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Author Topic: 20,000 transactions - New Bitcoin Network Record  (Read 2885 times)
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May 09, 2012, 11:23:15 PM
 #21

I for one think the extra traffic is REALLY needed for the bitcoin ecosystem. If it ever starts really catching as a medium of dominant exchange, even locally, 20,000 transactions per 24 hour period is only a small portion of what is actually needed.

I think we will need to move to an increasingly thin-client based model, but perhaps allow blockchain verification to occur occasionally, e.g. once a month, locally running through all the transactions since my last verification locally, and verify that it all makes sense (e.g. hashes line up, transaction input is all available, etc.). Then the thin-client could have a 'last trusted block hash' and servers can provide merkle trees to provide verified balances, etc.  This would make the system more like an open-book, transactionally peer-to-peer, and crypto-hard-to-forge version of a banking system, but it makes sense to me to move in that direction.

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There are several different types of Bitcoin clients. Server-assisted clients like blockchain.info rely on centralized servers to do their network verification for them. Although the server can't steal the client's bitcoins directly, it can easily execute double-spending-style attacks against the client.
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May 09, 2012, 11:23:53 PM
 #22

If half the world were using bitcoin everyday we would be living in a completely different world so those numbers are meaningless. That world would likely have vastly superior technology. If bitcoin breaks because its too popular/useful thats a good thing. Bitcoin2 will fix the issues and we will be better off in the long run.
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May 09, 2012, 11:33:03 PM
 #23

If half the world were using bitcoin everyday we would be living in a completely different world so those numbers are meaningless. That world would likely have vastly superior technology. If bitcoin breaks because its too popular/useful thats a good thing. Bitcoin2 will fix the issues and we will be better off in the long run.

Agreed!

If we break Bitcoin by eventually convincing half the world to use it as their primary currency and payment system, then we fucking won.
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May 09, 2012, 11:56:39 PM
 #24

If half the world were using bitcoin everyday we would be living in a completely different world so those numbers are meaningless. That world would likely have vastly superior technology. If bitcoin breaks because its too popular/useful thats a good thing. Bitcoin2 will fix the issues and we will be better off in the long run.

Agreed!

If we break Bitcoin by eventually convincing half the world to use it as their primary currency and payment system, then we fucking won.

I'll go ahead and agree with that as well.  But I don't see any reason not to try to stretch the life of Bitcoin-I out as long as practicable, however, especially if it just takes a certain amount of planning and is considered in determining development priorities.

When Bitcoin-I's race is run, I imagine that what will form is a deliberately feather-weight foundation upon which as many 'bitcoin-1 like' shards as are needed can exist.  Each 'shard' would contribute some small portion of it's resources toward securing this foundation solution.  In doing so all would help support one another.

Trading value between the 'shards' when needed should be fairly straightforward and reasonably easy on the users.

In this way I would hope that a scalable peer-to-peer based economy can exist and require nothing more than the most primitive of network resources thus making it that much more difficult to attack.

I outlined some ideas along these lines a while ago before losing interest.  If anyone is interested, they are here:  http://bakcoin.org


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May 10, 2012, 12:15:08 AM
 #25

If half the world were using bitcoin everyday we would be living in a completely different world so those numbers are meaningless. That world would likely have vastly superior technology. If bitcoin breaks because its too popular/useful thats a good thing. Bitcoin2 will fix the issues and we will be better off in the long run.

In my last post, I agreed with evoorhees's 'we fucking one' philosophy in general, but I do take some exceptions with certain of your suggestions as quoted.

Firstly, I think it likely that a shift to Bitcoin would coincide with a loss of confidence in other currencies (and conversely, that Bitcoin will continue as a fringe spec of dust on the shop floor of the global economy absent such a thing.)  Such a loss of confidence could happen fairly rapidly and fairly soon (though hopefully it won't.)  What it is unlikely to do is to wait for technology to develop to the point of supporting a much more resource intensive Bitcoin network.

Secondly it is clear that technology marches forward, but the latest advances are typically available to select entities for a long period of time (and often indefinitely.  Think about satellite.  Sure, we enjoy PPV porn on demand, but we do so at the pleasure of large corporate and government agencies.  Ping me when a terrorist network (which the Bitcoin community is one legal decision away from) launches it's own communications satellite and uses effectively for more than a few hours.


Stephen Gornick
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May 15, 2012, 02:07:32 AM
 #26

BitcoinWatch shows 27,273 transactions in the past 24 hours.



 - http://blockchain.info/charts/n-transactions
 - http://blockchain.info/charts/n-transactions?timespan=60days

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May 19, 2012, 09:59:33 PM
 #27

And the hits keep coming!  

40,000 Transactions in 24 hours (per Blockchain.info)



 - http://bit.ly/K15Kmb

400,000 transactions cumulative on the blockchain (and 12.3% of all data ever put into the blockchain) due to SatoshiDICE.

Statistics from:
 - http://bitcointalk.org/index.php?topic=80312.0

hazek
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May 19, 2012, 10:07:33 PM
 #28

Let's not forget to keep an eye on this one as well:



http://www.blockchain.info/charts/blocks-size

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May 20, 2012, 08:57:37 AM
 #29

Remember way back, way way back  ( ... about 4 weeks ago  Cheesy ) when this was a longshot bet?

"Bet: There will be more than 50,000 Bitcoin transactions in one day in 2012"
 - http://betsofbitco.in/item?id=351

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