satoshi's logic is not so logic

[toinew]

Satoshi said, by 2020 bitcoin is eitheir mainstream either will disappear (quotation welcome, i didn't find it)
But how can it be mainstream with 7 transaction per second ? And if it's not mainstream, satoshi's logic woul tell us that bitcoin will disappear by 2020 

[OmegaStarScream]

He never said that as far as I know , but he said the following :

Feb. 14, 2010: "I’m sure that in 20 years there will either be very large (bitcoin) transaction volume or no volume." which means 2030 (if we start counting from the day  he  posted the quote on the forums ) and not 2020 .

[Dilla]

Scaling/increasing block size debates would solve this issue.

[kwukduck]

Scaling/increasing block size debates would solve this issue.

In case you missed it. This issue will not be solved any time soon. If ever...

[Dilla]

Scaling/increasing block size debates would solve this issue.

In case you missed it. This issue will not be solved any time soon. If ever...

It's not a matter of if, it's a matter of how right now. It may take time, but it will happen.

[maokoto]

He never said that as far as I know , but he said the following :

Feb. 14, 2010: "I’m sure that in 20 years there will either be very large (bitcoin) transaction volume or no volume." which means 2030 (if we start counting from the day  he  posted the quote on the forums ) and not 2020 .

Thanks for bringing the quote back.

I somewhat agree, if by no volume it refers to very low volume. I think that bitcoin may well be turned into a kind of investment only some use.

[Mickeyb]

Scaling/increasing block size debates would solve this issue.

In case you missed it. This issue will not be solved any time soon. If ever...

Come on man, of course it will be solved. Why the heck are those people meeting again in Hong Kong in December if the debate will not be solved, let's show some optimism.

To the OP, yes scaling was planned by Satoshi as well. The current 1MB cap was introduced just as a temporary measure because of spamming.

[gentlemand]

I somewhat agree, if by no volume it refers to very low volume. I think that bitcoin may well be turned into a kind of investment only some use.

I assume his sentiment was along the lines of it's either going to gain a major foothold around the world or die. The way the falling block reward is designed kind of necessitates that. I'm not so sure there's much of a middle ground.

[ajareselde]

2020 is still 5 years away.. If you look 5 years back, to 2010 and just a tiny amount of transactions and look at it now on avg of hundreds of thousands transactions per day..
I think Satoshi is proud of where we are right now. And expecting anything but the same fold in the next few years is an undevaluating bitcoin.

[kwukduck]

2020 is still 5 years away.. If you look 5 years back, to 2010 and just a tiny amount of transactions and look at it now on avg of hundreds of thousands transactions per day..
I think Satoshi is proud of where we are right now. And expecting anything but the same fold in the next few years is an undevaluating bitcoin.

Please tell use more of your perma-bull lies.

https://blockchain.info/charts/n-transactions-total

[PseudoCode]

2020 is still 5 years away.. If you look 5 years back, to 2010 and just a tiny amount of transactions and look at it now on avg of hundreds of thousands transactions per day..

Please tell use more of your perma-bull lies.

https://blockchain.info/charts/n-transactions-total

Are you *still here brainfarting all over the place Kwacker ?  Why do you bother ?
You might as well walk around wearing a red ball nose, propellor bowtie and a squirting flower, it wouldnt change your credibility one bit

Lets see, that chart you linked. 

Oct 18. total transactions = 88,361,598
Oct 15. total transactions = 85,991,386
difference = 2,370,212 transactions divied by elapsed time of 3 days
= 790,000 transactions per day

Looks truthful to me.

Like I said, you dont read (or comprehend) stuff too good, do you boy ?

[yolalanda]

...
= 790,000 transactions per day
...

Fun fact: VISA network can handle that in just over a second

[PseudoCode]

Incorrect.  Supposedly its peak is 56,000 per second.

https://en.bitcoin.it/wiki/Scalability
http://www.visa.com/blogarchives/us/2013/10/10/stress-test-prepares-visanet-for-the-most-wonderful-time-of-the-year/index.html

[Q7]

Satoshi said, by 2020 bitcoin is eitheir mainstream either will disappear (quotation welcome, i didn't find it)
But how can it be mainstream with 7 transaction per second ? And if it's not mainstream, satoshi's logic woul tell us that bitcoin will disappear by 2020  

In few more years who knows we might probably found a solution to solve the scalability issue and have the network being able to handle higher number of transactions than currently. Anyway, when he quoted saying that in 20 years there will either be very large (bitcoin) transaction volume or no volume, that was actually made in 2010, so theoretically, we have about another 15 more years before we get there.  

[Kevin77]

Only 7 transactions per second is not at all fixed and never lead to any difficulty to bitcoins fame. Because bitcoin is here for it's new innovative thinking and possible financial revolution. Per second transactions are easily modifiable if we need to. So, bitcoin will be here even for 2200 also...

[glub0x]

Satoshi said, by 2020 bitcoin is eitheir mainstream either will disappear (quotation welcome, i didn't find it)
But how can it be mainstream with 7 transaction per second ? And if it's not mainstream, satoshi's logic woul tell us that bitcoin will disappear by 2020 

He also never said 7TPS was forever on the contrary...

[Amph]

it was for 2030, not 2020, and anyway the original limit was 32, changed for ddos, but i'm sure he had a plan to change it later again, seeing how he know how much time would have require to reach mainstream

basically you can begin to worry about the limit after 2020

[samson]

2020 is still 5 years away.. If you look 5 years back, to 2010 and just a tiny amount of transactions and look at it now on avg of hundreds of thousands transactions per day..
I think Satoshi is proud of where we are right now. And expecting anything but the same fold in the next few years is an undevaluating bitcoin.

I was thinking something similar - there's already a large amount of transactions on the network compared to back then and it's still early days.

[yolalanda]

Incorrect.  Supposedly its peak is 56,000 per second.
...

I stand corrected, make that 'over 10 seconds.'

But, they charge you with big fee & you're not anonymous at all.

No, 'they' do not charge me a big fee.  They charge me no fee at all. The seller pays the fee.
Bitcoin, on the other hand, charges *everybody* a huge fee you may not fully understand, so here's TL;DR:
Your transactions are paid for by Bitcoin's inflating base money supply, AKA "by printing money." The miners get paid 25 BTC every ~10 min for processing transactions. Plus the tx fees.
Pricey

Also, your credit/debit card could be stolen & sold on darknet, you could get yourself into big trouble.

My CC offers consumer protection. If stolen, all I need to do is report it, and my money magically reappears.
If you accidentally all your BTC, OTOH, it's gone. You're just sh1t out of luck

I'm sure when bitcoin blocksize problem is solved, we could process more transaction

You mean 'if,' then we'll talk. Til that happy day...

[BantamSystems]

Satoshi said, by 2020 bitcoin is eitheir mainstream either will disappear (quotation welcome, i didn't find it)
But how can it be mainstream with 7 transaction per second ? And if it's not mainstream, satoshi's logic woul tell us that bitcoin will disappear by 2020 

Some people look at bitcoin as a currency, for day to day transactions... However, the way bitcoin was designed leans more toward a system for value storage + instantaneous transmission of large amounts value.

Other options will arise to perform the tasks and functions that bitcoin is unable to