Bitcoin Forum
May 23, 2018, 07:01:36 PM *
News: Latest stable version of Bitcoin Core: 0.16.0  [Torrent]. (New!)
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: How much damage would VISA have suffered if they'd hit a transaction limit?  (Read 446 times)
anarchy
Member
**
Offline Offline

Activity: 102
Merit: 10


View Profile
October 21, 2016, 06:23:03 PM
 #1

How much damage would VISA have suffered if they'd hit a transaction limit for 6+ months during their growth period?

https://tradeblock.com/bitcoin/historical/1w-f-txs_per_tot-01071


Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1527102096
Hero Member
*
Offline Offline

Posts: 1527102096

View Profile Personal Message (Offline)

Ignore
1527102096
Reply with quote  #2

1527102096
Report to moderator
1527102096
Hero Member
*
Offline Offline

Posts: 1527102096

View Profile Personal Message (Offline)

Ignore
1527102096
Reply with quote  #2

1527102096
Report to moderator
1527102096
Hero Member
*
Offline Offline

Posts: 1527102096

View Profile Personal Message (Offline)

Ignore
1527102096
Reply with quote  #2

1527102096
Report to moderator
pereira4
Legendary
*
Offline Offline

Activity: 1330
Merit: 1029


View Profile
October 21, 2016, 06:25:57 PM
 #2

How much damage would VISA have suffered if they'd hit a transaction limit for 6+ months during their growth period?

https://tradeblock.com/bitcoin/historical/1w-f-txs_per_tot-01071




It makes no sense to compare Bitcoin with VISA, since VISA is centralized and Bitcoin is decentralized, therefore it's just absurd.
Once we have the Lightning Network then we could think about competing against VISA, for now we can't compete in terms of speed and volume of transactions with centralized system, but with LN we can conquer the world.

░░░░░░░▄▄▄▄▄▄
░░░░▄██████████▄
░░░██████████████
░░██████▐▌██████
█████░░░░░░░▀█████
██████▄▄░░▄▄░░██████
████████░░▀▀▄██████
████████░░▄▄▄░░█████
██████▀▀░░▀▀▀░░█████
█████░░░░░░░░█████
░░██████▐▌██████
░░░██████████████
░░░░▀██████████▀
░░░░░░░▀▀▀▀▀▀
░░░

                   BitCloak Bitcoin Mixer  
  BTC & BCH | API| MULTIADDRESS| PGP PROOF|  FAST MIX |  ESCROW|  MORE ! 

░░░░░░░▄▄▄▄▄▄
░░░░▄██████████▄
░░░██████████████
░░██████▐▌██████
█████░░░░░░░▀█████
██████▄▄░░▄▄░░██████
████████░░▀▀▄██████
████████░░▄▄▄░░█████
██████▀▀░░▀▀▀░░█████
█████░░░░░░░░█████
░░██████▐▌██████
░░░██████████████
░░░░▀██████████▀
░░░░░░░▀▀▀▀▀▀
░░░

Milkduds
Full Member
***
Offline Offline

Activity: 224
Merit: 100


View Profile
October 21, 2016, 06:37:37 PM
 #3

Not sure why people keep coming up with this comparison for bitcoin to a credit card.
There is personal information behind the service that tracks you in countless ways,hell I was reading that in the UK they want to add biometrics to the credit system. Not just talking eye scans but the way you type,move and locations. So you may get a service that offers a quicker way to move funds but the future is going to be much more controlling as the system looks for ways to track and control the populations.
Speaking of UK I also saw they are thinking of tracking people that watch porn and making sure they are over 18 to watch.
So in doing so are creating a massive data collection to gain control of people. Is this what you want in the every day aspects of living or do you want something that runs counter to these bloodsuckers?
pereira4
Legendary
*
Offline Offline

Activity: 1330
Merit: 1029


View Profile
October 21, 2016, 06:39:40 PM
 #4

Not sure why people keep coming up with this comparison for bitcoin to a credit card.
There is personal information behind the service that tracks you in countless ways,hell I was reading that in the UK they want to add biometrics to the credit system. Not just talking eye scans but the way you type,move and locations. So you may get a service that offers a quicker way to move funds but the future is going to be much more controlling as the system looks for ways to track and control the populations.
Speaking of UK I also saw they are thinking of tracking people that watch porn and making sure they are over 18 to watch.
So in doing so are creating a massive data collection to gain control of people. Is this what you want in the every day aspects of living or do you want something that runs counter to these bloodsuckers?


I think it's mostly blockstream haters implying that blockstream purposedly is making suffer from a transaction limit because they think raising the blocksize solves anything. If only it was that easy, unfortunately it's not and we need more than that.

░░░░░░░▄▄▄▄▄▄
░░░░▄██████████▄
░░░██████████████
░░██████▐▌██████
█████░░░░░░░▀█████
██████▄▄░░▄▄░░██████
████████░░▀▀▄██████
████████░░▄▄▄░░█████
██████▀▀░░▀▀▀░░█████
█████░░░░░░░░█████
░░██████▐▌██████
░░░██████████████
░░░░▀██████████▀
░░░░░░░▀▀▀▀▀▀
░░░

                   BitCloak Bitcoin Mixer  
  BTC & BCH | API| MULTIADDRESS| PGP PROOF|  FAST MIX |  ESCROW|  MORE ! 

░░░░░░░▄▄▄▄▄▄
░░░░▄██████████▄
░░░██████████████
░░██████▐▌██████
█████░░░░░░░▀█████
██████▄▄░░▄▄░░██████
████████░░▀▀▄██████
████████░░▄▄▄░░█████
██████▀▀░░▀▀▀░░█████
█████░░░░░░░░█████
░░██████▐▌██████
░░░██████████████
░░░░▀██████████▀
░░░░░░░▀▀▀▀▀▀
░░░

arransiv
Sr. Member
****
Offline Offline

Activity: 420
Merit: 250



View Profile
October 22, 2016, 01:59:41 AM
 #5

What's the point here? If people want to be on the next block, just pay a high fee, do less micro transactions to be worth the transaction costs....

Miners will be grateful.

Wind_FURY
Hero Member
*****
Offline Offline

Activity: 742
Merit: 581


Crypto-Games.net: Multiple coins, multiple games


View Profile
October 22, 2016, 02:41:11 AM
 #6

How much damage would VISA have suffered if they'd hit a transaction limit for 6+ months during their growth period?

https://tradeblock.com/bitcoin/historical/1w-f-txs_per_tot-01071




It would be really bad for their business for sure because the would have lower revenues and profits and the service could stagnate due to a competitor taking charge of that hole in the market. But remember Visa is a centralized service, run by a few people making decisions in what direction to take their company. If you are trying to say that hitting the transaction limit is bad for Bitcoin, it is not. It may be bad for the price or bad for the growth if its user base but this also should be seen as an opportunity on how to improve the technology. Let us all wait for LN and see how that comes out.


▄▄▄████████▄▄▄
▄██████████████████▄
▄██████████████████████▄
██████████████████████████
████████████████████████████
██████████████████████████████
██████████████████████████████
██████████████████████████████
██████████████████████████████
██████████████████████████████
████████████████████████████
██████████████████████████
▀██████████████████████▀
▀██████████████████▀
▀▀▀████████▀▀▀
   ███████
██████████
██████████
██████████
██████████
██████████
██████████
██████████
██████████
██████████
██████████
██████████
███████
BTC  ◉PLAY  ◉XMR  ◉DOGE  ◉BCH  ◉STRAT  ◉ETH  ◉GAS  ◉LTC  ◉DASH  ◉PPC
     ▄▄██████████████▄▄
  ▄██████████████████████▄        █████
▄██████████████████████████▄      █████
████ ▄▄▄▄▄ ▄▄▄▄▄▄ ▄▄▄▄▄ ████     ▄██▀
████ █████ ██████ █████ ████    ▄██▀
████ █████ ██████ █████ ████    ██▀
████ █████ ██████ █████ ████    ██
████ ▀▀▀▀▀ ▀▀▀▀▀▀ ▀▀▀▀▀ ████ ▄██████▄
████████████████████████████ ████████
███████▀            ▀███████ ▀██████▀
█████▀                ▀█████
▀██████████████████████████▀
  ▀▀████████████████████▀▀ 
✔️DICE           
✔️BLACKJACK
✔️PLINKO
✔️VIDEO POKER
✔️ROULETTE     
✔️LOTTO
Kprawn
Legendary
*
Offline Offline

Activity: 1498
Merit: 1033


View Profile
October 22, 2016, 07:38:27 PM
 #7

We are not even near to full blocks and transaction limits with Bitcoin, so people should just calm down. In a year from now, we would

look back at this, and laugh. SegWit is coming in November and the LN will follow after that, so we will be sorted with all capacity issues

and so-called limitations for many years to come.  Wink

░░░░░░░▄▄▄▄▄▄
░░░░▄██████████▄
░░░██████████████
░░██████▐▌██████
█████░░░░░░░▀█████
██████▄▄░░▄▄░░██████
████████░░▀▀▄██████
████████░░▄▄▄░░█████
██████▀▀░░▀▀▀░░█████
█████░░░░░░░░█████
░░██████▐▌██████
░░░██████████████
░░░░▀██████████▀
░░░░░░░▀▀▀▀▀▀
░░░

                   BitCloak Bitcoin Mixer  
  BTC & BCH | API| MULTIADDRESS| PGP PROOF|  FAST MIX |  ESCROW|  MORE ! 

░░░░░░░▄▄▄▄▄▄
░░░░▄██████████▄
░░░██████████████
░░██████▐▌██████
█████░░░░░░░▀█████
██████▄▄░░▄▄░░██████
████████░░▀▀▄██████
████████░░▄▄▄░░█████
██████▀▀░░▀▀▀░░█████
█████░░░░░░░░█████
░░██████▐▌██████
░░░██████████████
░░░░▀██████████▀
░░░░░░░▀▀▀▀▀▀
░░░

Shiroslullaby
Sr. Member
****
Offline Offline

Activity: 434
Merit: 250



View Profile
October 22, 2016, 07:42:33 PM
 #8

While it is like comparing apples to oranges,
its still an interesting thing to think about, so I don't think there is a need to flame the OP.
I feel like by making some of these comparisons, we can think about where Bitcoin is presently, where we want to go, and modify the existing roadmap, if needed.

beerlover
Hero Member
*****
Offline Offline

Activity: 924
Merit: 1002



View Profile
October 22, 2016, 08:08:52 PM
 #9

It would be really bad for their business for sure because the would have lower revenues and profits and the service could stagnate due to a competitor taking charge of that hole in the market. But remember Visa is a centralized service, run by a few people making decisions in what direction to take their company. If you are trying to say that hitting the transaction limit is bad for Bitcoin, it is not. It may be bad for the price or bad for the growth if its user base but this also should be seen as an opportunity on how to improve the technology. Let us all wait for LN and see how that comes out.
Yes of course, hitting transaction limit at the time of growth of any organization or business is not really good at all because not all businesses that will suffer such bad moment and still regain their proper shape, most business will collapse while very few will regain their shape.

(                                   ▄▀▀▀▄
████▄          ▄█████████████████▄ ▄▀▀▀▄
██████▄      ▄█████████      ▀████▀▄▄▄▀
████▀██ ████ ██▀████▄▄▄▄▄     ▄████
████  ▀ ▀▀▀▀   █████████ ███████▀
███            ████▀▀▀▀▀     ▀███▄
███            ███████      ▄████
███            ██████████████████▀
▀▀▀            ▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀
                              ▀
                ▄▀▀▀▀▄ ▄▀▀▀▀▄ █ █▀▀▀▀▄
                █      █    █ █ █    █
                ▀▄▄▄▄▀ ▀▄▄▄▄▀ █ █    █
)     MB8Coin       .                           
     The new fuel for an existing........
     Loyalty Rewards Network...........
(   WEBSITE   ) (   FACEBOOK   ) (   TWITTER   )
.
(       WHITEPAPER      ) (      ANN THREAD       )
────────────────────────────────────────── 
RealBitcoin
Hero Member
*****
Offline Offline

Activity: 854
Merit: 1000


JAYCE DESIGNS - http://bit.ly/1tmgIwK


View Profile
October 22, 2016, 09:21:19 PM
 #10

LIGHTNING NETWORK.

Holliday
Legendary
*
Offline Offline

Activity: 1106
Merit: 1001



View Profile
October 22, 2016, 09:29:26 PM
 #11

How much orange juice can you get from a bushel of apples?

If you aren't the sole controller of your private keys, you don't have any bitcoins.
thejaytiesto
Legendary
*
Offline Offline

Activity: 1246
Merit: 1003


View Profile
October 22, 2016, 10:00:38 PM
 #12


It will be so cool once it's launched, but I hope the transition is smooth and casual users can use it without it being complicated or anything, ideally they wouldn't even notice it goes through lightning network.


                        ▗▗▗                   
                    ▗▗████▖▘                 
                  ▖████████▌                 
               ▗███████████▖                 
              ▞████████████▞                 
            ▗██████████████▝                 
           ▗███████████████▐        ▄██▖     
          ▗█████████████████▘    ▗███▀▝       
          ▞█████████████████▗   ████ █▖       
         ▝██████████████████▗  ███▘▗██▞       
         ▚██████████████████▖ ▗██▗████▘▘     
         ▌██████████████████▝   ▐████ █       
        ▝██████████████████▗▚  ████ ██▌       
        ▐██████████████████▞▖  █ ████▜▝       
        ▖██████████████████▖▚  █▗████▌▌       
        ▝██████████████████▀  █▞████▚▚▗       
        ▝██████████████████▘▗█▚████▞▙▚       
        ▝████████████████▝▖ ██▐▚████▐▗       
         ▚██████████████▘▖█████████▞▞         
        ▝██████████████▖██████████▞▚         
         ▐██████████████▚▚████████▘▘         
         ▖████████████▜▐████████▖▝           
          ▚████████▌▛████████▝               
          ▘████████▛▞████▘▘                   
          ▝████████▞▀▝▝                       
           ▘██▘▘▘▝                           
           ▝                                 
Bonpay
rizzlarolla
Hero Member
*****
Offline Offline

Activity: 798
Merit: 1001


View Profile
October 22, 2016, 10:10:24 PM
 #13

We are not even near to full blocks and transaction limits with Bitcoin, so people should just calm down. In a year from now, we would

look back at this, and laugh. SegWit is coming in November and the LN will follow after that, so we will be sorted with all capacity issues

and so-called limitations for many years to come.  Wink

Any evidence/links on full blocks?
Though, your probably right, as Core fees market drives away adoption/users.

I'm calm, and agree in a years time this debacle will be laughed at. This is how bitcoin works, change will be driven by sudden realisation. Shit needs to happen first, talking of which,

"SegWit is coming in November and the LN will follow after that"  The party line.
Like it is written in stone. We've heard it all before. Any idea what year?
harrymmmm
Hero Member
*****
Offline Offline

Activity: 581
Merit: 500


View Profile
October 23, 2016, 03:30:51 AM
 #14

We are not even near to full blocks and transaction limits with Bitcoin, so people should just calm down. In a year from now, we would look back at this, and laugh. SegWit is coming in November and the LN will follow after that, so we will be sorted with all capacity issues and so-called limitations for many years to come.  Wink

Any evidence/links on full blocks?
Though, your probably right, as Core fees market drives away adoption/users.

I'm calm, and agree in a years time this debacle will be laughed at. This is how bitcoin works, change will be driven by sudden realisation. Shit needs to happen first, talking of which,

"SegWit is coming in November and the LN will follow after that"  The party line.
Like it is written in stone. We've heard it all before. Any idea what year?


It was reasonable to doubt the projected release dates earlier this year when the error bars were large, but now it's just being bloody minded.
It's possible segwit doesn't lock in until next year (again depending on bloody mindedness on the part of some hash power), but it will almost certainly be released before then. After all, it's rc2, looking good, tested for a year, etc...

Lightning is another issue. That's still in development, so the error bars are huge. Still, it's running already. Assuming no brick walls are hit, there's no reason to think it won't be ready when we need it.
Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!