📅 Original date posted:2015-01-31
📝 Original message:On Fri, 30 Jan 2015, Nick Simpson wrote:
> This has been discussed before. I believe most people don't expect Bitcoin to replace all of the various methods of payment. Scalability is
> always a concern, just not to the level of Alipay this year (or the next or the next for that matter.)
Yes, that about summarizes it.
The block chain is a single channel broadcasted over the entire
world, and I don't believe it will ever be possible nor desirable to broadcast all the
world's transactions over one channel.
The everyone-validates-everything approach doesn't scale. It is however
useful to settle larger transactions in an irreversible, zero-trust way.
That's what makes the bitcoin system, as it is now, valuable.
But it is absurd for the whole world to have to validate every purchase of
a cup of coffee or a bus ticket by six billion others.
Naively scaling up the block size will get some leeway in the short term,
but I believe a future scalable payment system based on bitcoin will be
mostly based on off-blockchain transactions (in some form) or that there
will be a hierarchical or subdivided system (e.g. temporary or per-locale
sidechains).
Wladimir
Wladimir [ARCHIVE] /
npub1xq…ymc2p
2023-06-07 15:29:08
in reply to nevent1q…zt22
Author Public Key
npub1xqshkqv2g7uea4xzqwvmgjcz7u8vfavw6aazs999v0azsv3w7u3qpymc2pSeen on
wss://relay.nostr.bandPublished at
2023-06-07 15:29:08Event JSON
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"content": "📅 Original date posted:2015-01-31\n📝 Original message:On Fri, 30 Jan 2015, Nick Simpson wrote:\n\n\u003e This has been discussed before. I believe most people don't expect Bitcoin to replace all of the various methods of payment. Scalability is\n\u003e always a concern, just not to the level of Alipay this year (or the next or the next for that matter.)\n\nYes, that about summarizes it.\n\nThe block chain is a single channel broadcasted over the entire \nworld, and I don't believe it will ever be possible nor desirable to broadcast all the \nworld's transactions over one channel.\n\nThe everyone-validates-everything approach doesn't scale. It is however\nuseful to settle larger transactions in an irreversible, zero-trust way. \nThat's what makes the bitcoin system, as it is now, valuable.\n\nBut it is absurd for the whole world to have to validate every purchase of \na cup of coffee or a bus ticket by six billion others.\n\nNaively scaling up the block size will get some leeway in the short term, \nbut I believe a future scalable payment system based on bitcoin will be \nmostly based on off-blockchain transactions (in some form) or that there \nwill be a hierarchical or subdivided system (e.g. temporary or per-locale \nsidechains).\n\nWladimir",
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