stuff0577 (OP)
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September 09, 2015, 03:46:44 AM |
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Hi greeting everyone. I just curious with others idea on increasing the size of the blockchain. bitcoin is really unique due to its decentralization. I mean if somehow try to increase block wouldn't be others can run it own wallet due to the size of db. Just wanted to ask everyone opinion Thanks  |
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adamstgBit
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September 09, 2015, 03:51:04 AM
Last edit: September 09, 2015, 04:03:08 AM by adamstgBit |
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What happen if bitcoin will stick to 1mb blocks?
blocks will start to become filled constantly, fee's will go up, micro transactions will be forced of-chain ( or to complex to really be worth doing ) small transactions (<100$) will be more costly, might get to the point where fees are not competitive ( people start using paypal or the likes to move money more efficiently), suddenly buying everyday things with bitcoins becomes a funny idea, Bitpay will go out of businesses, seeing how a large % of speculation was speculating bitcoin would one day become a use able currency its value will implode, bitcoin will revert to its 2012 state / value, and then its downhill from there as ETH accidentally becomes a better form of currency without silly blocklimit debates stopping there scaling toward world domination.
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Holliday
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September 09, 2015, 04:08:58 AM |
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What happen if bitcoin will stick to 1mb blocks?
blocks will start to become filled constantly, fee's will go up, micro transactions will be forced of-chain ( or to complex to really be worth doing ) small transactions (<100$) will be more costly, might get to the point where fees are not competitive ( people start using paypal or the likes to move money more efficiently), suddenly buying everyday things with bitcoins becomes a funny idea, Bitpay will go out of businesses, seeing how a large % of speculation was speculating bitcoin would one day become a use able currency its value will implode, bitcoin will revert to its 2012 state / value, and then its downhill from there as ETH accidentally becomes a better form of currency without silly blocklimit debates stopping there scaling toward world domination.
Yes, because everyone knows that censorship-proof money has no value unless you can buy candy bars with it. |
If you aren't the sole controller of your private keys, you don't have any bitcoins.
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brg444
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September 09, 2015, 04:14:51 AM |
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What happen if bitcoin will stick to 1mb blocks?
blocks will start to become filled constantly, fee's will go up, micro transactions will be forced of-chain ( or to complex to really be worth doing ) small transactions (<100$) will be more costly, might get to the point where fees are not competitive ( people start using paypal or the likes to move money more efficiently), suddenly buying everyday things with bitcoins becomes a funny idea, Bitpay will go out of businesses, seeing how a large % of speculation was speculating bitcoin would one day become a use able currency its value will implode, bitcoin will revert to its 2012 state / value, and then its downhill from there as ETH accidentally becomes a better form of currency without silly blocklimit debates stopping there scaling toward world domination.
it was never a great one to begin with. to OP: supply and demand will economically constrain access to direct transactions on the blockchain. users who cannot afford this access will need to consider other services to address their need. this seems like a huge problem right now because there are few if any of these services available but within next few years plenty of such will be developed. these, while not being as trustless as Bitcoin, will provide greater utility at a fraction of the cost while still benefiting from the trust and decentralization emanating out of Bitcoin's protocol layer. |
"I believe this will be the ultimate fate of Bitcoin, to be the "high-powered money" that serves as a reserve currency for banks that issue their own digital cash." Hal Finney, Dec. 2010
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99Percent
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September 09, 2015, 04:19:02 AM |
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Hi greeting everyone. I just curious with others idea on increasing the size of the blockchain. bitcoin is really unique due to its decentralization. I mean if somehow try to increase block wouldn't be others can run it own wallet due to the size of db. Just wanted to ask everyone opinion Thanks My prediction: Fees will rise. Small transactions will be done off-chain (think Coinbase) which increases need to trust in 3rd party centralization. Transactions in the block chain will be bigger. There will be more pressure to develop channel protocols like Lightning. It might become so serious that bitcoin will only become the ultimate clearing house mechanism. But is that so bad? |
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knight22
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September 09, 2015, 04:19:08 AM |
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It won't for long. Market forces will make it through. Those who shall stand before it will get raped.
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adamstgBit
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September 09, 2015, 04:25:30 AM |
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Conclusion
Restricting the size of blocks to 1MB permanently is great if you are a major financial services company. You could co-opt a very robust network, act as a trusted intermediary and force direct users off the chain onto centralized services. For the same reasons, it is a horrible idea if you even want to keep open the possibility that individuals will be able to participate in that network without using a trusted third party as an intermediary.
this guy did his homework. https://bitcointalk.org/index.php?topic=946236.0 |
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stuff0577 (OP)
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September 09, 2015, 04:26:44 AM |
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Yes, because everyone knows that censorship-proof money has no value unless you can buy candy bars with it.
You have a point but I think that is the reason why altcoin is created. My Idea of bitcoin is like gold and you wouldn't buy a candy bar with gold. just only my thoughts. |
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knight22
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September 09, 2015, 04:28:21 AM |
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Yes, because everyone knows that censorship-proof money has no value unless you can buy candy bars with it.
You have a point but I think that is the reason why altcoin is created. My Idea of bitcoin is like gold and you wouldn't buy a candy bar with gold. just only my thoughts. Bitcoin is many things for many people. That's the thing. |
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knight22
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September 09, 2015, 04:29:13 AM |
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What happen if bitcoin will stick to 1mb blocks?
blocks will start to become filled constantly, fee's will go up, micro transactions will be forced of-chain ( or to complex to really be worth doing ) small transactions (<100$) will be more costly, might get to the point where fees are not competitive ( people start using paypal or the likes to move money more efficiently), suddenly buying everyday things with bitcoins becomes a funny idea, Bitpay will go out of businesses, seeing how a large % of speculation was speculating bitcoin would one day become a use able currency its value will implode, bitcoin will revert to its 2012 state / value, and then its downhill from there as ETH accidentally becomes a better form of currency without silly blocklimit debates stopping there scaling toward world domination.
Yes, because everyone knows that censorship-proof money has no value unless you can buy candy bars with it. Censorship-proof money that scales and can buy candy bars and bitcafees is much more valuable though. |
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