MIT Media Lab: "Technical Roadblock Might Shatter Bitcoin Dreams"

[the_poet]

http://www.nasdaq.com/article/mit-media-lab-director-joi-ito-speaks-up-on-bitcoin-technical-development-environment-cm585158

[1714903826]

1714903826

[1714903826]

1714903826

[Jet Cash]

It seems so blindingly obvious to me that blocks need to be created at a faster rate, that I wonder why nobody else has suggested it. I think I'll start a  website about it.

[Lauda]

"Technical Roadblock Might Shatter Bitcoin Dreams," asks whether the Bitcoin network could be scaled up to support thousands of transactions per second, like the world's major payment networks, and concludes that the answer is no, unless the Bitcoin code is radically re-engineered."

Which is what no 'forker' ever said because they lack knowledge. It is certainly time to face the truth here. As stated by the article, there is a fundamental conflict between throughput and decentralization.

It seems so blindingly obvious to me that blocks need to be created at a faster rate, that I wonder why nobody else has suggested it. I think I'll start a  website about it.

If it is "blindingly obvious" then you must assume that the idea has been suggested and rejected. If you feel like doing something then a website isn't really the right path. Don't forget to suggest lowering the supply per block by the same amount that you've shortened the block generation rate.

[Jet Cash]

If it is "blindingly obvious" then you must assume that the idea has been suggested and rejected. If you feel like doing something then a website isn't really the right path. Don't forget to suggest lowering the supply per block by the same amount that you've shortened the block generation rate.

I agree. My thoughts are - a 3 minute interval with a 5 Bitcoin reward, this could be implemented at the time allocated to the halving. The reward would be approximately the same as the 17.5 BTC, but would still be in whole Bitcoin ( which probably isn't significant).

I've reg'd BitcoinChained.com to allow me to sort out the pros and cons of the time interval change.

[SFR10]

Although the article had good points, I still doubt that the technical roadblock will damage BTCitcoin in a way that wouldn't be reparable. I couldn't agree more regarding governments and banks making plans that are not well thought and insecure (just for the sake of having some control over the system). About the three developers joining MIT Media Lab, are they there for good and no longer involved with BTCitcoin development directly? 

[gentlemand]

Bitcoin can't do as many transactions as Visa right now? Why weren't we informed of this sooner? I can imagine there will be solutions. Whether they arrive quick enough before the universe explodes in a supernova of bitching is another matter.

[Amph]

i stopped here, first big bullshit

"Today's representative blockchain such as Bitcoin takes 10 min or longer to confirm transactions, achieves 7 transactions/sec maximum throughput," notes a recent research paper. "In comparison, a mainstream payment processor such as Visa credit card confirms a transaction within seconds, and processes 2000 transactions/sec on average, with a peak rate of 56,000 transactions/sec."


apparently they do not know the difference between transaction time and confirmation time, fiat actually require 180 days for confirmation, but their merchants are accepting it at zero day, much like some merchants accept a zero confirmation with bitcoin

so there is actually no difference and bitcoin is much faster

[Lauda]

Bitcoin can't do as many transactions as Visa right now? Why weren't we informed of this sooner? I can imagine there will be solutions. Whether they arrive quick enough before the universe explodes in a supernova of bitching is another matter.

Pretty much everyone who knows Bitcoin knew this for years. You can't blame anyone for your lack of knowledge. Bitcoin doesn't even come close to Visa (Bitcoin 3 TPS on average, Visa 2000 TPS). However, you as an average user, do not need to concern yourself with this information.

[Za1n]

Bitcoin can't do as many transactions as Visa right now? Why weren't we informed of this sooner? I can imagine there will be solutions. Whether they arrive quick enough before the universe explodes in a supernova of bitching is another matter.

I don't get why everyone is always worked up about this either. Comparing Bitcoin at its current size and and stage of development to VISA is like comparing a mom and pop burger shop to a chain like Mc Donalds.

The owners worrying about how they will scale to open 1000's of locations and serve billions of burgers is not likely going to help them in the short term. Instead, by concentrating on what they do well, serving superior food, (not hard considering the competition), a friendly atmosphere and great customer service will allow them to grow at a healthy rate and keep everyone happy.

The same is true with Bitcoin. No need to wonder how they will compete with Visa when they are only the size of a small bank. What they need to do is keep offering benefits the banks or VISA network don't offer and continue to refine those. The growth will come on its own and the scaling can be implemented incrementally as it does.

[spazzdla]

Anyone suggesting faster block times usually doesn't have a single clue what they are talking about.