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Author Topic: How much damage would VISA have suffered if they'd hit a transaction limit?  (Read 419 times)
anarchy
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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


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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.

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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?
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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.

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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.

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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.

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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

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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.

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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.


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October 22, 2016, 09:21:19 PM
 #10

LIGHTNING NETWORK.

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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.
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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.

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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?
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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.
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