I was having a (slightly heated) exchange with my friend and he wrote me this:
>Unless somebody invents 50 petabyte SSD's that can be sold to average users for a hundred bucks, bitcoin is never going to a be feasible replacement for national currency. Bitcoin isn't going to happen. The blockchain size problem will never allow for it. Get over it and grow up.
Was he right, /g/?
>bitcoin is never going to a be feasible replacement for national currency. Bitcoin isn't going to happen.
this is true but for reasons other than whatever shit OP is talking about
if a government can't generate/print more of the currency on a whim to bail out their top corporate supporters, they aren't going to back that currency
there's a reason inflation exists
No, I think the limit for standard bitcoin transactions will be like 500-1000 transactions per second. Visa is 10k+. That would be right now. There are all these side proposals to increase that in various ways. Litecoin can support the same.
If there are enough users to actually get anywhere near (currently like 5 tx per sec) then more coins could spring up and fill the gap.
On the hard with the drive thing. Hes wrong. Its about internet bandwidth. You don't have to keep all the records from the beginning of time. You just have to keep all records with unspent transactions, which is some multiple of the people using it, and 4mb/yr for the block header information, only a few bytes per block.
Its all about bandwidth and the ability to keep track of these transactions. One major problem right now is that bitcoin is under attack from crazy people who think that the blocksize should never change or bitcoin will become to centralized. That viewpoint is wrong because 90% of mining power(transaction validators) are in china. Actually increasing the block size could force them to get a better internet connection, and force them out of china.
Bitcoin or other decentralized crypto could only ever take off if people actually understand the benefit.
90% of people have no idea what the word inflation is or what it actually means. Its a hidden tax created by the dept of your government. People try to avoid it by investing in stocks or commodities, and other currencies.
Every year there is some country going into chaos because their national currency is failing due to government bankruptcy. These are the people who should be using bitcoin. Most commonly they will just buy physical USD. If these people can be educated on the benefits of bitcoin. It will soar very quickly.
The problem is, if bitcoin is too volatile in the beginning these people will be happy with USD. If Bitcoin can demonstrate stability then it is just as useful for people in these countries. Assuming there are large enough blocks and low enough transactions fees for it to be useful.
This is in my opinion the only way for bitcoin to succeed. There are lots of people in the US who see the issue with inflation and are also investing. But those are the same people buying into the highly manipulated of fake paper gold(it doesn't actually exist).
Bitcoin is super powerful and will grow simply because of its fundamentals. I just needs to present a solid front, the exact opposite that is happening right now. These people ex peter todd, Gregory maxwell, and Theymos are actively destroying bitcoin, and the future it holds. They need to be ousted to the blocksize can increase and more people feel safe investing again.
If the blocksize is 1mb there is no reason for anyone else to start using the network. Its already too busy.
Send me some bit for a good exchange
Hardly anyone actually uses bitcoin as currency in their day to day lives. The main reason people use it right now is trading/as an investment. It will never become centralized while this is true, there is a lot of things that need to happen for it to become viable.
Yeah that's what I'm saying though. You use it very minimally, just like everyone else who has bitcoin, and I would venture to say a lot of people never even buy anything ever with their coins. It needs more widespread adoption otherwise it will die because right now the only thing that is holding it up is people blindly investing into it in the hopes that other people will invest in it so they can sell it at a higher price later. Which is why we see so many ups and downs, whenever there is a large increase a crash immediately follows because everyone wants to book their profits. The whole system is built upon people buying bitcoins then hoping more people buy bitcoins after they do so the price increases while never actually using them for more than small purchases.