7 Transactions per second limit dragging down the price

[Eddie Brock]

If it aspires to be a real currency, this won't do... maybe that's one of the reasons why the price is going down

do you think that this TPS problem will be solved? what would be the consequences of trying to increase the TPS?

[Eddie Brock]

The Hard Fork Missile Crisis

http://qntra.net/2015/01/the-hard-fork-missile-crisis/

wow. I'm trying to understand, but it's complicated.

There have only ever been two hard forks of the blockchain in the history of Bitcoin, and both nearly killed Bitcoin

But 7 tps is not an option, as far as I can see. something ought to be done about it, right? Otherwise btc will remain as internet funny money

[Jammalan the Prophet]

If it aspires to be a real currency, this won't do... maybe that's one of the reasons why the price is going down

do you think that this TPS problem will be solved? what would be the consequences of trying to increase the TPS?

7tps  means 800k transactions/day
what was the maximum reached till now?

[Elwar]

Everyone seems to know why the price is coming down.

Transaction times eh? You see a lot of complaints by the users do you?

As a an actual bitcoin user, I don't see it.

[NotHatinJustTrollin]

As a an actual bitcoin user, I don't see it.

Translation:

"As a permabull bitcoiner, I am rambling about bitcoin becoming mainstream and getting rick quick, but at the same time I am ignoring/not talking about its limitations that make it impossible for that to happen" 

[kwukduck]

The peak is at 110k transactions per day. That's 1/8th of the capacity.
The very real threat of a hard fork and altcoins being so much more advanced and better is more likely dragging the price down.
*crumble* *crumble*

[Q7]

Price going down because of the tps limit... i don't so. But one thing for sure is that if bitcoin aspires to one day grab hold of all the credit card companies market shares, this limitation needs to be seriously addressed

[inca]

Price going down because of the tps limit... i don't so. But one thing for sure is that if bitcoin aspires to one day grab hold of all the credit card companies market shares, this limitation needs to be seriously addressed

Which is exactly what the hard fork proposes with a scalable block size.

[NotLambchop]

...
Transaction times eh? You see a lot of complaints by the users do you?
...

Because there are almost no users.  According to Bitcoin wiki, Visa alone "handles on average around 2,000 transactions per second (tps)" (https://en.bitcoin.it/wiki/Scalability)
Average doesn't mean maximum.
Visa is capable of handling 30,000 tps.  
Thirty thousand transactions per second.
Bitcoin can only handle seven transactions per second.  Not seven thousand, just seven (7).
Good luck, new world currency

[Elwar]

As a an actual bitcoin user, I don't see it.

Translation:

"As a permabull bitcoiner, I am rambling about bitcoin becoming mainstream and getting rick quick, but at the same time I am ignoring/not talking about its limitations that make it impossible for that to happen" 

haha, very funny!

I have noticed a lot of people that do not actually use Bitcoin, complaining about its "shortcomings".

I wish that damned Yeun was not so big, it doesn't fit in my pocket and when it gets wet it erases all of the numbers. Is this why it is going down vs the dollar?

[NotLambchop]

...
I have noticed a lot of people that do not actually use Bitcoin, complaining about its "shortcomings".
...

I have noticed a lot of people that do not actually huff glue try to warn you about its "shortcomings."
Listen to the nice people, Elwar, and don't forget to thank them.

[Eddie Brock]

Everyone seems to know why the price is coming down.

Transaction times eh? You see a lot of complaints by the users do you?

As a an actual bitcoin user, I don't see it.

This forum is to speculate about the price.

I'm speculating that "big players" might look at this limitation that won't allow for btc to become a disruptive technology, and say, why would I invest in this? It has no way to grow that much because of its very nature (7 tps limit)

thus, no signifiicant price increase.

[inca]

...
Transaction times eh? You see a lot of complaints by the users do you?
...

Because there are almost no users.  According to Bitcoin wiki, Visa alone "handles on average around 2,000 transactions per second (tps)" (https://en.bitcoin.it/wiki/Scalability)
Average doesn't mean maximum.
Visa is capable of handling 30,000 tps.  
Thirty thousand transactions per second.
Bitcoin can only handle seven transactions per second.  Not seven thousand, just seven (7).
Good luck, new world currency

Comparing a nascent payment network with the largest payment gateway provider in the world is a great comparison!

[NotLambchop]

...
Transaction times eh? You see a lot of complaints by the users do you?
...

Because there are almost no users.  According to Bitcoin wiki, Visa alone "handles on average around 2,000 transactions per second (tps)" (https://en.bitcoin.it/wiki/Scalability)
Average doesn't mean maximum.
Visa is capable of handling 30,000 tps.  
Thirty thousand transactions per second.
Bitcoin can only handle seven transactions per second.  Not seven thousand, just seven (7).
Good luck, new world currency

Comparing a nascent payment network with the largest payment gateway provider in the world is a great comparison!

7 transaction per second is hardcoded into Bitcoin.  Adding more hashpower/infrastructure/whateveryoucallit won't change that.  Nothing short of a hardfork (basically making a new coin) would.

P.S. Never use the word "nascent" unless to mock it--it's even gayer than "disruptive technology."

[knight22]

...
Transaction times eh? You see a lot of complaints by the users do you?
...

Because there are almost no users.  According to Bitcoin wiki, Visa alone "handles on average around 2,000 transactions per second (tps)" (https://en.bitcoin.it/wiki/Scalability)
Average doesn't mean maximum.
Visa is capable of handling 30,000 tps.  
Thirty thousand transactions per second.
Bitcoin can only handle seven transactions per second.  Not seven thousand, just seven (7).
Good luck, new world currency

Comparing a nascent payment network with the largest payment gateway provider in the world is a great comparison!

7 transaction per second is hardcoded into Bitcoin.  Adding more hashpower/infrastructure/whateveryoucallit won't change that.  Nothing short of a hardfork (basically making a new coin) would.

P.S. Never use the word "nascent" unless to mock it--it's even gayer than "disruptive technology."

Bitcoin already had several hardforks. The next one to increase the blocksize limit will be no different.

[batou]

Transactions don't all have to be on the blockchain...

[NotLambchop]

...
Transaction times eh? You see a lot of complaints by the users do you?
...

Because there are almost no users.  According to Bitcoin wiki, Visa alone "handles on average around 2,000 transactions per second (tps)" (https://en.bitcoin.it/wiki/Scalability)
Average doesn't mean maximum.
Visa is capable of handling 30,000 tps.  
Thirty thousand transactions per second.
Bitcoin can only handle seven transactions per second.  Not seven thousand, just seven (7).
Good luck, new world currency

Comparing a nascent payment network with the largest payment gateway provider in the world is a great comparison!

7 transaction per second is hardcoded into Bitcoin.  Adding more hashpower/infrastructure/whateveryoucallit won't change that.  Nothing short of a hardfork (basically making a new coin) would.

P.S. Never use the word "nascent" unless to mock it--it's even gayer than "disruptive technology."

Bitcoin already had several hardforks. The next one to increase the blocksize limit will be no different.

A hard fork can be & do anything, it's basically making a new coin.  Many major players don't want this hardfork.   Which part of my post do you disagree with?

[NotLambchop]

Transactions don't all have to be on the blockchain...

Sure.  Sorta defeats the purpose of having Bitcoin the blockchain tho.

[inca]

...
Transaction times eh? You see a lot of complaints by the users do you?
...

Because there are almost no users.  According to Bitcoin wiki, Visa alone "handles on average around 2,000 transactions per second (tps)" (https://en.bitcoin.it/wiki/Scalability)
Average doesn't mean maximum.
Visa is capable of handling 30,000 tps.  
Thirty thousand transactions per second.
Bitcoin can only handle seven transactions per second.  Not seven thousand, just seven (7).
Good luck, new world currency

Comparing a nascent payment network with the largest payment gateway provider in the world is a great comparison!

7 transaction per second is hardcoded into Bitcoin.  Adding more hashpower/infrastructure/whateveryoucallit won't change that.  Nothing short of a hardfork (basically making a new coin) would.

P.S. Never use the word "nascent" unless to mock it--it's even gayer than "disruptive technology."

Bitcoin already had several hardforks. The next one to increase the blocksize limit will be no different.

A hard fork can be & do anything, it's basically making a new coin.  Many major players don't want this hardfork.   Which part of my post do you disagree with?

Yes and the proposed hardfork will increase the theoretical TPS and allow the block size to scale. Not sure why you don't get this.

[NotLambchop]

^
I get it, the problem is this hardfork creates a slew of its own problems, not the least of which is getting people to accept said hardfork.  Kindly follow the link above I was kind enough to provide for your edification.