Regrettably, I don't. In the first instance, I'm not a techie - have an interest and skirt around the edges but struggle to keep up. Secondly, despite having a year free, I don't have enough time to check stuff out as thoroughly as I'd like. I intend to spend some time on studying crypto & conventional trading in the coming weeks (thank you BTC!).
Philip mentioned a maximum of 7 transactions per second compared to something like 7,000 per second using Visa.
Wow! A whole 14tps! An amazing 0.002% of what Visa alone can process, that certainly is progress.
If a user's complete transaction history can be laid bare for the world to see, how is that private?
Well, I won't but I'm not in law enforcement, but let's not pretend it's impossible or not happening regularly as your point suggested
It doesn't affect me in any way as I don't see bitcoin adding any value to me in terms of a means of payment or store of value for as long as that volatility continues.
we don't know what the maximum capacity is. Current technology / bandwidth constraints can not handle the data volumes that would be required to increase the bitcoin blocksize to achieve anything close to this, hence the focus on layer 2 protocols such as the Lightning Network.
In the message you responded to I said "1MB = 7 transactions; 2MB = 14 transactions etc." I would have expected the readers to understand that you can do that with 3MB, 4MB etc. There have been tests run ob the BCH testnet with xGiga Blocks and they worked. 1GB equals to 1,000 MB.
Why don't we enable 20k transaction per second now? Because we barely get 5 transaction per second today. I can expand if you need more details, but I would really like to make sure we are clear on this point because it seems pivotal to our conversation.
Please let me know if you have any further question on bitcoin privacy.
In the case of criminal convictions, I think governments might apply force to get the keys out of the criminals, I am not sure what the rights of citizens are in this case but if the person refuses law enforcement cannot take the keys out of his brain.
They are not a physical thing that can be seized, do you understand?
On the other hand, if i believe i have not committed a crime, I cannot be forced to reveal my keys. I am the only responsible for them, if i decide to give them to somebody it is my decision. Is this more clear now?
Do you have cases, not related to crime where people have been forced to share their keys? If you do, please by any means share, I would be extremely interested.
bitcoin exists so that banks and governments cannot block, cannot freeze, cannot revert anything that is of a citizen’s possession
Volatility is a property of an asset. Bitcoin is a new asset and has different rules, simple, if you don't like it don't use it as a currency.
Look at the motor industry for example, could you travel in comfort from Dublin to Cork with the first model car? No. Probably the roads were not good enough. People didn't say "allright, cars don't work" they built better cars and improved the ecosystem. That's how science evolution works, no different from bitcoin.
The first cars were obviously a long way off what we have today, but also a massive improvement over the existing alternatives. That is the real nature of successful disruptors.
We were talking about transaction rate, the parallel was for transaction rate. Can I ask you to stay in topic?
your tone suggest this is a trivial matter
The debate on increasing the block size has been going on for more than 7
How likely would any adopted change be to getting us into the thousands of tps?
Well, the block size required to deliver 20k tps is also a challenge. But there are also vested interests within the bitcoin community that like the higher fees that the current low transaction volume limits attract.
It's not a matter of what you believe, but what authorities such as the Gardai believe and what they can convince a judge of. If they obtain the appropriate warrant, you are obliged to hand them over.
As I said earlier also, it's still not clear how the Feds managed to obtain Ulbricht's keys when he clearly wasn't cooperating or making any kind of deal.
Do you now see how this is not the case, and governments are actively seizing these assets?
I fully understand that, but surely you understand that high-volatility assets are really only suitable for speculation, and it would be ill-advised to place a significant amount of any portfolio into such assets?
Look, if you reread my answer you will see that it is under YOUR question on tps, I staid in topic and answered that.
I have answered every question you've thrown at me and accusing me of not wanting to talk about the problems is not correct.
Come on man, let's be civil
So it's OK for you to go off topic and introduce car analogies in answer to my question, but then you tell me I need to stay on topic if I respond directly to a point you made?
Where did I accuse you of not wanting to talk about the problem?
Secondly, the title of the thread is 'the problems with bitcoin'. If you wish to limit discussion just to the transaction volume challenge, you may be better starting your own thread rather than dictating the course of someone else's.
I am trying to be civil, you need to be fair.
I mean, you said it. I don't know if I am going mad or if my command of the English language is not good enough for this conversation.
We were talking about transaction rate, the parallel was for transaction rate. Can I ask you to stay in topic?
We were talking about transaction rate, the parallel was for transaction rate. Can I ask you to stay in topic?
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