public inbox for bitcoindev@googlegroups.com
 help / color / mirror / Atom feed
From: insecurity@national.shitposting.agency
To: thomasv@electrum.org
Cc: bitcoin-development@lists.sourceforge.net
Subject: Re: [Bitcoin-development] Long-term mining incentives
Date: Mon, 11 May 2015 16:52:10 +0000	[thread overview]
Message-ID: <ce3d34c92efd1cf57326e4679550944e@national.shitposting.agency> (raw)
In-Reply-To: <5550D8BE.6070207@electrum.org>

On 2015-05-11 16:28, Thomas Voegtlin wrote:
> My problem is that this seems to lacks a vision. If the maximal block
> size is increased only to buy time, or because some people think that 7
> tps is not enough to compete with VISA, then I guess it would be
> healthier to try and develop off-chain infrastructure first, such as 
> the
> Lightning network.

If your end goal is "compete with VISA" you might as well just give up
and go home right now. There's lots of terrible proposals where people
try to demonstrate that so many hundred thousand transactions a second
are possible if we just make the block size 500GB. In the real world
with physical limits, you literally can not verify more than a few
thousand ECDSA signatures a second on a CPU core. The tradeoff taken
in Bitcoin is that the signatures are pretty small, but they are also
slow to verify on any sort of scale. There's no way competing with a
centralised entity using on-chain transactions is even a sane goal.



  reply	other threads:[~2015-05-11 16:52 UTC|newest]

Thread overview: 37+ messages / expand[flat|nested]  mbox.gz  Atom feed  top
2015-05-11 16:28 [Bitcoin-development] Long-term mining incentives Thomas Voegtlin
2015-05-11 16:52 ` insecurity [this message]
2015-05-11 17:29   ` Gavin Andresen
2015-05-12 12:35     ` Thomas Voegtlin
     [not found]       ` <CABsx9T1h7p3hDr7ty43uxsYs-oNRpndzg=dowST2tXtogxRm2g@mail.gmail.com>
     [not found]         ` <555210AF.3090705@electrum.org>
2015-05-12 16:10           ` Gavin Andresen
2015-05-12 16:21             ` Dave Hudson
2015-05-12 21:24             ` Pedro Worcel
2015-05-12 23:48               ` Adam Back
2015-05-13 15:41                 ` Gavin Andresen
2015-05-13 20:05                   ` Pedro Worcel
2015-05-13  9:49             ` Thomas Voegtlin
2015-05-13 10:14               ` Tier Nolan
2015-05-13 10:31                 ` Alex Mizrahi
2015-05-13 11:29                   ` Tier Nolan
2015-05-13 12:26                     ` Alex Mizrahi
2015-05-13 13:24                       ` Gavin
2015-05-13 13:28                       ` Tier Nolan
2015-05-13 14:26                         ` Alex Mizrahi
2015-05-13 23:46                   ` Jorge Timón
2015-05-14  0:11     ` Jorge Timón
2015-05-14  0:48       ` Aaron Voisine
2015-05-14  0:58         ` Pieter Wuille
2015-05-14  1:13           ` Aaron Voisine
2015-05-14  1:19             ` Pieter Wuille
2015-05-14  1:31               ` Aaron Voisine
2015-05-14  2:34                 ` Aaron Voisine
2015-05-16 20:35                 ` Owen Gunden
2015-05-16 22:18                   ` Tom Harding
2015-05-17  1:08                   ` Aaron Voisine
2015-05-14  0:44 ` Melvin Carvalho
2015-05-25 18:31 ` Mike Hearn
2015-05-26 18:47   ` Thomas Voegtlin
2015-05-27 21:59   ` Mike Hearn
2015-05-27 22:22     ` Gregory Maxwell
2015-05-28 10:30       ` Mike Hearn
2015-05-13 17:49 Damian Gomez
2015-05-18  2:29 Michael Jensen

Reply instructions:

You may reply publicly to this message via plain-text email
using any one of the following methods:

* Save the following mbox file, import it into your mail client,
  and reply-to-all from there: mbox

  Avoid top-posting and favor interleaved quoting:
  https://en.wikipedia.org/wiki/Posting_style#Interleaved_style

* Reply using the --to, --cc, and --in-reply-to
  switches of git-send-email(1):

  git send-email \
    --in-reply-to=ce3d34c92efd1cf57326e4679550944e@national.shitposting.agency \
    --to=insecurity@national.shitposting.agency \
    --cc=bitcoin-development@lists.sourceforge.net \
    --cc=thomasv@electrum.org \
    /path/to/YOUR_REPLY

  https://kernel.org/pub/software/scm/git/docs/git-send-email.html

* If your mail client supports setting the In-Reply-To header
  via mailto: links, try the mailto: link
Be sure your reply has a Subject: header at the top and a blank line before the message body.
This is a public inbox, see mirroring instructions
for how to clone and mirror all data and code used for this inbox