blockchain storage requirements

[zatoichi]

My goodness! You know what a wall street raider is? It's someone who goes into an ailing business and soaks it for all it's worth leaving basically nothing. It is not wise to believe everyone is trying to build some ecosystem. If they see profit in it, there are those who will destroy perfectly good businesses/systems. If you don't have a control in place, it will happen (did somebody say they hate regulation?) Kinda like Murphy's Law.

[pontiacg5]

My goodness! You know what a wall street raider is? It's someone who goes into an ailing business and soaks it for all it's worth leaving basically nothing. It is not wise to believe everyone is trying to build some ecosystem. If they see profit in it, there are those who will destroy perfectly good businesses/systems. If you don't have a control in place, it will happen (did somebody say they hate regulation?) Kinda like Murphy's Law.

Can't tell if stupid or just trolling.

It makes absolutely no sense to monopolize bitcoin. You yourself admit that they will only destroy it if they see profit in doing so "If they see profit in it, there are those who will destroy perfectly good businesses/systems."

That is the problem!! If they monopolize bitcoin there is no profit. They have all the bitcoins, but nobody in the world would pay them anything for them. Bitcoin gets value from it's security, if the security is gone the value is gone, thus it makes no sense to try and take all the security. THAT IS THE CONTROL PUT IN PLACE FROM THE INCEPTION FOR BITCOIN, FOOL!

This is my last post. If you still can't see the fatal flaw with your argument nothing in the world will change your mind.

[zatoichi]

I'm not talking about a raider monopolizing bitcoin. I talking about a raider destroying bitcoin. Through legal or illegal means simply using the formula: will I get out of it more than I put into it.

[torry28]

The difficulty is just an adjusting variable (up or down) to target a 600 second (10 min) block generation time.

As for block chain size, it will be an important topic in the near future.  As bitcoin gains more adoption and the number of transactions goes up, the block chain growth will be huge.  Having to download a 100gb block chain would be a real annoyance for many.  Possible innovative changes to the protocol may be needed to avoid this.

Use Electrum client if you cant handle the storage requirements or you are using Bitcoin only few times in a month.

[zatoichi]

The difficulty is just an adjusting variable (up or down) to target a 600 second (10 min) block generation time.

As for block chain size, it will be an important topic in the near future.  As bitcoin gains more adoption and the number of transactions goes up, the block chain growth will be huge.  Having to download a 100gb block chain would be a real annoyance for many.  Possible innovative changes to the protocol may be needed to avoid this.

Use Electrum client if you cant handle the storage requirements or you are using Bitcoin only few times in a month.

I'm not worried about my requirements but the system requirements, e.g. it is possible the blockchain will grow so big no one can afford to store it anymore (especially since the system doesn't really work unless many people can afford to store it). Other post here have already suggested pruning the blockchain, however, If bitcoin really takes off that might or might not solve the problem, especially if a majority of people are just investors and never spend the bitcoins.

I guess this would be the worst case in 2140. 21,000,000 bitcoins evenly distributed among 9 billion people (a very low estimate for 2140) the majority of whom are investors (everybody gets 1/400 of a bitcoin?) And the non-investors (say, 4,000,000,000) generate just one transaction a day (although possibly prunable eventually). How big a blockchain would that be? And what would be the daily increase in size?

[pontiacg5]

There is supposed to be a block every ten minutes, but they sometimes come along faster when the network is steadily growing. Right now, as already said, a block is generally nowhere near the maximum 1MB limit, but last I checked we were still around 6-8min/block.

So, today, you are looking at adding 36MB of data to the blockchain per day. At the most, you are looking at 144MB/day. There's already over 14GB (please confirm!) of data in the chain, so at some point "archiving" older years of the chain might be necessary.

But bandwidth is still relatively low, and storage space is cheap. Running a node is hardly a cost in the grand scheme of things, and it's not even necessary for normal users.

[fiddelingones]

The difficulty is just an adjusting variable (up or down) to target a 600 second (10 min) block generation time.

As for block chain size, it will be an important topic in the near future.  As bitcoin gains more adoption and the number of transactions goes up, the block chain growth will be huge.  Having to download a 100gb block chain would be a real annoyance for many.  Possible innovative changes to the protocol may be needed to avoid this.

Use Electrum client if you cant handle the storage requirements or you are using Bitcoin only few times in a month.

I'm not worried about my requirements but the system requirements, e.g. it is possible the blockchain will grow so big no one can afford to store it anymore (especially since the system doesn't really work unless many people can afford to store it). Other post here have already suggested pruning the blockchain, however, If bitcoin really takes off that might or might not solve the problem, especially if a majority of people are just investors and never spend the bitcoins.

I guess this would be the worst case in 2140. 21,000,000 bitcoins evenly distributed among 9 billion people (a very low estimate for 2140) the majority of whom are investors (everybody gets 1/400 of a bitcoin?) And the non-investors (say, 4,000,000,000) generate just one transaction a day (although possibly prunable eventually). How big a blockchain would that be? And what would be the daily increase in size?

Storage HDD size and Internet speed increases much faster than Blockchain requirements. In 10 years, 1TB will be not much of your HDD size, and download will take 1 day easily as well

[zatoichi]

Blockchain preservation society? Almost sounds like a central bank bitcoiners are trying to get away from. If 51% of nodes don't have the blockchain aren't we in trouble? Wouldn't a bitcoin preservation society be under exactly the same pressures as central banks. Who sits on it? Are they elected? One poster suggested if a flaw is ever found in bitcoin it will be patched. Who would do that? Do we get to vote on which proposed patch to use? Is that one vote per bitcoin or one vote per owner.

[pontiacg5]

Blockchain preservation society? Almost sounds like a central bank bitcoiners are trying to get away from. If 51% of nodes don't have the blockchain aren't we in trouble? Wouldn't a bitcoin preservation society be under exactly the same pressures as central banks. Who sits on it? Are they elected? One poster suggested if a flaw is ever found in bitcoin it will be patched. Who would do that? Do we get to vote on which proposed patch to use? Is that one vote per bitcoin or one vote per owner.

You vote with hashpower. You pick the chain you want to mine, either directly as a node, or by the pool you choose to mine. A node can't be a node without the blockchain. Users don't need to be nodes, they can submit transactions to nodes without the full blockchain.

You ask the most simple questions. Do you need someone to teach you to use google?

[PureApeshit]

wow u guys have a true crypto warz going on here hahaha

[zatoichi]

Somebody said they would not longer post but seem to have forgotten it. As a result, and since any disagreement is seen as "trolling" I am locking this thread.