jbreher
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April 04, 2019, 07:15:12 PM


It is all driven by the block size, and dependent upon how many txs per day the average user makes. Any way you slice it, on chain tx capacity is limited by the block size. And inability to transact on chain also breaks LN - no opens, closes, or repudiation of stale channel state driven theft.

OK but that's never happened.

Absolute twaddle. I know you were here in 2017. Have you already driven the Blockapocalyse I from your memory? Too much "champaign" over the skyrocketing fees?

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Its always "what if" scenarios with you anti-bitcoiners.

Of course it's always "what if" - the "what if" scenarios are the essence of system design.

Get the fuck out of here with your "anti-bitcoiner". Why TF do you think I incessantly harp on these BTC weaknesses? It is because I would like BTC to succeed. I don't take this nonstop, most-often ignorant and/or non-substantive abuse because I like it. I am trying to advocate for Bitcoin -- in all its forks -- to be all it can be.

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Earlier you said "the number of people who will be able to use BTC is hard-capped at a ludicrously low number." This is false on all accounts. If you would have said "the number of transactions per day on chain is hard capped" then I would have been inclined to agree.

OK. I mean, BTC can support a fuckload of people if none of them ever makes a tx. But that's not a usable MoE nor SoV. Not to mention the fact that to even get there will take literally decades. Like forty years for each person alive to make a single tx to buy into the system.

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Daily tx capacity is highly variable upon the nature of that's day's txs, but it is well south of a million. So there's your hard cap.

I did the math and the tx per day is theoretically 604,800 at the very maximum. We're currently just shy of 400,000.

Yes. Well south of a million. And we don't have much headroom today. The next FOMO spike will be aborted due to tx capacity. We may even cap before that can take place.

As I queried JJG above: what is the plan to deal with this? There is none being discussed.

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Two key points you never address are:

1. Encouragement of Lightning adoption will help prevent bitcoin from coming close to this, and the technology continues to progress and improve with or without your permission.

Use of LN requires on-chain txs. Once the chain is full, LN breaks. We're bearing down on Blockpocolypse II, and there is still no relief valve.

Not to mention the relative irrelevance of LN in general. The average BTC on-chain tx is currently around $20,000.00. What's LN channel max value again? What percentage of Bitcoiners operate an LN node? What percentage of LN txs succeed on first submission? How much time does a typical LN-er devote to managing their LN node? Nay, LN is nowhere near being a suitable replacement for good old Bitcoin. It may get there some day. Far in the future.

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2. The block size is limited for a specific reason: having a huge blockchain results in increasing centralization. How many people in this thread run their own node? One? Two? The blockchain is already too unwieldy for your average bitcoin enthusiast to run a full node. Making it even bigger will insure that an even smaller proportion of people will be able to run a node.

Oh yes. The 'buhbut mah decentralization' canard. For the eleventy-bajillionth time, so-called 'nodes' provide no value to the system as a whole. But let's set that aside, as that's another twenty-page discussion in and of itself. Let's ask the question 'what percentage of LN users also operate a so-called 'node'?'

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Of course BCH and SV don't have this problem, because their blocks remain tiny and unfilled.

How quaint of you to claim that, when SV has processed multiple blocks larger than 100MB.

That's kind of an aside, however, as the entire point is to have capacity to accommodate the demand. Which is the economic model that nurtured Bitcoin until Blockstream threw out all the sane devs.