[2016-01-03] Scaling Bitcoin: The Great Block Size Debate

[LiteCoinGuy]

Scaling Bitcoin: The Great Block Size Debate

Bitcoin has been roughly doubling each year (in terms of the number of transactions). But in its current form, the network can only support up to 7 transactions per second. Paypal does about 100 transactions per second and Visa does about 4,000 per second, so some changes will need to be made if bitcoin is to reach these levels.

https://medium.com/@barmstrong/scaling-bitcoin-the-great-block-size-debate-d2cba9021db0#.ikwhg94bv



Nielsons law is important too which looks like this:

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[CIYAM]

Neilson's law does not apply to "average internet users" only to "high end" ones (which is a small minority) so I think you need to be careful when trying to introduce that diagram without supplying this information (as otherwise it can be really quite misleading).

Personally I think such charts are of generally no benefit to anyone other than politicians (who use them to try and trick/confuse/enthuse people).

[RastoMan]

bitcoin does 7 transactions per second why paypal does 100. If the block size is increased to 16 MB, it can match that of paypal. The block size can be increased slowly, because there will be side chain transactions.

[LiteCoinGuy]

Neilson's law does not apply to "average internet users" only to "high end" ones (which is a small minority) so I think you need to be careful when trying to introduce that diagram without supplying this information (as otherwise it can be really quite misleading).

Personally I think such charts are of generally no benefit to anyone other than politicians (who use them to try and trick/confuse/enthuse people).

does that mean, that there is no speed increase for average internet users? dont think so.

[pedrog]

bitcoin does 7 transactions per second why paypal does 100. If the block size is increased to 16 MB, it can match that of paypal. The block size can be increased slowly, because there will be side chain transactions.

Bitcoin can't handle 7 transactions per second, that's the theoretical limit, the reality is something like 2,5 or 3 transactions per second.

[CIYAM]

does that mean, that there is no speed increase for average internet users? dont think so.

Never said that - but according to your list of figures the world average is back between 2001 and 2003 in your first chart.

See the problems that you get with charts?

Perhaps you would care to post a chart with "world average times" from 1990 to 2010 for comparison?

Again I'll say that unfortunately statistics and charts are most commonly used to spread nonsense rather than useful information.

[LiteCoinGuy]

does that mean, that there is no speed increase for average internet users? dont think so.

Never said that - but according to your list of figures the world average is back between 2001 and 2003 in your first chart.

See the problems that you get with charts?

Perhaps you would care to post a chart with "world average times" from 1990 to 2010 for comparison?

Again I'll say that unfortunately statistics and charts are most commonly used to spread nonsense rather than useful information.

should be fast enough to support artificial 2 MB blocks in my view. 

[CIYAM]

should be fast enough to support artificial 2 MB blocks in my view. 

I see - so happy to show charts that don't accurately reflect average bandwidths then only show tables of figures that do and then make a glib statement.

You ought to be running for a political party IMO.

[LiteCoinGuy]

should be fast enough to support artificial 2 MB blocks in my view. 

I see - so happy to show charts that don't accurately reflect average bandwidths then only show tables of figures that do and then make a glib statement.

You ought to be running for a political party IMO.

called Bitcoin.

[CIYAM]

called Bitcoin.

Not really - true supporters of Bitcoin don't show dishonest graphs and ignore facts trying to shill on behalf of others.

You have your "big block agenda" and that is clearly obvious but please don't try and make it out to be anything but an agenda.