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justanickname (OP)
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February 25, 2014, 05:01:35 PM |
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My question is, what if all of a sudden a big crisis occurs like a dollar collapse and millions will buy bitcoin all at once.
Can the current bitcoin infrastructure handle the sudden amount of transactions?
I fear that bitcoin will collapse because people will see that it takes months to do a simple transaction because of the overload.
So to handle the overload we will need to increase block size limit, but will it be healthy/possible to increase block size limit in a few orders of magnitudes, in a short period of time, without ruining the decentralization of bitcoin?
I am afraid that we need our lousy economy to last a few more years until bitcoin is strong enough.
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The block chain is the main innovation of Bitcoin. It is the
first distributed timestamping system.
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shideneyu
Copper Member
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Activity: 126
Merit: 100
The Ancient
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February 25, 2014, 05:25:23 PM |
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Survive to the current crash, and we'll talk about it later... okay?
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Gilberto
Newbie
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February 26, 2014, 06:48:50 AM |
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My question is, what if all of a sudden a big crisis occurs like a dollar collapse and millions will buy bitcoin all at once.
Can the current bitcoin infrastructure handle the sudden amount of transactions?
I fear that bitcoin will collapse because people will see that it takes months to do a simple transaction because of the overload.
So to handle the overload we will need to increase block size limit, but will it be healthy/possible to increase block size limit in a few orders of magnitudes, in a short period of time, without ruining the decentralization of bitcoin?
I am afraid that we need our lousy economy to last a few more years until bitcoin is strong enough.
In a global economic crash Bitcoin may become even more important. Bitcoin can be adapted to support larger amounts of transactions just be increasing the block size. The only reason it's not being increased is politics. It can be increased. Bitcoin as it is now is not decentralized, that is a myth. Bitcoin is centralized because of chip makers who control the hashing power of the network. Asics centralize Bitcoin and the only way to decentralize it would be to randomize the hashing algorithm so that it's unpredictable and a monopoly cannot form. |
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Jaimmin
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Merit: 0
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February 26, 2014, 08:02:32 AM |
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"In a global economic crash Bitcoin may become even more important.
Bitcoin can be adapted to support larger amounts of transactions just be increasing the block size. The only reason it's not being increased is politics. It can be increased.
Bitcoin as it is now is not decentralized, that is a myth. Bitcoin is centralized because of chip makers who control the hashing power of the network. Asics centralize Bitcoin and the only way to decentralize it would be to randomize the hashing algorithm so that it's unpredictable and a monopoly cannot form."
Can anybody else confirm the above!
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sshapiroNJ
Newbie
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Activity: 55
Merit: 0
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February 26, 2014, 08:45:17 AM |
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"In a global economic crash Bitcoin may become even more important.
Bitcoin can be adapted to support larger amounts of transactions just be increasing the block size. The only reason it's not being increased is politics. It can be increased.
Bitcoin as it is now is not decentralized, that is a myth. Bitcoin is centralized because of chip makers who control the hashing power of the network. Asics centralize Bitcoin and the only way to decentralize it would be to randomize the hashing algorithm so that it's unpredictable and a monopoly cannot form."
Can anybody else confirm the above!
First, why don't you use 'Insert Quote' function Second, it's just a view - that shouldn't be actually confirmed. It's not a forecast. However I agree that it's not decentralized now but I am not sure it is quite strong to handle with global crisis if it would happen. |
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Jaimmin
Newbie
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Activity: 12
Merit: 0
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February 26, 2014, 04:54:24 PM |
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"In a global economic crash Bitcoin may become even more important.
Bitcoin can be adapted to support larger amounts of transactions just be increasing the block size. The only reason it's not being increased is politics. It can be increased.
Bitcoin as it is now is not decentralized, that is a myth. Bitcoin is centralized because of chip makers who control the hashing power of the network. Asics centralize Bitcoin and the only way to decentralize it would be to randomize the hashing algorithm so that it's unpredictable and a monopoly cannot form."
Can anybody else confirm the above!
First, why don't you use 'Insert Quote' function Second, it's just a view - that shouldn't be actually confirmed. It's not a forecast. However I agree that it's not decentralized now but I am not sure it is quite strong to handle with global crisis if it would happen. Did I get it right with the 'Insert Quote' function! Just testing... |
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byt411
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February 26, 2014, 04:58:07 PM |
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"In a global economic crash Bitcoin may become even more important.
Bitcoin can be adapted to support larger amounts of transactions just be increasing the block size. The only reason it's not being increased is politics. It can be increased.
Bitcoin as it is now is not decentralized, that is a myth. Bitcoin is centralized because of chip makers who control the hashing power of the network. Asics centralize Bitcoin and the only way to decentralize it would be to randomize the hashing algorithm so that it's unpredictable and a monopoly cannot form."
Can anybody else confirm the above!
First, why don't you use 'Insert Quote' function Second, it's just a view - that shouldn't be actually confirmed. It's not a forecast. However I agree that it's not decentralized now but I am not sure it is quite strong to handle with global crisis if it would happen. Did I get it right with the 'Insert Quote' function! Just testing... Naturally, if something terrible happens, people will run for the easiest and most obvious solution. BitCoin would be the answer. This is a possible way of BitCoin replacing fiat. |
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justanickname (OP)
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February 27, 2014, 06:27:27 AM |
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My question is, what if all of a sudden a big crisis occurs like a dollar collapse and millions will buy bitcoin all at once.
Can the current bitcoin infrastructure handle the sudden amount of transactions?
I fear that bitcoin will collapse because people will see that it takes months to do a simple transaction because of the overload.
So to handle the overload we will need to increase block size limit, but will it be healthy/possible to increase block size limit in a few orders of magnitudes, in a short period of time, without ruining the decentralization of bitcoin?
I am afraid that we need our lousy economy to last a few more years until bitcoin is strong enough.
In a global economic crash Bitcoin may become even more important. Bitcoin can be adapted to support larger amounts of transactions just be increasing the block size. The only reason it's not being increased is politics. It can be increased. Bitcoin as it is now is not decentralized, that is a myth. Bitcoin is centralized because of chip makers who control the hashing power of the network. Asics centralize Bitcoin and the only way to decentralize it would be to randomize the hashing algorithm so that it's unpredictable and a monopoly cannot form. So dont you thinks that it will be a problem if blocks are too big to have a node on your PC? If the blocks are too big you need a third party to be able to spend your bitcoin which is a big failure to the whole bitcoin idea. |
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lyth0s
Legendary
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Activity: 1260
Merit: 1000
World Class Cryptonaire
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February 27, 2014, 06:39:27 AM |
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Bitcoin is not centralized. That would be similiar to stating the video card companies were the central issuing agency when video cards were used to mine.
However, in the case of a global economic crash, bitcoin would be really the only way to easily move wealth from one place to another. I couldn't imagine carrying a pocket of gold dust with me, or mailing someone a gold coin in order to purchase distant items...
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conbos
Member
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Activity: 94
Merit: 10
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February 27, 2014, 06:39:54 AM |
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IMHO, PoW (mining) is very problematic and, although it was a elegant solution to give value and avoid inflation; it turns to be expensive and can centralize the coin, by monopolizing the mining. Probably, in the scenario proposed, the whole BTC idea will evolve and maybe, some features of BTC will remain and other will change. It can be the case that 2nd generation cryptocurrencies (e.g., NXT), which have some soluitons to this problems, start to be more attractive
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Sindelar1938
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February 28, 2014, 02:36:09 PM |
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The protocol is resilient and scalable enough to handle the extra flow
But aren't we getting ahead of ourselves here?
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vleroybrown
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February 28, 2014, 02:41:04 PM |
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Survive to the current crash, and we'll talk about it later... okay?
Crash you call this current fiasco a crash.. |
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hostmaster
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February 28, 2014, 02:45:14 PM |
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My question is, what if all of a sudden a big crisis occurs like a dollar collapse and millions will buy bitcoin all at once.
Can the current bitcoin infrastructure handle the sudden amount of transactions?
I fear that bitcoin will collapse because people will see that it takes months to do a simple transaction because of the overload.
So to handle the overload we will need to increase block size limit, but will it be healthy/possible to increase block size limit in a few orders of magnitudes, in a short period of time, without ruining the decentralization of bitcoin?
I am afraid that we need our lousy economy to last a few more years until bitcoin is strong enough.
I believe Bitcoin developed for a solution to this economic world which is posinoed by banks. It'sonly getting better with Bitcoin. |
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