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Author Topic: FACT CHECK: Bitcoin Blockchain will be 700GB in 4 Years  (Read 9007 times)
Carlton Banks
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October 27, 2016, 01:19:12 PM
 #141

Current speed is the max speed, and it is about 1MB each 10 minutes. It will not go much faster than this without a change in the protocol (ie a fork)

And the Segwit fork was released today. Let's hope it becomes activated sooner rather than later.

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October 27, 2016, 03:27:13 PM
 #142

Current speed is the max speed, and it is about 1MB each 10 minutes. It will not go much faster than this without a change in the protocol (ie a fork)

And the Segwit fork was released today. Let's hope it becomes activated sooner rather than later.

If there is never a fork to add extra transaction capacity, then the blockchain will be limited to current max blocksize x ~10minutes

What are the chances of never increasing the block size beyond 1mb? Is it a case of when, not if? and is the when, more likely to be sooner rather than later?

Will we see a negotiations on increasing the 1mb size cap in order for segwit to see the light of day?

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October 27, 2016, 03:31:13 PM
 #143

and is the when, more likely to be sooner rather than later?
November 15th is the signaling start day. So 2 weeks worth of blocks (if everyone is already signaling by then) + 2 weeks worth of blocks (fallout period) after the starting day. This come down to mid December (earliest).

Will we see a negotiations on increasing the 1mb size cap in order for segwit to see the light of day?
It would be really hypocritical to claim that one wants on chain scaling and then stall Segwit.


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October 27, 2016, 03:33:42 PM
 #144

That is not good...
Carlton Banks
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October 27, 2016, 03:35:42 PM
 #145

What are the chances of never increasing the block size beyond 1mb? Is it a case of when, not if? and is the when, more likely to be sooner rather than later?

Will we see a negotiations on increasing the 1mb size cap in order for segwit to see the light of day?

Segwit IS an increase of the blocksize cap, it increases to 4MB.

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coins101
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October 27, 2016, 03:54:06 PM
 #146

What are the chances of never increasing the block size beyond 1mb? Is it a case of when, not if? and is the when, more likely to be sooner rather than later?

Will we see a negotiations on increasing the 1mb size cap in order for segwit to see the light of day?

Segwit IS an increase of the blocksize cap, it increases to 4MB.

We're getting 4mb blocks with segwit? really? Don't believe you; i wanna see that in the code  Tongue

function max_block_size(block_timestamp):
...
...
size_start = 4000000
...
...
//ok, everyone do the Carlton dance

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October 27, 2016, 03:54:58 PM
 #147

and is the when, more likely to be sooner rather than later?
November 15th is the signaling start day. So 2 weeks worth of blocks (if everyone is already signaling by then) + 2 weeks worth of blocks (fallout period) after the starting day. This come down to mid December (earliest).

Will we see a negotiations on increasing the 1mb size cap in order for segwit to see the light of day?
It would be really hypocritical to claim that one wants on chain scaling and then stall Segwit.

what's the miner acceptance threshold % or did that get removed?



Actually, the BU hurdle is not so bad.


Carlton Banks
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October 27, 2016, 04:10:43 PM
 #148

What are the chances of never increasing the block size beyond 1mb? Is it a case of when, not if? and is the when, more likely to be sooner rather than later?

Will we see a negotiations on increasing the 1mb size cap in order for segwit to see the light of day?

Segwit IS an increase of the blocksize cap, it increases to 4MB.

We're getting 4mb blocks with segwit? really? Don't believe you; i wanna see that in the code  Tongue

function max_block_size(block_timestamp):
...
...
size_start = 4000000
...
...
//ok, everyone do the Carlton dance

It's not as simple as that, but I kept it simple, just for you. Suffice to say: the max size of each block mined will be 4MB.

And I don't have to prove anything to trolls, it's you that has to prove your propaganda nonsense. Everyone who's been follwing Bitcoin develpoment knows the details by now, you're only demonstrating how ignorant (and loud mouthed) you are

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coins101
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October 27, 2016, 06:43:48 PM
 #149

What are the chances of never increasing the block size beyond 1mb? Is it a case of when, not if? and is the when, more likely to be sooner rather than later?

Will we see a negotiations on increasing the 1mb size cap in order for segwit to see the light of day?

Segwit IS an increase of the blocksize cap, it increases to 4MB.

We're getting 4mb blocks with segwit? really? Don't believe you; i wanna see that in the code  Tongue

function max_block_size(block_timestamp):
...
...
size_start = 4000000
...
...
//ok, everyone do the Carlton dance

It's not as simple as that, but I kept it simple, just for you. Suffice to say: the max size of each block mined will be 4MB.

And I don't have to prove anything to trolls, it's you that has to prove your propaganda nonsense. Everyone who's been follwing Bitcoin develpoment knows the details by now, you're only demonstrating how ignorant (and loud mouthed) you are

hey buddy. chill. you have a bitcoin or two; i have a bitcoin or two. that means we have more in common than the 7bn people who are yet to have a bitcoin or two.

removing some signature data from transactions to reduce file size isn't an increase in block size. not sure how a hard limit of 1mb can become a hard limit of 4mb.

What you probably mean is you can get 4mb worth of transactions using current data structures into 1mb of block space after segwit is deployed and accepted?

Carlton Banks
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October 27, 2016, 07:09:26 PM
 #150

It's 4MB total, whatever way you try to dress it up. Which can't be done now. Hence the fork.

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coins101
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October 27, 2016, 09:15:02 PM
 #151

It's 4MB total, whatever way you try to dress it up. Which can't be done now. Hence the fork.

The current max block size of Bitcoin is 1mb.

Carlton Banks
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October 27, 2016, 09:30:36 PM
 #152

Hence the fork.

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coins101
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October 27, 2016, 09:58:33 PM
 #153

And it will still be 1mb if the fork reaches activation.

Carlton Banks
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October 27, 2016, 10:04:05 PM
 #154

Don't forget that there will be 3MB extra available too.

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October 27, 2016, 10:26:08 PM
 #155

Definitely with this need to do something right now. Large volume of data can have a negative impact on the decentralization whole bitcoin network, but the other side after 4 years high capacity storage devices for ordinary users will also be available at a lower price.

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October 27, 2016, 10:33:16 PM
 #156

bitcoin core to double the size of blockchain in 2017 IIRC, that's why the bitcoin blockchain is gonna be more than ever. how horrible if we cannot expand what our capacity has/have.

at least a micro SD card does a 256GB.

Hardware is not the rate limiting factor. It's just an added expense to get more space.

Bandwidth is the greater issue.
indeed, because synchronization js deciding if your bitcoin core is gonna work, that's why the bandwidth is be very prominent, and you will also need a high capacity storages.

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October 27, 2016, 11:40:28 PM
 #157

Don't forget that there will be 3MB extra available too.

Lets get this straight.

segwit will allow the segregation of the signing, ie to be separated out of the block size count.

So, the 1mb cap stays allowing more transaction throughput, but the blockchain will see more data overall. I think that's your basic point.

Given the questions in the OP, the blockchain will grow potentially with an exponential curve until it hits max capacity under the segwit model?


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October 28, 2016, 12:09:59 AM
 #158

700GB in 4 years? It could be more than that, signatures inclusive.

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October 28, 2016, 12:54:23 AM
 #159

Why are you talking about businesses when I'm talking about mining pools? Who's Roger Ver?

There must be some kind of misunderstanding. Why were you talking about mining pools? I was talking about venture capitalists not making back their investments in Bitcoin companies in the post of mine that you quoted.

Are you serious about the 2nd question?

You still haven't answered adequately. Why are you saying that any Bitcoin business, mining or not, is rushing to fork the blockchain, when none are?

I think I got my wording wrong. What I meant to say is that they are supporting, not rushing, the hard fork for bigger blocks. From all the news that goes thru in this forum we know Roger Ver is one of Bitcoin Unlimited's biggest supporters, we also know Brian Armstrong supports bigger blocks and now it appears that Bitmain are also supporting Bitcoin Unlimited, if the rumors are true. Surely there are others among the "Bitcoin elite" who wants the hard fork to happen.

If the nodes follow the whims of the the Bitcoin elite and does switch to Bitcoin Unlimited then that could be a sign that Bitcoin could be controlled by an oligarchy.



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October 28, 2016, 01:06:09 AM
 #160

What are the chances of never increasing the block size beyond 1mb? Is it a case of when, not if? and is the when, more likely to be sooner rather than later?

Will we see a negotiations on increasing the 1mb size cap in order for segwit to see the light of day?

Segwit IS an increase of the blocksize cap, it increases to 4MB.

Surely it means that Segwit will free the blocks enough that it would allow, in paper,  4mb worth of transactions? Please explain more if I got it wrong. Because if it really increases the blocks to 4mb each then that would also need a hard fork, right?

Forgive me for the stupid question. My first impression of Segwit was that they would remove data from the blocks to fit in more transactions allowed in each block with no increase in the block size necessary.


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