Limit of 7 transactions per second....

[spazzdla]

:S This sounds like it could be a massive show stopper.

[franky1]

:S This sounds like it could be a massive show stopper.

maybe searching the forum and seeing that there is a plan of action means the show will continue
https://bitcointalk.org/index.php?topic=816298.0
http://www.coindesk.com/gavin-andresen-bitcoin-hard-fork/

[iluvpie60]

:S This sounds like it could be a massive show stopper.

maybe searching the forum and seeing that there is a plan of action means the show will continue
https://bitcointalk.org/index.php?topic=816298.0
http://www.coindesk.com/gavin-andresen-bitcoin-hard-fork/

Agreed!

thanks for quoting one of my posts hehe.

Yes these issues have been in discussion and will likely be solved sooner or have a variable to handle how many transactions are needed. Scalability is key!

[Argwai96]

:S This sounds like it could be a massive show stopper.

Well it is being proposed that the max block size be increased which will also increase the max per second TX limit. This will allow bitcoin to continue to grow in the future.

Also the average number of TX per second that bitcoin is seeing is much less then 7 so this is not an issue for the very near term

[p2pbucks]

now the average daily transaction amount is about 80k . 7 tps capacity is much higher than normal daily uses .
Gavin said 7 tps would last to the next price bubble in "a scalability roadmap" .

[The Hacker known as 4chan]

:S This sounds like it could be a massive show stopper.

"There is a clear path to scaling up the network to handle several thousand transactions per second (“Visa scale”). Getting there won’t be trivial, because writing solid, secure code takes time and because getting consensus is hard. Fortunately technological progress marches on, and Nielsen’s Law of Internet Bandwidth and Moore’s Law make scaling up easier as time passes." - Gavin Andresen

Source: https://bitcoinfoundation.org/2014/10/a-scalability-roadmap/

[spazzdla]

now the average daily transaction amount is about 80k . 7 tps capacity is much higher than normal daily uses .
Gavin said 7 tps would last to the next price bubble in "a scalability roadmap" .

The next bubble legit could happen tomorrow...... Bitcoin is cray.. :S..  IMO we should be looking to hard fork sooner than later.

HOWEVER it is imperative the hard fork does not sneak in a change to the basics like more than 21 mill.

[TonyT]

I wonder what the risks are.   This sounds like progress but the fact the Bitcoin Foundation chief scientist thinks it's also risky shows there is stuff behind the scenes that we don't know about.  I myself took 44 hours to install Armory (not complaining, I'm happy, and it was probably not the result of my slower internet connection, but the fact nearly  60 GB of data had to be downloaded) and I think the network for bitcoin is possibly not that robust. 

[MF Doom]

but if companies used "off blockchain" processors like coinbase wouldn't that solve the problem?  then coinbase can push transactions to the blockchain when necessary. 

[spazzdla]

but if companies used "off blockchain" processors like coinbase wouldn't that solve the problem?  then coinbase can push transactions to the blockchain when necessary. 

Possible, however if to many people put coins in one spot that company usually starts a fractional lending game.

[BTCmoons]

but if companies used "off blockchain" processors like coinbase wouldn't that solve the problem?  then coinbase can push transactions to the blockchain when necessary. 

This is not how off blockchain transactions work. An off chain transaction is when you deposit money to coinbase (for example), then spend some of that money on some product. The bitcoin that you deposit into coinbase will never move as a result of this transaction however the database of coinbase will reflect the transaction. Then when you go to withdraw the remaining balance of your bitcoin, the input of the transaction will likely be something very different from what you deposited.

[WinVery.com]

I like not paying % for fees and as such I can wait.

[Eastwind]

but if companies used "off blockchain" processors like coinbase wouldn't that solve the problem?  then coinbase can push transactions to the blockchain when necessary. 

This is not how off blockchain transactions work. An off chain transaction is when you deposit money to coinbase (for example), then spend some of that money on some product. The bitcoin that you deposit into coinbase will never move as a result of this transaction however the database of coinbase will reflect the transaction. Then when you go to withdraw the remaining balance of your bitcoin, the input of the transaction will likely be something very different from what you deposited.

If you and the payee both have accounts in Coinbase, the transaction can be real time.

[LiteCoinGuy]

:S This sounds like it could be a massive show stopper.

maybe searching the forum and seeing that there is a plan of action means the show will continue
https://bitcointalk.org/index.php?topic=816298.0
http://www.coindesk.com/gavin-andresen-bitcoin-hard-fork/

but there are only 21 mio BTC . how do you solve this show stopper?

[Skoupi]

:S This sounds like it could be a massive show stopper.

It is a huge scalability issue and the solution is no easy thing.  Hopefully the great minds that are developing bitcoin will aggree in a permanent solution.

[Stedsm]

Didnt Gavin recommend a hard fork to improve this issue of scalability?

[Meuh6879]

http://btcaudio.tk/live/ for information about the "normal and actually transaction per second".

[Window2Wall]

Didnt Gavin recommend a hard fork to improve this issue of scalability?

Yes he did. His proposal is to create a hard fork that will change the code of Bitcoin so that the max block size will increase to 2 MB at some point in the future and then the max block size will continue to increase gradually over time.

[Eastwind]

In the mean time, we should also work on reducing the total block size.

[huoiuu]

:S This sounds like it could be a massive show stopper.

7 transactions are too little