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death69
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February 24, 2017, 04:28:43 PM |
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I am serious and challenge you to prove (this means i want to see some proof not speculation) me wrong. Bitcoin price is at an ATH, so are unconfirmed Transactions and the fees. Everybody is talking about scaling up while the number suggest we should scale down. Nobody uses Bitcoin as a currency to buy stuff, everybody is holding and in for a profit, so the fees do not matter. Let us maximize the profit by setting the blocksize to 0.5 MB.
I agree. There is only a small percentage of Bitcoin users use it as a currency. The rest, sadly, only use it for profit such as trading, gambling, HYIP, stupid ponzi. And it will take us a lot of time for bitcoin become a truth currency. However, as a Bitcoin enthusiast, I am using it everywhere I can and most of the time, I purchase game from Steam and sell them with a good prices |
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"This isn't the kind of software where we can leave so many unresolved bugs that we need a tracker for them." -- Satoshi
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0xfff
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February 24, 2017, 04:40:44 PM |
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doomistake
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February 24, 2017, 05:33:58 PM |
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I am serious and challenge you to prove (this means i want to see some proof not speculation) me wrong. Bitcoin price is at an ATH, so are unconfirmed Transactions and the fees. Everybody is talking about scaling up while the number suggest we should scale down. Nobody uses Bitcoin as a currency to buy stuff, everybody is holding and in for a profit, so the fees do not matter. Let us maximize the profit by setting the blocksize to 0.5 MB.
The current block size is bigger than 0.5 MB, but still it is not enough to handle many transactions, resulting the delay of many transactions in the blockchain that are not yet confirmed. So, reducing it to 0.5 MB would just make the situation worst than the situation we are having right now. You may be right that nobody uses bitcoin to buy stuffs most of the time but we are still using to pay services that we are having here in the virtual world. So, it is really not good idea to reduce the blockchain in to a smaller size than its size right now, I think you are being so selfish about making profits on bitcoin, that is why you came up to this point where it doesn't make any sense. You are not the only one who is using the bitcoin, so it is not possible to happen what you are thinking. |
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Jet Cash
Legendary
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Activity: 2702
Merit: 2456
https://JetCash.com
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February 24, 2017, 05:52:00 PM |
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You could halve the blocksize, and this would have the advantage of cutting out over-bloated transactions. However, to reduce the transaction backlog, you would need to reduce the block generation time, maybe to a fifth of the current interval. As has been pointed out in my other threads suggesting a generation time reduction, there are a number of problems that this would create. It is not the trivial solution that I imagined when I first suggested it.
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Offgrid campers allow you to enjoy life and preserve your health and wealth. Save old Cars - my project to save old cars from scrapage schemes, and to reduce the sale of new cars. My new Bitcoin transfer address is - bc1q9gtz8e40en6glgxwk4eujuau2fk5wxrprs6fys |
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iGotSpots
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Activity: 2548
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CPU Web Mining 🕸️ on webmining.io
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February 24, 2017, 06:22:28 PM |
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I've bought a ton with Bitcoin and regularly use it for things
Changing the block size in either direction is a bad idea. There are many other ways to address the transaction count issue without pushing out those with limited Internet from running a node. For example, increasing it will push out most of those it was intended for. Most notably the un or under banked
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LittleBitFunny
Full Member
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Activity: 1428
Merit: 129
The first decentralized crypto betting platform
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February 24, 2017, 06:41:17 PM |
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i want to see some proof not speculation
Your entire post is based on speculation, so I'll give you some speculation in return. This is the most stupid post I've read about anything ever, and I've seen a lot of stupid posts. Everybody is talking about scaling up while the number suggest we should scale down.
The numbers? What stupid numbers? The number of transactions HAS GONE UP. The price has gone up because the demand for bitcoin is rising. Nobody uses Bitcoin as a currency to buy stuff, everybody is holding and in for a profit, so the fees do not matter.
So people will make more profit if there are higher fees? The reason so many people are holding it for a profit is because they have less choice to use it as a currency because the fees are so stupidly high because of the block size. |
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Kprawn
Legendary
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Activity: 1904
Merit: 1073
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February 24, 2017, 06:51:18 PM |
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Hey, everyone can submit code to be scrutinized and I doubt any proposal will ever be put up to reduce Block sizes.... well, even if it was, I doubt that you would get many people to run that software. You are free to create your own Alt coin with those parameters and see if you can get people crazy enough to use that as a payment system.  |
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0xfff
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February 24, 2017, 06:52:11 PM |
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I've bought a ton with Bitcoin and regularly use it for things
Changing the block size in either direction is a bad idea. There are many other ways to address the transaction count issue without pushing out those with limited Internet from running a node. For example, increasing it will push out most of those it was intended for. Most notably the un or under banked
Are you against running a node in pruning mode? I don't see how increase blockchain size would push it away from people. |
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The_Dark_Knight
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February 24, 2017, 07:02:43 PM |
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I am serious and challenge you to prove (this means i want to see some proof not speculation) me wrong. Bitcoin price is at an ATH, so are unconfirmed Transactions and the fees. Everybody is talking about scaling up while the number suggest we should scale down. Nobody uses Bitcoin as a currency to buy stuff, everybody is holding and in for a profit, so the fees do not matter. Let us maximize the profit by setting the blocksize to 0.5 MB.
You are suggesting that we throw away the reason for bitcoin to exist at all which is to be a currency the fact bitcoin can be used to trade or to invest is just a secondary effect caused by the premium status bitcoin has as a currency take that away and bitcoin will lose a lot of its attractive. |
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Senor.Bla (OP)
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February 25, 2017, 12:06:16 PM |
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I tank you all for participating in this little experiment. Most of you did nothing more then speculate, i think most of you do not understand how Bitcoin and the system around it works. Lastly i wanted to see how the arguments would change if i propose to go in the opposite direction we all want to go, but are not able to decide which path to take. To many people with to many different opinions. I am very curious how this whole scaling problem will play out and i think we can close this thread.
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