FACT CHECK: Bitcoin Blockchain will be 700GB in 4 Years

[Meuh6879]

Crossing the Rubicon:


https://www.reddit.com/r/Bitcoin/comments/56bths/to_all_the_people_running_full_nodes_we_thank_you/

  and the number of connexion is ... ?
full nodes MUST be set at a limited number of connexion.

it's a basic.

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[Shiroslullaby]

I've done a bit of reading on segwit and how it would reduce transaction times, but I never read anything about it reducing the total size of the blockchain.
If someone could give a quick explanation on how this works it would be greatly appreciated.

[Meuh6879]

https://bitcoincore.org/en/2016/01/26/segwit-benefits/

[Meuh6879]

Local blockchain will be at 30 Go at the end of the 2017.

What are you talking about? I'm pretty sure that nothing like that is going to happen.

if :

- you have 80% of the network in 0.14.x segwit enforced
- and you have a new client in 0.14.x thaht it must download a new blockchain

- you can rebuild the whole blockchain with a segwit optimisation
- result = reduce per 4 the size of the local blockchain

- and at the end of the 2017, all clients have segwit local blockchain rebuilded with the new size
- because you can rebuild a segwit local blockchain from all clients of the Bitcoin network

needed : a stage/moment/string where bitcoin core client send transactions from local blockchain to others segwit clients to rebuild the local blockchain with the segwit optimisations.

think "transactions" and not "blocks" when you rebuild a local blockchain ... and the "segwit local blockchain" appear.
and you don't need to change anything for this.

it's a revolution.

[Snorek]

We have technology to store even bigger files than 700GB now. In four years we will probably see even bigger disks, as storage capacity is constantly increasing.

It is not that we live in the 90. where people still used floppy disks. Discussion that blockchain will get even bigger and "omg what we will do" it pure FUD, IMO.

Especially when we don't even need to use Full Validation Wallets...

[kingcolex]

Imagine 100 gigabytes 20 years ago, terrifyingly large, not such a big deal of a file today, in 20 years I imagine a similar issue.

We can't predict technological growth that far out into the future.

To be honest I have found 100 gigs to be fairly large to download, however it isn't all that big of a file once it is downloaded and ready to go. It might be something like a 1/10th of a terabyte, but that isn't that bad is you do enough for data management and so.

It isn't just the download, it's also the validation time. A full client may occasionally get broken for whatever reason, and that usually requires a reindex which takes a painful amount of time on non high-end hardware.

Well, in the future only big miners will mining bitcoin...

This is also known as ignoratio elenchi (irrelevant conclusion).

Well we do know that ssd's are growing much higher then our standard hard drives

http://www.zdnet.com/article/samsung-crams-32tb-ssd-into-a-2-5-inch-drive-aims-for-100tb-by-2020/

http://arstechnica.com/gadgets/2016/08/seagate-unveils-60tb-ssd-the-worlds-largest-hard-drive/

We are already know SSDs are going to overtake hard drives in capacity and that they are already able to produce monster sizes, of course we can't predict on a scientific scale but we can look at the past and the current technology and the future. Chances are in 20 years we will be past the standard ssd style just like we are passing the standard hard drives of yesterday. I doubt we are going to hit a limit on storage any time soon and if we do hit a cap with our current method then a new method will arrive, it is as simple as that.

[DeathAngel]

700GB is a hell of a lot of data but for anybody moaning there are solutions, prune mode for example is a great development.

Nobody forces people to use the Core client though, if it's a problem for you then simply don't run a full node.

[rubiprojects]

At that time nobody will download bitcoin qt wallet, we all use online wallet or electrum lite wallet. Maybe some new tech will reduce the blockchain volume?

[Meuh6879]

700GB is a hell of a lot of data.

in 2016, yes.
20GB is hell in 2000.













in 2016, we have 2000GB ... in a SSD.

[kingcolex]

700GB is a hell of a lot of data.

in 2016, yes.
20GB is hell in 2000.













in 2016, we have 2000GB ... in a SSD.

In 2016 we have 6.25tb for 120$ http://www.newegg.com/Product/Product.aspx?Item=9SIA0ZX4WK3754
Hard disk and SSD aren't the only storage available, and as the newer tape drives comes out the older ones become quite cheap that allow the running of such cheap storage.

[RealBitcoin]

In 2016 we have 6.25tb for 120$ http://www.newegg.com/Product/Product.aspx?Item=9SIA0ZX4WK3754
Hard disk and SSD aren't the only storage available, and as the newer tape drives comes out the older ones become quite cheap that allow the running of such cheap storage.

Guys it's not the storage space, people can build exabytes storage for relative cheap price.

It's the internet bandwitdh and maximum monthly bandwidth.


Most ISP with subscription model charge you say 10-20$/month, but on the contract, with small print they might say, maximum monthly bandwidth 1 terrabyte. If you download more than that, it might charge you in plus, or block your internet.

And you also have the download speed issue, many people live in villages, especially in China, from where they host their nodes from with shitty internet connection, that goes off every time there is bad weather, or it gets slowed down massively.


It's the download speed, it always was, always will be. The storage is not an issue.

[Lauda]

if :

- you have 80% of the network in 0.14.x segwit enforced
- and you have a new client in 0.14.x thaht it must download a new blockchain

- you can rebuild the whole blockchain with a segwit optimisation
- result = reduce per 4 the size of the local blockchain

- and at the end of the 2017, all clients have segwit local blockchain rebuilded with the new size
- because you can rebuild a segwit local blockchain from all clients of the Bitcoin network

I still have no idea what you're talking about. Are you sure you haven't mixed up something?

Well we do know that ssd's are growing much higher then our standard hard drives

AFAIK you should not be running Bitcoin Core on a SDD due to the intense stress on IOPS (if you have to run reindex or something). They aren't as durable as HDDs (yet).

It's the internet bandwitdh and maximum monthly bandwidth.

Funny thing about those ISP providers. They give you a certain download and upload speed, but if you attempt to use your internet at full speed for 30 days you're likely going to hit some cap after which you will either get your speed reduced or access cut off completely.

[Script3d]

anyone can explain this to me would this affect the bitcoin price and where they store the storage space. i guess bitcoin many people is already using bitcoin & is growing and growing faster

[vapourminer]

AFAIK you should not be running Bitcoin Core on a SDD due to the intense stress on IOPS (if you have to run reindex or something). They aren't as durable as HDDs (yet).

ssds are the actually best option for keeping the blockchain because of the iops. when you need to reindex or whateverit flies compared to a spinner.

ssds have so many rewrites you dont need to worry. so that ssd used for the blockchain will only last 6 years instead of  9. so what. your hard drive will be outdated in the same time period.

[RealBitcoin]

Funny thing about those ISP providers. They give you a certain download and upload speed, but if you attempt to use your internet at full speed for 30 days you're likely going to hit some cap after which you will either get your speed reduced or access cut off completely.

Yes they give different subscription plans, usually you can apply for business subscription that are paid / bandwidth used.

But for retail subscription they make it sound like its unlimited but it is not, it's always in the contract with fine print, people should read it.

But of course they calculate how much people use on average for simple tasks like gaming, watching videos and pages, but they cant factor in that some people run bitcoin nodes from their home.


It's funny that normal people are treated like shit, because they are dont expect people to use the internet full time like businesses, they think everyone is so dumb that they only watch videos and stuff, but bitcoiners prove that the internet can be used for more productive things too, not just silly things.

[coins101]

Funny thing about those ISP providers. They give you a certain download and upload speed, but if you attempt to use your internet at full speed for 30 days you're likely going to hit some cap after which you will either get your speed reduced or access cut off completely.

Yes they give different subscription plans, usually you can apply for business subscription that are paid / bandwidth used.

But for retail subscription they make it sound like its unlimited but it is not, it's always in the contract with fine print, people should read it.

But of course they calculate how much people use on average for simple tasks like gaming, watching videos and pages, but they cant factor in that some people run bitcoin nodes from their home.


It's funny that normal people are treated like shit, because they are dont expect people to use the internet full time like businesses, they think everyone is so dumb that they only watch videos and stuff, but bitcoiners prove that the internet can be used for more productive things too, not just silly things.

This is one of the biggest issues that people are not yet aware about. Unlimited typically comes with a fair use caveat.

[kingcolex]

Funny thing about those ISP providers. They give you a certain download and upload speed, but if you attempt to use your internet at full speed for 30 days you're likely going to hit some cap after which you will either get your speed reduced or access cut off completely.

Yes they give different subscription plans, usually you can apply for business subscription that are paid / bandwidth used.

But for retail subscription they make it sound like its unlimited but it is not, it's always in the contract with fine print, people should read it.

But of course they calculate how much people use on average for simple tasks like gaming, watching videos and pages, but they cant factor in that some people run bitcoin nodes from their home.


It's funny that normal people are treated like shit, because they are dont expect people to use the internet full time like businesses, they think everyone is so dumb that they only watch videos and stuff, but bitcoiners prove that the internet can be used for more productive things too, not just silly things.

This is one of the biggest issues that people are not yet aware about. Unlimited typically comes with a fair use caveat.

I have had a few internet providers in the last few years and never had an issue, I am in middle of the nation and I do not deal with comcast or timewarner though.

[RealBitcoin]

This is one of the biggest issues that people are not yet aware about. Unlimited typically comes with a fair use caveat.

Well of course, and this should be obvious, nothing is unlimined in nature, there is no such thing as unlimited resources.

Only dumb communists and socialists think that way, that is why it's marketed like that, to lure in stupid customers.

(I wonder though if the Bitcoin Unlimited wallet what kind of people it appeals to? )

[Lauda]

ssds are the actually best option for keeping the blockchain because of the iops. when you need to reindex or whateverit flies compared to a spinner.

Obviously it is faster, that was not what I was arguing against (ergo strawman).

ssds have so many rewrites you dont need to worry. so that ssd used for the blockchain will only last 6 years instead of  9. so what. your hard drive will be outdated in the same time period.

No, no they don't. That is true if we are talking about the latest high end products (e.g. Samsung 960 Pro) and non-heavy users. The general SSDs don't have that many rewrites (or not an amount that I'd consider *many* since I would run out if I were to run Core on it).

I have had a few internet providers in the last few years and never had an issue, I am in middle of the nation and I do not deal with comcast or timewarner though.

You don't spend enough, and can't draw to conclusion based on anecdotal evidence. Most of these plans world-wide come with a fair use clause, that isn't usually even defined properly (e.g. at what point do you exactly become *unfair).

(I wonder though if the Bitcoin Unlimited wallet what kind of people it appeals to?

Imagine random workers (with little to no relevance in the field) in a company deciding the amount of workload that the company servers are able to take. That's pretty much what it is.

[SignificantOtter3]

Moore's Law.

I believe the devs are working on the size of the blockchain, but it's not at the top of their list, and rightly so. They have bigger matters which require their more immediate attention.

You're correct to point out the growing size of the blockchain, but it's a relatively small problem amongst others.

Thanks for clarifying