Author: Alan Reiner 2015-05-08 14:59:34
Published on: 2015-05-08T14:59:34+00:00
The discussion is about bitcoin and its scalability. The author argues that the current transaction limit of 7tps is too low for a global transaction network, and even with just 5% of the world using it for one transaction per month, the system would be pushed beyond its limits. The goal of having everyone able to run a full node with their low-end PC is not compatible with the goal of a global transaction system. While the network should be open and anyone can verify the history, it is not necessary for everyone to do so. The author suggests that clinging to this goal limits the capability of the network to scale into a useful global payments system.In response, Jeff Garzik agrees that 7tps is too low and asks where the author wants to go with this. He expresses concern that aiming for a system that handles all the world's coffees is unrealistic and would require massive amounts of data storage and processing power. He highlights the moral hazard of intentionally flooding the market with supply, thereby altering economics, in order to keep fees low and achieve adoption. He does not want to sacrifice decentralization for adoption.
Updated on: 2023-06-09T19:45:45.767792+00:00