Quote of the Century

[fairglu]

Have fun trying to keep bitcoin decentralized with a blocksize big enough to keep all transactions, no matter what, on chain and with micro fees. This is unfortunately a pipe dream.

Indeed. I guess many do not realize the number of transaction and block sizes that would be involved.

Just to handle the transactions from Starbucks you would need 10 MB block size on average, and 100 MB to handle rush hours without too much lag. That's a single company, a global one, but just one.

[Denker]

sounds potentially fishy. let's keep an eye on the situation.

You're right.If there is one thing out there I hate most it is censorship! Definitely very fishy imo.Not good at all!

[Blinken]

Peter Rs presentation was very good, but I think that pun about blockstream is completely unnecessary.

Do you know the difference between a pun and a metaphor?

[Denker]

Have fun trying to keep bitcoin decentralized with a blocksize big enough to keep all transactions, no matter what, on chain and with micro fees. This is unfortunately a pipe dream.

Indeed. I guess many do not realize the number of transaction and block sizes that would be involved.

Just to handle the transactions from Starbucks you would need 10 MB block size on average, and 100 MB to handle rush hours without too much lag. That's a single company, a global one, but just one.

We don't have to take every single transaction on chain. I think everybody will agree that this is almost impossible. So solutions like payment channels (Lightning Network) and sidechains are needed no doubt.
However we can raise the Blocksize up to a certain level. What is speaking against an increase to 2 or 4MB and then continue with an increase which grows equally as technological progress?

[Peter R]

Great presentation.

Thanks!  I just hope it gets put back up on YouTube.

[Q7]

Current direction it is heading towards, i can imagine it would fail big time. When it was supposed to be the greatest invention ever made becomes an epic flop.

[Peter R]

sounds potentially fishy. let's keep an eye on the situation.

Here's what a conference organizer said when I asked about the Day 1 Morning session videos being missing:

Dear Peter,

Thanks for your presentation and we had some teething video problems on morning day 1, though our livestream back-up site via akamai worked flawlessly (it was good to have a plan b).

We've captured the video on disk and will process them shortly.

Sorry for the inconvenience and slight delay.

p.

[RoadTrain]

There's a transcript, not sure how complete it is.
http://diyhpl.us/wiki/transcripts/scalingbitcoin/peter-r/

[killerjoegreece]

Live fast, Die Young, Make a beautiful corpse

[fairglu]

However we can raise the Blocksize up to a certain level. What is speaking against an increase to 2 or 4MB and then continue with an increase which grows equally as technological progress?

2 or 4 MB would not mean much in terms of increased usage, you need at least one order of magnitude to make a meaningful difference, going from 1-10% of Starbucks' tx rate to 4-40% would still look just quite inadequate.

That said the current challenge is more propagation times and the risk of orphans.

Even with the "stress test", we never went above 80% of fill rate, and this time it's much less (60-70%). It just does not make economical sense for miners to fill blocks and risk getting orphaned because their block propagated too slowly.

Outside of stress test, blocks are at 30-50% fill since early january, indicating either a lack of demand... or a miner soft limit wrt propagation.

[Kprawn]

How many people attended the session? Nobody thought to record some video...? I did watch some of the live streaming and enjoyed the masters of ceremony the most. 

What a character ...." Gavin I want your babies " will be stuck in my brain forever....  .... I missed out most of day 2, but I am catching up as we speak. 

The transcripts and the video should not be censored, because it just puts fuel on the fire. Let's just be transparent.