
Why a Bitcoin future will always end up in centralization - avastmick
https://thenextweb.com/syndication/2018/01/21/bitcoin-future-will-always-end-centralization/
======
thisisit
In case anyone wants to know about how sizing works in bitcoin, I have written
this post [1]

250 bytes is the lowest end of a block size. Most of the blocks are nearly 360
bytes in size. Though Segwit should apparently help with the sizing.

The most interesting thing is block sizing and transaction ramping are not
same. 1GB blocks were tested[2]

But, there are multiple bottlenecks which need to be resolved before it is
usable. For one the mempool,

 _Mempool admission is no longer the bottleneck, as we’ve demonstrated mempool
admission rates over 10,000 tx /sec already._

But the same thing has not been achieved in transaction confirmations:

 _“Our baseline results with BU essentially ‘as is’ — A few days ago we
achieved 300 tx /sec sustained thanks to Andrew Stone’s work streamlining
mempool admission,” explains Rizun. I think we’ll hit ~1,000 tx/sec sustained
on the next ramp we attempt.”_

[1]: [https://medium.com/@smith.garg/fees-calculation-in-
bitcoin-a...](https://medium.com/@smith.garg/fees-calculation-in-bitcoin-and-
other-cryptocurrencies-explained-ef2f9ca35320)

[2]: [https://news.bitcoin.com/gigablock-testnet-researchers-
mine-...](https://news.bitcoin.com/gigablock-testnet-researchers-mine-the-
worlds-first-1gb-block/)

------
knlinux
Too bad the author did not mention Lightning Network. The issue covered in
this article is one of the reasons LN was chosen as the scaling solution
instead of the block size increase (i.e. bcash).

~~~
txsh
I hope you’re not getting paid in BTC for your shill posts.

~~~
loceng
It's much simpler than that - they simply need to own the crypto-asset(s)
they're wanting to succeed, for their value to go up.

~~~
JonnyNova
Like the BitConnect coin?

~~~
loceng
The crypto-asset community is happy to throw anyone under the bus who's not
playing along with the straw man narratives that the crypto-assets structured
with incentives like Bitcoin and Ethereum's Ether et al use - in order to
protect their projected image that they are legitimate and not inherently bad
for society.

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acoye
The author takes a large enough block for Visa or Master card volume like
transaction and makes an educated guess.

His argument is _true_ in the same way saying that you could only fit a
calculator in a hangar using vacuum tubes is true. If Cryptocurrencies are to
succeed they need their silicon transistor.

To me the transistor of crypto is sharding. I'd bet Vitalik knows that and
that is why he is putting R&D into it. I do hope Ethereum (or another one)
succeed.

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BenoitP
Ctrl+f "lightning". Zero mentions.

This is bad journalism and has nothing to do on HN.

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Animats
Not having centralization, as with some of the altcoins, has resulted in the
price of NVidia and Radeon graphics cards more than doubling and the supply
disappearing.[1]

[1] [https://arstechnica.com/tech-
policy/2018/01/cryptocurrency-b...](https://arstechnica.com/tech-
policy/2018/01/cryptocurrency-boom-creates-insane-global-graphics-card-
shortage/)

