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Author Topic: 90 minutes for 1 block...  (Read 6708 times)
giszmo
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October 26, 2012, 02:30:03 PM
 #61

Every single transaction that is included in a block is going to be stored on tens of thousands of computers forever;

… until pruning comes along and I'm very very sure it will. storing all the information about addresses with 0$atoshi in them is just waste of disk space.

… also "tens of thousands of computers forever" could be disputed. Bet in 5 years from now, full nodes will be down to less than 10k either because bitcoin became obsolete or too high traffic for most people.

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SgtSpike
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October 26, 2012, 03:17:47 PM
 #62

Every single transaction that is included in a block is going to be stored on tens of thousands of computers forever;

… until pruning comes along and I'm very very sure it will. storing all the information about addresses with 0$atoshi in them is just waste of disk space.

… also "tens of thousands of computers forever" could be disputed. Bet in 5 years from now, full nodes will be down to less than 10k either because bitcoin became obsolete or too high traffic for most people.
I disagree.  Bitcoin blockchain growth will be linear while technological innovation and progress will be exponential.  At some point, the Bitcoin block chain will be no bigger deal than a simple word document.

1MB (max block size) * 6 * 24 * 365 = 53GB.  That's the maximum growth of the blockchain per year.  We already have 3 TB HDD's, so those'll last for 56 years.  And in 56 years, we should theoretically have 268 exabyte HDD's, which would last, for all intents and purposes with regards to Bitcoin, indefinitely.

And if you want to talk about bandwidth, it's the same story.  I now have 50mbps cable service available to my residence.  5 years ago, I only had 12mbps available.  10 years ago, I only had 768kbps dsl available.  So bandwidth is basically following Moore's law as well.  In 5 more years, I should have 300mbps service, etc, while the bandwidth requirements of Bitcoin will remain the same, at 53GB/year (or 13kbps).
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October 26, 2012, 03:32:21 PM
 #63

Every single transaction that is included in a block is going to be stored on tens of thousands of computers forever;

… until pruning comes along and I'm very very sure it will. storing all the information about addresses with 0$atoshi in them is just waste of disk space.

… also "tens of thousands of computers forever" could be disputed. Bet in 5 years from now, full nodes will be down to less than 10k either because bitcoin became obsolete or too high traffic for most people.
I disagree.  Bitcoin blockchain growth will be linear while technological innovation and progress will be exponential.  At some point, the Bitcoin block chain will be no bigger deal than a simple word document.

1MB (max block size) * 6 * 24 * 365 = 53GB.  That's the maximum growth of the blockchain per year.  We already have 3 TB HDD's, so those'll last for 56 years.  And in 56 years, we should theoretically have 268 exabyte HDD's, which would last, for all intents and purposes with regards to Bitcoin, indefinitely.

And if you want to talk about bandwidth, it's the same story.  I now have 50mbps cable service available to my residence.  5 years ago, I only had 12mbps available.  10 years ago, I only had 768kbps dsl available.  So bandwidth is basically following Moore's law as well.  In 5 more years, I should have 300mbps service, etc, while the bandwidth requirements of Bitcoin will remain the same, at 53GB/year (or 13kbps).

50mbps!?  What ISP are you using and how many arms and legs are they charging you for that!?

right now I pay ~$50 for 24mbps

if only i had FIOS in my location Sad
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October 26, 2012, 03:41:26 PM
 #64

Every single transaction that is included in a block is going to be stored on tens of thousands of computers forever;

… until pruning comes along and I'm very very sure it will. storing all the information about addresses with 0$atoshi in them is just waste of disk space.

… also "tens of thousands of computers forever" could be disputed. Bet in 5 years from now, full nodes will be down to less than 10k either because bitcoin became obsolete or too high traffic for most people.
I disagree.  Bitcoin blockchain growth will be linear while technological innovation and progress will be exponential.  At some point, the Bitcoin block chain will be no bigger deal than a simple word document.

1MB (max block size) * 6 * 24 * 365 = 53GB.  That's the maximum growth of the blockchain per year.  We already have 3 TB HDD's, so those'll last for 56 years.  And in 56 years, we should theoretically have 268 exabyte HDD's, which would last, for all intents and purposes with regards to Bitcoin, indefinitely.

And if you want to talk about bandwidth, it's the same story.  I now have 50mbps cable service available to my residence.  5 years ago, I only had 12mbps available.  10 years ago, I only had 768kbps dsl available.  So bandwidth is basically following Moore's law as well.  In 5 more years, I should have 300mbps service, etc, while the bandwidth requirements of Bitcoin will remain the same, at 53GB/year (or 13kbps).

50mbps!?  What ISP are you using and how many arms and legs are they charging you for that!?

right now I pay ~$50 for 24mbps

if only i had FIOS in my location Sad
It's Comcast, and the charge is $115/month if I remember correctly.
giszmo
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October 26, 2012, 04:40:42 PM
 #65

Every single transaction that is included in a block is going to be stored on tens of thousands of computers forever;

… until pruning comes along and I'm very very sure it will. storing all the information about addresses with 0$atoshi in them is just waste of disk space.

… also "tens of thousands of computers forever" could be disputed. Bet in 5 years from now, full nodes will be down to less than 10k either because bitcoin became obsolete or too high traffic for most people.
I disagree.  Bitcoin blockchain growth will be linear while technological innovation and progress will be exponential.  At some point, the Bitcoin block chain will be no bigger deal than a simple word document.

1MB (max block size) * 6 * 24 * 365 = 53GB.  That's the maximum growth of the blockchain per year.  We already have 3 TB HDD's, so those'll last for 56 years.  And in 56 years, we should theoretically have 268 exabyte HDD's, which would last, for all intents and purposes with regards to Bitcoin, indefinitely.

And if you want to talk about bandwidth, it's the same story.  I now have 50mbps cable service available to my residence.  5 years ago, I only had 12mbps available.  10 years ago, I only had 768kbps dsl available.  So bandwidth is basically following Moore's law as well.  In 5 more years, I should have 300mbps service, etc, while the bandwidth requirements of Bitcoin will remain the same, at 53GB/year (or 13kbps).

Maybe the barriers to do a full node will decrease but the incentive to do so decreases just as well. With a Bitcoin Spinner style (Mike Hearn(?) suggested to have full nodes do the book keeping for the connected thin clients with variable anonymity towards that full node by querying a superset of the own keys at this and other nodes. Such a solution would have all the privacy and security the average user might want at a fraction of the costs of running a full node.

giszmo
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October 26, 2012, 04:41:52 PM
 #66

50mbps!?  What ISP are you using and how many arms and legs are they charging you for that!?

right now I pay ~$50 for 24mbps

if only i had FIOS in my location Sad
It's Comcast, and the charge is $115/month if I remember correctly.

In Munich I have 100mbps for some 40€/month Grin

SgtSpike
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October 26, 2012, 04:49:26 PM
 #67

50mbps!?  What ISP are you using and how many arms and legs are they charging you for that!?

right now I pay ~$50 for 24mbps

if only i had FIOS in my location Sad
It's Comcast, and the charge is $115/month if I remember correctly.

In Munich I have 100mbps for some 40€/month Grin
Yeah yeah, you also have many more capita per sq mile to help pay for the infrastructure costs.  Wink
sharky112065
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October 26, 2012, 10:03:37 PM
 #68

50mbps!?  What ISP are you using and how many arms and legs are they charging you for that!?

right now I pay ~$50 for 24mbps

if only i had FIOS in my location Sad
It's Comcast, and the charge is $115/month if I remember correctly.

In Munich I have 100mbps for some 40€/month Grin
Yeah yeah, you also have many more capita per sq mile to help pay for the infrastructure costs.  Wink

Actually not. Most of The United States is rural with big cities helping to even out the cost. A lot of rural areas can't even get broadband internet. I often see postings showing smaller countries having better/faster internet because they have a smaller area to cover which costs less to build out.

Edit: Oh never mind. That is what you meant.

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