Allen Piscitello [ARCHIVE] on Nostr: 📅 Original date posted:2015-01-31 📝 Original message:You are assuming that the ...
📅 Original date posted:2015-01-31
📝 Original message:You are assuming that the only way to use Bitcoin is on-chain transactions
and that is the only way for it to scale. This is a mistake.
On Fri, Jan 30, 2015 at 6:48 PM, Angel Leon <gubatron at gmail.com> wrote:
> On the Chinese "Single's Day" (sort of like the american Black Friday)
> according to MIT's Tech Review
> <http://www.technologyreview.com/news/534001/alipay-leads-a-digital-finance-revolution-in-china/>;
> magazine
>
> "Alipay handled up to 2.85 million transactions per minute, and 54 percent
> of its transactions are made via mobile device."
>
> For a few weeks I've been reading the conversations about block sizes and
> the experiments being done on the subject with larger blocks.
>
> On the day with the most transactions, the Bitcoin block chain averages
> about 73 transactions per minute. I kept wondering what blocksize we'd need
> for handling 100,000 transactions per minute, and estimated that roughly
> we'd need a blocksize of about 1300x times larger than what we have now, so
> bigger than 1Gb block... but seeing the numbers Alipay gets to handle just
> in China make me wonder how scalable is Bitcoin if it were to truly compete
> with worldwide financial services.
>
> If you were to include double the number Alipay can handle, you'd be
> shooting about 6 million transactions per minute, or roughly 60 million
> transactions per block.
>
> If you average every transaction around 250 bytes, then you'd need ~15
> Gigabytes per block to be broadcast and hashed by all the full nodes every
> 10 minutes, eating good 2Tb of storage daily... do miners have enough
> bandwidth and CPU power to handle this?
>
> are my scalability concerns absurd?
>
> http://twitter.com/gubatron
>
>
> ------------------------------------------------------------------------------
> Dive into the World of Parallel Programming. The Go Parallel Website,
> sponsored by Intel and developed in partnership with Slashdot Media, is
> your
> hub for all things parallel software development, from weekly thought
> leadership blogs to news, videos, case studies, tutorials and more. Take a
> look and join the conversation now. http://goparallel.sourceforge.net/
> _______________________________________________
> Bitcoin-development mailing list
> Bitcoin-development at lists.sourceforge.net
> https://lists.sourceforge.net/lists/listinfo/bitcoin-development
>
>
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📝 Original message:You are assuming that the only way to use Bitcoin is on-chain transactions
and that is the only way for it to scale. This is a mistake.
On Fri, Jan 30, 2015 at 6:48 PM, Angel Leon <gubatron at gmail.com> wrote:
> On the Chinese "Single's Day" (sort of like the american Black Friday)
> according to MIT's Tech Review
> <http://www.technologyreview.com/news/534001/alipay-leads-a-digital-finance-revolution-in-china/>;
> magazine
>
> "Alipay handled up to 2.85 million transactions per minute, and 54 percent
> of its transactions are made via mobile device."
>
> For a few weeks I've been reading the conversations about block sizes and
> the experiments being done on the subject with larger blocks.
>
> On the day with the most transactions, the Bitcoin block chain averages
> about 73 transactions per minute. I kept wondering what blocksize we'd need
> for handling 100,000 transactions per minute, and estimated that roughly
> we'd need a blocksize of about 1300x times larger than what we have now, so
> bigger than 1Gb block... but seeing the numbers Alipay gets to handle just
> in China make me wonder how scalable is Bitcoin if it were to truly compete
> with worldwide financial services.
>
> If you were to include double the number Alipay can handle, you'd be
> shooting about 6 million transactions per minute, or roughly 60 million
> transactions per block.
>
> If you average every transaction around 250 bytes, then you'd need ~15
> Gigabytes per block to be broadcast and hashed by all the full nodes every
> 10 minutes, eating good 2Tb of storage daily... do miners have enough
> bandwidth and CPU power to handle this?
>
> are my scalability concerns absurd?
>
> http://twitter.com/gubatron
>
>
> ------------------------------------------------------------------------------
> Dive into the World of Parallel Programming. The Go Parallel Website,
> sponsored by Intel and developed in partnership with Slashdot Media, is
> your
> hub for all things parallel software development, from weekly thought
> leadership blogs to news, videos, case studies, tutorials and more. Take a
> look and join the conversation now. http://goparallel.sourceforge.net/
> _______________________________________________
> Bitcoin-development mailing list
> Bitcoin-development at lists.sourceforge.net
> https://lists.sourceforge.net/lists/listinfo/bitcoin-development
>
>
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