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phoenix1
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November 22, 2013, 05:24:57 PM |
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As I understand it, the payment processors referred to in the video would handle smaller value transactions at a rate much faster than 7tps, which would then be added to the blockchain by the payment processor.
I am not a techy, so my understanding may be incorrect, but this is how I understood it.
Perhaps there is someone more qualified on hand who could explain how this would work.
I am also speculating that it is exactly this kind of 'bolt on' service that is part of the planned evolution of Bitcoin and why we see VC money coming in now.
Basically a fancy escrow service. Which is what banks and the credit card companies are at the moment in certain aspects. So,in theory, could this kind of service be offered to the general public at a price that undercuts CC's and banks and makes the 7tps and the blocksize limit non-issues ? Everyone thinks off-chain payment processors will be created on their own. The question is, are they being created? If they fill a need and are economically viable, they will be created. If they are a part of the natural evolution of Bitcoin, they will happen. Perhaps there is no need for them yet ... as I understand it we are nowhere near the tx limit yet. In which case, why would anyone be doing any more than laying the groundwork for them ? |
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"Bitcoin: the cutting edge of begging technology." -- Giraffe.BTC
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jojo69
Legendary
 Offline
Activity: 3150
Merit: 4309
diamond-handed zealot
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November 22, 2013, 05:25:11 PM |
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phoenix1
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November 22, 2013, 05:28:29 PM |
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yady yady yady yady
yady yady yady yady This is indeed bringing back (painful) memories of summer again Are we gonna need to get you two boys a room again  ? |
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CryptStorm
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November 22, 2013, 05:29:17 PM |
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Someone has 200M worth of BTC. holy crap |
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ag@th0s
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November 22, 2013, 05:31:38 PM |
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This loan thing is depending what is the situation. It's dumb to say that investing loaned money is absolutely wrong or that it's right. Many people spend rest of their lives in debt hell and investing some of that to bitcoin might be the way to get rid of that debt. There's risk but you have to calculate those risks based on your situation.
When you're in a hole, dig faster? Maybe you can do a 180 curve while digging and get out of that hole. I see what you did there ... that sounds a lot like a tunnel It's a bitcoin tunnel and there's a rainbow at the end =D Relieved - I thought you were talking about doing a U turn, in which case you will certainly bury yourself alive. Rainbow at the end is a nice touch. Like your mindscaping. |
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sickpig
Legendary
Offline
Activity: 1260
Merit: 1008
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November 22, 2013, 05:32:35 PM |
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Someone has 200M worth of BTC. holy crap Am i reading it right, 0 tx fee and already 4 confirmations? |
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Coinseeker
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November 22, 2013, 05:33:33 PM |
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This is the very first quote I found by looking at your profile, but there are at least hundreds more: When someone can explain to me how Bitcoin plans to retain value without any real way to use them, maybe I'll be bullish again. But all indicators tell me that, Bitcoin is a sinking ship. Doesn't matter what miners are using or doing. Without mass adoption, it's just monopoly money, propped up by speculators. And please, if you're going to try to spell it out for me, spare me the libertarian, bible thumping fantasies. I need to hear something with real world substance.
Your indicators indicated you very well. So basically, you just made up that last quote? Ok, thanks for not calling me a liar.  A lot of this quote is still true. Is this not still pure speculation? Are you claiming "mass adoption" for Bitcoin? Bitcoin hitting 900? Never would have guessed it. That's why I say, being bearish is futile...unless devs change the block size and centralize Bitcoin. Ripple has the payment network aspect taken care of.  |
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gambitv
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November 22, 2013, 05:34:18 PM |
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CHOO CHOO MOTHER F**KERS  Should of known it was going to the moon again, when this appeared. But he slipped in, and no one acknowledged him. Hi Loaded, nice to see you again. |
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rocks
Legendary
Offline
Activity: 1153
Merit: 1000
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November 22, 2013, 05:34:52 PM |
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Dude moved almost 200K BTC and did not pay a fee, those are some old coins. The blockchain.info tag is "Shit load of money!", I wonder if the owner entered that to mock us or if someone else did. |
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Nemesis
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November 22, 2013, 05:37:28 PM |
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quick check Avalon address
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silverfuture
Legendary
Offline
Activity: 947
Merit: 1008
central banking = outdated protocol
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November 22, 2013, 05:37:36 PM |
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Tell me you wouldn't be triple checking the "send to" address before firing that puppy off |
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mccorvic
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November 22, 2013, 05:37:45 PM |
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Someone has 200M worth of BTC. holy crap What's funny is that it's 200m at $750. He took those and dumped them at once on Gox he'd only actually get $35 million. |
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Coinseeker
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November 22, 2013, 05:38:20 PM |
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Tell me you wouldn't be triple checking the "send to" address before firing that puppy off Don't think I could send that in one Tx. |
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Nemesis
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November 22, 2013, 05:39:54 PM |
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jojo69
Legendary
Offline
Activity: 3150
Merit: 4309
diamond-handed zealot
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November 22, 2013, 05:40:34 PM |
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alexeft
Legendary
Offline
Activity: 854
Merit: 1000
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November 22, 2013, 05:41:31 PM |
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Someone has 200M worth of BTC. holy crap Wow!!! |
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sukiho
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November 22, 2013, 05:42:41 PM |
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This is the very first quote I found by looking at your profile, but there are at least hundreds more: When someone can explain to me how Bitcoin plans to retain value without any real way to use them, maybe I'll be bullish again. But all indicators tell me that, Bitcoin is a sinking ship. Doesn't matter what miners are using or doing. Without mass adoption, it's just monopoly money, propped up by speculators. And please, if you're going to try to spell it out for me, spare me the libertarian, bible thumping fantasies. I need to hear something with real world substance.
Your indicators indicated you very well. So basically, you just made up that last quote? Ok, thanks for not calling me a liar. A lot of this quote is still true. Is this not still pure speculation? Are you claiming "mass adoption" for Bitcoin? Bitcoin hitting 900? Never would have guessed it. That's why I say, being bearish is futile...unless devs change the block size and centralize Bitcoin. Ripple has the payment network aspect taken care of. speculation is not just speculation. it buying and selling stuff, mostly US dollars but also chinese, and its happening because btc is very convenient for buying and selling stuff |
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ag@th0s
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November 22, 2013, 05:43:03 PM |
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Sounds like the centralization of Bitcoin around large mining farms will soon be complete. Doesn't really sound like anything to be cheering.  Not to me. To me it sounds like I should be running a full node, or maybe stick it on my step-daughters desktop because she never turns the fucking thing off anyway, so I'm already paying for the electricity  |
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dasein
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November 22, 2013, 05:43:53 PM |
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I wonder what the fees and length of time would be to move $200M fiat. Oh noes only 7 transactions per sec!
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