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Author Topic: how strong is bitcoin really?  (Read 52077 times)
revans
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January 24, 2017, 08:20:51 PM
 #741

Bitcoin is a volatile currency, it appreciati in value with time,it is one of the most expensive currency in the world and the world is beginning to take note of it

Yeah bitcoin is gaining popularity and attention from the masses and many people are now showing their interest in investing their money in bitcoins as they are well aware about the potential of bitcoins which can give them huge profits in long run allowing them to become rich in future.
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January 24, 2017, 08:51:45 PM
 #742

For me bitcoin has its strong foundation like its pellars of  convenience, fast, easy and compatibility because people do have their trust and they believe that good future is here with bitcoin. More people who uses bitcoin nowadays make bitcoin as their source of life sustaining income, and that's how btc works in lives of people who is the reasons why it became stronger in times.


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January 25, 2017, 12:54:26 AM
 #743

It is also strong due  to a large mass adoption already that has been using bitcoin.For 8 long years that existed already it goes beyond of what is really expected.As today it continually serves as a digital of currency as means of paying,investing and trading.It also gives a good source of income to those who already knows it and hopefully the price would still be stable and the value will rise.

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January 25, 2017, 01:41:26 AM
 #744

It is also strong due  to a large mass adoption already that has been using bitcoin.For 8 long years that existed already it goes beyond of what is really expected.As today it continually serves as a digital of currency as means of paying,investing and trading.It also gives a good source of income to those who already knows it and hopefully the price would still be stable and the value will rise.
It is on the investing side that gives them a good source of income, however it is only considered as a source of income if you will be successful in investing. The opportunity is always present but you will not convert it into profit if you do not perform very well.

 
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kiklo
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January 25, 2017, 01:56:09 AM
 #745

BTC is weak , it can't even handle it's transaction volume.
Over 70,000 back logged at the moment, with people waiting 15 hours without receiving their BTC.
https://blockchain.info/unconfirmed-transactions

LTC can handle 4X the transaction capacity of BTC.
So LTC is 4X Stronger than BTC

Is Litecoin capable of processing as many transactions as Bitcoin does today?

Please don't disappear and give us an honest reply to this question. It should be clear straightforward that you must compare things on equal grounds, right? Nevertheless, if Bitcoin network processes 250k transactions daily while the Litecoin network only around 5k on average, we would still have 250k transactions vs only 20k provided such comparison had any meaning in the first place. But it is meaningless since we should look at real figurers and with them Litecoin sucks heavily

Sorry for the delay , just saw your post.  Smiley

BTC & LTC both have the same 1MB blocksize, but LTC supports a block speed of 2.5 minutes verses BTC's block speed of 10 minutes.

So whatever BTC can handle per One (1 megabyte block in a 10 minute window),
LTC can have Four (1 megabyte blocks within that same 10 minute window) and therefore a 4X greater transaction capacity.  Wink

If LTC block speed were 10 minute like BTC their transaction capacity would be exactly the same.
BTC Dev will only increase block size, because if they shorten the block speed, it throws off their reward structure and halving times would happen 4 times as fast , which means they would have to decrease the BTC reward by 4x to keep the inflation at the same rate. (Which the miners would never agree too.)

 Cool

FYI: I show here how much faster BTC could be, To Increase BTC Transaction Capacity all they had to do was the following.
Increase BlockSize or Shorten Blockspeed , either or both would work

BTC Transactions Congestion Problems   Embarrassed

Simulation Example
each block has 1 MB of transactions with a theoretical Limit of 4200 transactions per block with a 10 minute BlockSpeed , [] is a block
One Hour of Blocks
[1] 10 minutes [1] 10 minutes [1] 10 minutes [1] 10 minutes [1] 10 minutes [1] 10 minutes
6 Blocks * 4200 Transactions =  25200 Maximum Theoretical Transactions per Hour

BTC Transactions Congestion Solutions   Grin

Simulation Example Updated with Larger BlockSize and Shorter BlockSpeed
each block has 2 MB of transactions with a theoretical Limit of 8400 transactions per block with a 2½ minute BlockSpeed , [] is a block
One Hour of Blocks
[2] 2½ minutes [2] 2½ minutes [2] 2½ minutes [2] 2½ minutes
[2] 2½ minutes [2] 2½ minutes [2] 2½ minutes [2] 2½ minutes
[2] 2½ minutes [2] 2½ minutes [2] 2½ minutes [2] 2½ minutes
[2] 2½ minutes [2] 2½ minutes [2] 2½ minutes [2] 2½ minutes
[2] 2½ minutes [2] 2½ minutes [2] 2½ minutes [2] 2½ minutes
[2] 2½ minutes [2] 2½ minutes [2] 2½ minutes [2] 2½ minutes

24
Blocks * 8400 Transactions = 201600 Maximum Theoretical Transactions per Hour

Compare Updated Simulation with Original
201600 / 25200  = 8
Updated Version can handle 8X the Transaction Capacity.  Wink

Now the educated asshats that live in these forums will tell you it can't work or it is a security risk, (They are Lying!)
Real World Examples.
PoW coin LTC has a 2½ minute block time with no problems whatsoever from it.
In Fact Chinese Mining Pools are over 51% of the BTC Hash rate , and are also over 51% of the LTC Hashrate.
In Fact some alts run at a 30 second blockspeed.
Oh, they also will complain, it will affect the Block Reward and Halving Dates,
(All of that are Variables that can be modified to compensate for the changes)

If they shorten the Blockspeed,
then they will have to increase the Final Supply Number of Bitcoins or allow it to get to the Final Supply Number 4X faster than it would have.

If they only increase the BlockSize ,
then the Block rewards and halving dates are not affected, and will not need modification.
But Transactions grow will be directly proportional to the increase in BlockSize.
IE: 2 MB Block only Double the Transaction Capacity
     8 MB Blocks would increase by 8X also  



Simulation Example for LTC
each block has 1 MB of transactions with a theoretical Limit of 4200 transactions per block with a 2½ minute BlockSpeed , [] is a block
One Hour of Blocks
[1] 2½ minutes [1] 2½ minutes [1] 2½ minutes [1] 2½ minutes
[1] 2½ minutes [1] 2½ minutes [1] 2½ minutes [1] 2½ minutes
[1] 2½ minutes [1] 2½ minutes [1] 2½ minutes [1] 2½ minutes
[1] 2½ minutes [1] 2½ minutes [1] 2½ minutes [1] 2½ minutes
[1] 2½ minutes [1] 2½ minutes [1] 2½ minutes [1] 2½ minutes
[1] 2½ minutes [1] 2½ minutes [1] 2½ minutes [1] 2½ minutes

24 Blocks * 4200 Transactions =  100800  Maximum Theoretical Transactions per Hour
__________________________________________________________________________
Current Comparison:
LTC => 100800  Maximum Theoretical Transactions per Hour
BTC =>   25200  Maximum Theoretical Transactions per Hour

No matter what the real world limits the actual transactions too per hour,
LTC will have 4X the blocks in the same time period and therefore 4X the transactions capacity.

If in the Future BTC goes to a 4 Megabyte block size , then they will be at the same capacity.
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January 25, 2017, 06:47:01 AM
 #746

It isn't as strong as excepted. But who knows any country may legal-ed is any time...............


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January 25, 2017, 06:51:57 AM
 #747

I think one statistics is enough for you to understand that how strong is bitcoin really. Bitcoin market cap is little over 14 billion USD. That is higher than many country's GDP. So I think it will help you to understand the power of bitcoin.

Also bitcoin own more than 84% of total crypto currency trade volume. So that's another clue for you to understand that power of bitcoin.

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January 25, 2017, 07:02:39 AM
 #748

Like I said , BTC is Weak.


More than 50,000 unconfirmed transactions

https://bitcointalk.org/index.php?topic=1762690.0

Sh*t! It's happening again! We really need to increase that damned block size!
I've been waiting for more than 6 hours for a transaction to be confirmed, and I'm shocked to see there are more than 50,000 in the queue.
https://blockchain.info/unconfirmed-transactions
Whtas happen to the mining guys?
70k unconfirmed tx??
Never seen that before.
https://blockchain.info/tx/ce9b7a684a35c9885445eaee38f85eef5a5debe82d6aced4a9d54f18035b3e53
Withdaw from paxful 0.063 i made yesterday. (14h ago) And it stucked. Can it be pruned from database ? Can it happen that i lose my money?
Please someone confirm that tx.
Please someone broadcast it.
Thanks in advance
At the moment I have a similar problem with 0.0030 btc in about 24 hours and still waiting for approval.
I still have one unconfirmed transaction, after 16 hours, and that's a bad surprise, because I had made another transaction which went through in 4 minutes, just one hour earlier.
And now it increased 61k, My transaction is also un-confirmed from 12 hours and i'm waiting for it to get confirmed.
We can moan and bitch all we want, it will make no difference to the situation. The miners and the spammer have full control over this situation. I
will switch to any implementation where you can have a option to submit a higher fee, after it was already submitted. This is getting ridiculous that
someone can bloat the mempool and hold back 60k tx's. I have 2 tx's pending for more than 23 hours.  Angry Angry Angry
I guess this is what the spammer intended with this. Would it not be nice, if some miners could concentrate all efforts to eliminate this backlog?
Sweep up all 60k tx's in one sweep!  .......... So angry now, I am talking out of my ass!

 Cool


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January 25, 2017, 07:26:38 AM
 #749

i dont think your friend is right, altough everything can be hacked, bitcoin is as secured as it gets
I think despite all vulnerable, but if you use a variety of authentication for your wallet, the wallet will be safe from hackers, do not be afraid because it's already been proven safe...


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lol3c
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January 25, 2017, 07:50:06 AM
 #750

i dont think your friend is right, altough everything can be hacked, bitcoin is as secured as it gets
I think despite all vulnerable, but if you use a variety of authentication for your wallet, the wallet will be safe from hackers, do not be afraid because it's already been proven safe...
Hacker can not attack your wallet and still your bitcoin directly from it. They can only do that by malware or trojan. Therefore, you also need to protect yourself and do not download any dangerous or strange file from the internet. Bitcoin can not protect you if you are too dummy.

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January 25, 2017, 08:00:04 AM
 #751

more and more businesses that accept bitcoin because they want the benefits of using bitcoin
Now we see bitcoin being accepted as a means of payment in most of the online shopping or exchange sites
however, still only a list of users is still a bit of a lot of people are still not aware of the existence of Bitcoin, Generally Bitcoin is still in the process of maturation.
bitcoin constantly grow so do the bitcoin price are so attractive .
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January 25, 2017, 09:04:29 AM
 #752

Bitcoin is really strong, I trust the security it has to keep safe our coins. No one can manipulate the flow of every transactions. In gambling, there is a possibility that someone, a hacker can control the site if he is really an expert in programming but I never know yet did that.

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deisik
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January 25, 2017, 09:47:41 AM
 #753

Is Litecoin capable of processing as many transactions as Bitcoin does today?

Please don't disappear and give us an honest reply to this question. It should be clear straightforward that you must compare things on equal grounds, right? Nevertheless, if Bitcoin network processes 250k transactions daily while the Litecoin network only around 5k on average, we would still have 250k transactions vs only 20k provided such comparison had any meaning in the first place. But it is meaningless since we should look at real figurers and with them Litecoin sucks heavily

Sorry for the delay , just saw your post.  Smiley

BTC & LTC both have the same 1MB blocksize, but LTC supports a block speed of 2.5 minutes verses BTC's block speed of 10 minutes.

So whatever BTC can handle per One (1 megabyte block in a 10 minute window),
LTC can have Four (1 megabyte blocks within that same 10 minute window) and therefore a 4X greater transaction capacity.  Wink

If LTC block speed were 10 minute like BTC their transaction capacity would be exactly the same.
BTC Dev will only increase block size, because if they shorten the block speed, it throws off their reward structure and halving times would happen 4 times as fast , which means they would have to decrease the BTC reward by 4x to keep the inflation at the same rate. (Which the miners would never agree too.)

Okay, now I see your point

But what's the purpose of this capacity if it is still not being used even at 1/100th of its potential? If Litecoin block is essentially the same as that of Bitcoin but its confirmation times are 4 times faster on average, it could potentially process 1M transactions daily if it were Bitcoin. But the harsh truth is that its daily throughput is only around some measly 5k transactions. In this manner, what's the purpose of updating Litecoin to SW and LN? I understand that these don't aim exclusively at boosting processing performance, but they also might serve to attract new users to it, likely from Bitcoin, since Bitcoin remains the top competitor to all cryptocoins out there

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January 25, 2017, 10:51:27 AM
 #754

Is Litecoin capable of processing as many transactions as Bitcoin does today?

Please don't disappear and give us an honest reply to this question. It should be clear straightforward that you must compare things on equal grounds, right? Nevertheless, if Bitcoin network processes 250k transactions daily while the Litecoin network only around 5k on average, we would still have 250k transactions vs only 20k provided such comparison had any meaning in the first place. But it is meaningless since we should look at real figurers and with them Litecoin sucks heavily

Sorry for the delay , just saw your post.  Smiley

BTC & LTC both have the same 1MB blocksize, but LTC supports a block speed of 2.5 minutes verses BTC's block speed of 10 minutes.

So whatever BTC can handle per One (1 megabyte block in a 10 minute window),
LTC can have Four (1 megabyte blocks within that same 10 minute window) and therefore a 4X greater transaction capacity.  Wink

If LTC block speed were 10 minute like BTC their transaction capacity would be exactly the same.
BTC Dev will only increase block size, because if they shorten the block speed, it throws off their reward structure and halving times would happen 4 times as fast , which means they would have to decrease the BTC reward by 4x to keep the inflation at the same rate. (Which the miners would never agree too.)

Okay, now I see your point

But what's the purpose of this capacity if it is still not being used even at 1/100th of its potential? If Litecoin block is essentially the same as that of Bitcoin but its confirmation times are 4 times faster on average, it could potentially process 1M transactions daily if it were Bitcoin. But the harsh truth is that its daily throughput is only around some measly 5k transactions. In this manner, what's the purpose of updating Litecoin to SW and LN? I understand that these don't aim exclusively at boosting processing performance, but they also might serve to attract new users to it, likely from Bitcoin, since Bitcoin remains the top competitor to all cryptocoins out there

I can't speak for the original intent since I was not directly involved,
It may be they created LTC with the 4X transactions capacity in mind,
or it may be it was just a beneficial side effect of going with a faster block speed and no one thought about it til later on.

You make a good point , why is their daily transactions so low,
Answer is they are not as popular or well known as BTC , so they are not receiving as many transactions.

There are many other Alts (Like ZEIT) that have block speeds down to 30 seconds, so it is even faster than LTC.
ZEIT has 20X BTC current Transaction capacity, and our average daily transactions is less than 100.
(Which means we have farther to go than LTC on the advertising front.
But we are moving to Ultra Low inflation in April, which will make less than 500 coins per day,
from there our price & marketcap footprint will increase.)
 Wink  
I do know the original ZEIT designer was not thinking about transaction capacity,
he was more focused on it being fast enough for retail transactions, the increased capacity was just a side effect of the speed.


Litecoin is desperately trying to build some advertising hype to increase it's usage, this will happen over time anyway as BTC flaws become more irritating.
Adding Segwit, was pointless unless their intention is to join the LN for offchain transactions,
(which is stupid , because their Onchain Transaction capacity has a lot of room to spare).
LTC has better performance, but their designers are so used to playing Follow the BTC design, they can't seem to break their selves out of it.   Tongue
All they need to do is get Coinbase to include a direct wallet like BTC  & Eth has, and start an advertising campaign pointing out their strengths verses BTC flaws and their usage will increase.

Marketcap wise BTC is Top Dog, but by performance comparison BTC is the oldest Slowest Dog out there.
All they have to do is bump up the blocksize to stop this transactions overload , (but the power struggle between Core & the miners is holding everything up.)


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January 25, 2017, 11:10:51 AM
 #755

In the event that bitcoin have feeble security, i'm certain at this point bitcoin would be controlled by government or dead.

Bitcoin is still alive is the verification that bitcoin system is truly solid. Most bitcoin stolen/lost for the most part since client blame or outsider administration bug in any case Roll Eyes

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January 25, 2017, 04:44:30 PM
 #756

There are many other Alts (Like ZEIT) that have block speeds down to 30 seconds, so it is even faster than LTC.
ZEIT has 20X BTC current Transaction capacity, and our average daily transactions is less than 100.
(Which means we have farther to go than LTC on the advertising front.
But we are moving to Ultra Low inflation in April, which will make less than 500 coins per day,
from there our price & marketcap footprint will increase.)

As to me, this is a dead end road

If I'm not mistaken, confirmation times of Dogecoin are around 1 minute, and it was one of the fastest coins at the time. The idea of shortening the confirmation times doesn't seem appealing and thought over. Lightning Network makes confirmations obsolete as such through payment channels (thereby transactions are near-instant) as well as removing the limit on the number of transactions that the network can process. It would be as fast as the connections themselves are and as capacious as the network bandwidth itself is. At least so they claim

Litecoin is desperately trying to build some advertising hype to increase it's usage, this will happen over time anyway as BTC flaws become more irritating

That's sort of obvious. And when are they going to switch to SW and LN?

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January 25, 2017, 06:26:49 PM
 #757

It says that your friend is actually very funny, he tells you nonsense, which are not worth the attention.
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January 25, 2017, 08:27:33 PM
 #758

There are many other Alts (Like ZEIT) that have block speeds down to 30 seconds, so it is even faster than LTC.
ZEIT has 20X BTC current Transaction capacity, and our average daily transactions is less than 100.
(Which means we have farther to go than LTC on the advertising front.
But we are moving to Ultra Low inflation in April, which will make less than 500 coins per day,
from there our price & marketcap footprint will increase.)

As to me, this is a dead end road

If I'm not mistaken, confirmation times of Dogecoin are around 1 minute, and it was one of the fastest coins at the time. The idea of shortening the confirmation times doesn't seem appealing and thought over. Lightning Network makes confirmations obsolete as such through payment channels (thereby transactions are near-instant) as well as removing the limit on the number of transactions that the network can process. It would be as fast as the connections themselves are and as capacious as the network bandwidth itself is. At least so they claim

Litecoin is desperately trying to build some advertising hype to increase it's usage, this will happen over time anyway as BTC flaws become more irritating

That's sort of obvious. And when are they going to switch to SW and LN?


LN will be offchain, meaning you are really depending on LN support to verify your transactions.
It is no different than sending your BTC to a Bank and using their payment system with additional fees.
LN will control your money not you.

I believe LTC already activated segwit, but no one really cares.

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January 25, 2017, 08:31:01 PM
 #759

It says that your friend is actually very funny, he tells you nonsense, which are not worth the attention.

You going to have to clarify your statement, so focus your thoughts and give it your best shot.  Smiley


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January 25, 2017, 08:57:04 PM
 #760

maybe your fried is not familiar with the concept of calculator or maybe he doesn't know what hack a bitcoin wallet means!

either way, you should have told him bitcoin survived from 2008-9 till now without being hacked the way he thinks and it will continue being OK until there is a big advancement in the quantum computers front.

Bitcoin is unbreakable if someone just use calculator or single computer, he need some super computers which has suitable person/team to running it. The hackers won't attack bitcoin, they actually want to get profits by hack some wallet with huge amount of bitcoin inside such as exchanges.

To me, bitcoin is not hackable; however, the bitcoin network might be hackable. So the question should be "how strong is bitcoin network?"

And Bitcoin network is vulnerable like any other network so there is no such thing as 100% security. We all have to be aware of this.
i don't know what you two mean but i am only aware of these and i doubt we can exactly call any of them "hacks"

Those problems might be weaknesses for bitcoin but we can handle it or at least they on the devs trying to.



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