09 PM
 #8

BTC will never EVER have the same TX volume as Visa. Why? because BTC will be a token for the largest financial ledger of the world. ppl wont use BTC to buy coffee. They use it to buy a house, pay tuition or simply hedge against other financial vehicle

You are assuming a lot of things. In the future people may get tired of government control and they may start using it. Also you aren't considering that it will be all over the world. All over the world transactions could easily match Visa's. And trust me it will scale up to anything that's needed.

I tend to agree on meono on this one.
I belive that bitcoin will be the backbone of cryptocurrency system... bitcoin will in the future only be used to move large amound of funds between different entities. I think for everyday transaction for the normal people then will other digital currencies fill out that demand.
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July 09, 2015, 09:19:24 PM
 #9

That is the key word here: The norm

Bitcoin is not the norm as long as visa/mastercard and debt cards are what the majority of consumers use for their everyday transactions.
Is bitcoin widely accepted?? No. The credit cards are.
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July 09, 2015, 09:24:43 PM
 #10

We should not compare bitcoin with VISA  (or Mastercard) because they are two different things.... However it is really interesting to see that 'someone' is spending 6-7 k dollars (in btc) per day to make this thing.
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July 09, 2015, 09:25:43 PM
 #11

There are several proposes to increase transaction capacity, an ongoing discussion has been going about blocksize, that's all about increasing transaction capacity, probably it will not be enough, there are other proposals that will help reach higher capacity.

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July 09, 2015, 09:47:14 PM
 #12

We should not compare bitcoin with VISA  (or Mastercard) because they are two different things.... However it is really interesting to see that 'someone' is spending 6-7 k dollars (in btc) per day to make this thing.

Like i stated days ago, it's quite possible that this is an orchestrated attack, and not "stress test" , and it's being done by same people that are pumping litecoin beyond any reason.
The idea is probably to make bitcoin as slow as it can get with all the spam, to promote litecoin's faster block time, and it's immunity to this current attack.
They are spending money, but they will make it worth their while in the upcoming dump, which will probably happen at the same time when they stop spamming the blockchain.

@op, bitcoin as it is today, couldn't process 1% of global adoption,and if situations like this one continue to happen, there is no future for bitcoin, that's for sure.

cheers
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July 09, 2015, 09:48:53 PM
 #13

We should not compare bitcoin with VISA  (or Mastercard) because they are two different things.... However it is really interesting to see that 'someone' is spending 6-7 k dollars (in btc) per day to make this thing.

Like i stated days ago, it's quite possible that this is an orchestrated attack, and not "stress test" , and it's being done by same people that are pumping litecoin beyond any reason.
The idea is probably to make bitcoin as slow as it can get with all the spam, to promote litecoin's faster block time, and it's immunity to this current attack.
They are spending money, but they will make it worth their while in the upcoming dump, which will probably happen at the same time when they stop spamming the blockchain.

@op, bitcoin as it is today, couldn't process 1% of global adoption,and if situations like this one continue to happen, there is no future for bitcoin, that's for sure.

cheers

I'd like to see Litecoin banned completely off this forum.


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neurotypical
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July 09, 2015, 10:32:33 PM
 #14

That is the key word here: The norm

Bitcoin is not the norm as long as visa/mastercard and debt cards are what the majority of consumers use for their everyday transactions.
Is bitcoin widely accepted?? No. The credit cards are.

How can Bitcoin be widely accepted when it's still not ready to be scaled and people don't even know what it is.

It's like complaining that the internet isn't widely accepted in 1990 and physical mail is better than email because tcp/ip will never scale up.
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July 09, 2015, 11:50:44 PM
 #15

When bitcoin is actually "mainstream" and the volumes of transactions that we are seeing today, is becoming a normal thing, how will the network handle it?

Through a increased fees. Imho the fee market is underdeveloped. We need a better and more aggressive fee system. That's the prime way to prevent spam attacks: Just make them economically unfeasible.

For those worrying about their dust transactions: Those will go off-chain or side-chain, so Bitcoin can scale without wasting resources and maintain its decentralized nature.

ya.ya.yo!

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July 10, 2015, 07:54:26 AM
 #16

We should not compare bitcoin with VISA  (or Mastercard) because they are two different things.... However it is really interesting to see that 'someone' is spending 6-7 k dollars (in btc) per day to make this thing.

Like i stated days ago, it's quite possible that this is an orchestrated attack, and not "stress test" , and it's being done by same people that are pumping litecoin beyond any reason.
The idea is probably to make bitcoin as slow as it can get with all the spam, to promote litecoin's faster block time, and it's immunity to this current attack.
They are spending money, but they will make it worth their while in the upcoming dump, which will probably happen at the same time when they stop spamming the blockchain.

@op, bitcoin as it is today, couldn't process 1% of global adoption,and if situations like this one continue to happen, there is no future for bitcoin, that's for sure.

cheers

I do not know who is behind this stress test or attack, but no one can stop them (only with a fix of the bitcoin code and a large consensus).



I'd like to see Litecoin banned completely off this forum.

Why? There aren't any rules in the cryptocoin world and we don't know really if 'ltc' is behind all this problematic solution.
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July 10, 2015, 07:58:28 AM
 #17

Well it is very evident that even with this stress testing, the network couldn't handle loads of transactions. And this stress testing is also becoming way overboard: tx with little to no fees are not confirming sooner. I wonder how the network and devs would come up with a solution to handle such problems.

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July 10, 2015, 02:53:41 PM
 #18

that's the point of this test, because bitcoin can't handle this, and we can't reach mainstream with the current TX limit, mainstream is far worse than just 150 tx per second, far far worse, the tx spam that you're seeing right now is nothing in comaprison, a big joke....

take a look at the TX volume of Visa for example, this is what we call mainstream


BTC will never EVER have the same TX volume as Visa. Why? because BTC will be a token for the largest financial ledger of the world. ppl wont use BTC to buy coffee. They use it to buy a house, pay tuition or simply hedge against other financial vehicle

Not true. Bitcoin is already being used for coffee. Altcoins are mostly used for trading. Altcoins don't have the infrastructure, most don't even have mobile wallets. Bitcoin will be widespread and useable for most things soon enough. Not as many people care about the ledger as should. They just like something that works. They want an easy wallet, an easy way to buy, and that it be accepted everywhere. We are light years away from any altcoin having that. Bitcoin is getting there.

The difference, however, are the copious amount of people that buy with credit. For them, credit cards are going to be the only way. So yes, Bitcoin will not have the amount of usage as visa does.


Edit: I'm taking for granted that what you mean by what you say is that Bitcoin will be used for big transactions and altcoins will be used for coffee or small things.
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July 10, 2015, 02:59:20 PM
 #19


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July 10, 2015, 03:54:57 PM
 #20

that's the point of this test, because bitcoin can't handle this, and we can't reach mainstream with the current TX limit, mainstream is far worse than just 150 tx per second, far far worse, the tx spam that you're seeing right now is nothing in comaprison, a big joke....

take a look at the TX volume of Visa for example, this is what we call mainstream


This.. Amph makes a very good point, however increaseing the blockchain to handle that kind of volume is currently not possible.  It could be increased but at 20k TX per second.. the bloat would decimate nodes.
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