cbeast
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Let's talk governance, lipstick, and pigs.
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August 12, 2011, 04:02:24 PM |
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Dan Kaminsky brings up good points. These are all security and engineering issues. I still don't see how the existing banking system can compete with a fully automated and highly secure bitcoin network after the long block-chain issue has been resolved, QED. In essence he is saying that the transaction traffic will get too large for peer-to-peer to work. Dan seems to think that gigabytes per second is a lot of traffic and only "banks" can handle it. I'm not sure that even Visa is anywhere near as big a network as torrent (which is bigger than Netflix and Hulu combined). He is looking at the instability of the current bitcoin network and presuming it can be somehow taken over by 51% control, which is untrue. I absolutely disagree that a "banking" model is needed. In fact, even the pool model is only a convenience, nothing more. There isn't an optimal size for a pool, so any size pool will work fine, even solo mining.
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