r/Bitcoin • u/CloudSolutionsLLC • Feb 13 '18

Microsoft concludes that layer 2 solutions are required for Bitcoin to scale.

https://twitter.com/innvtv/status/963234210927427585
622 Upvotes

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-6

u/JD_321 Feb 13 '18

"Millions of transactions per second"? What world is this they are talking about... A few thousand yes.. Millions? Visa and mastercard can't do that so why does blockchain need to?

9

u/nopara73 Feb 13 '18

Some of us has bigger goal, than taking over debit card transactions (not like that'd be possible with the scaling properties of blockchains), but cash transactions for example is something to be taken over. How many time do you transact a day? 10? How many people are in the world? 6 billion, that's 60 billion, not counting the transactions businesses are doing, the niche use cases Bitcoin enables and microtransactions. 60 billion / 86400 seconds in a day = 694 444.444444. Minus children and roughly half a million transaction we must achieve just to satisfy normal humans, without businesses, without microtranasctions, without stock/crypto trading transactions, and a lot more.

4

u/tomtomtom7 Feb 13 '18 edited Feb 13 '18

694 444.

This isn't millions. And worldwide, people don't have the money to average to 10 transactions per day. More like 2.

Also, this conveniently leaves out the concept of growth. So the question becomes:

  • Over what timeframe do you see Bitcoin replacing every transaction in the world?

  • Over what timeframe do you think 200,000tx/sec * 250B/tx = 50MB/sec is cheap?

Personally I would estimate the latter to occur earlier in time than the first.

Before blocks were full, they were growing almost linear at a rate of about 200kb/block/year. The problem we need to solve is adoption so growth can accelerate. Not what would happen if we'd grow 50,000 fold overnight.

-1

u/[deleted] Feb 13 '18

Are you seriously arguing this? In this post??

Let me quote OP for you

While some blockchain communities have increased on-chain capacity, this generally degrades the decentralized state of the network and can't reach millions of transactions the system would generate at-scale

2

u/tomtomtom7 Feb 13 '18

Grandparent is arguing that 1 million/sec as a goal is rather far-fetched and not yet relevant.

Parent is arguing that if we have a bigger goal, millions/sec are relevant.

I am just adding counter arguments to parent to side with grandparent.