Wladimir [ARCHIVE] on Nostr: 📅 Original date posted:2015-01-31 📝 Original message:On Fri, 30 Jan 2015, Nick ...
📅 Original date posted:2015-01-31
📝 Original message:On Fri, 30 Jan 2015, Nick Simpson wrote:
> This has been discussed before. I believe most people don't expect Bitcoin to replace all of the various methods of payment. Scalability is
> always a concern, just not to the level of Alipay this year (or the next or the next for that matter.)
Yes, that about summarizes it.
The block chain is a single channel broadcasted over the entire
world, and I don't believe it will ever be possible nor desirable to broadcast all the
world's transactions over one channel.
The everyone-validates-everything approach doesn't scale. It is however
useful to settle larger transactions in an irreversible, zero-trust way.
That's what makes the bitcoin system, as it is now, valuable.
But it is absurd for the whole world to have to validate every purchase of
a cup of coffee or a bus ticket by six billion others.
Naively scaling up the block size will get some leeway in the short term,
but I believe a future scalable payment system based on bitcoin will be
mostly based on off-blockchain transactions (in some form) or that there
will be a hierarchical or subdivided system (e.g. temporary or per-locale
sidechains).
Wladimir
📝 Original message:On Fri, 30 Jan 2015, Nick Simpson wrote:
> This has been discussed before. I believe most people don't expect Bitcoin to replace all of the various methods of payment. Scalability is
> always a concern, just not to the level of Alipay this year (or the next or the next for that matter.)
Yes, that about summarizes it.
The block chain is a single channel broadcasted over the entire
world, and I don't believe it will ever be possible nor desirable to broadcast all the
world's transactions over one channel.
The everyone-validates-everything approach doesn't scale. It is however
useful to settle larger transactions in an irreversible, zero-trust way.
That's what makes the bitcoin system, as it is now, valuable.
But it is absurd for the whole world to have to validate every purchase of
a cup of coffee or a bus ticket by six billion others.
Naively scaling up the block size will get some leeway in the short term,
but I believe a future scalable payment system based on bitcoin will be
mostly based on off-blockchain transactions (in some form) or that there
will be a hierarchical or subdivided system (e.g. temporary or per-locale
sidechains).
Wladimir