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RE: Crypto Continues To SWALLOW The World's Wealth: 2018 Is Gonna Be NUTS / Coinbase Boycott? lol / Much More News!

in #crypto-news7 years ago

I'm a programmer and have dealt with bandwidth issues before but not in the blockchain environment. I can tell you that 8 MB for BCH is not nearly enough of an increase if you want to reach Visa/MC transaction speeds. You need 1 GB blocks and this will only help users process a handful of transactions a month. If you want to get into the really interesting applications of money such as streaming money, then you need even larger blocks. At 1 GB, the centralization required to pull this off is basically creating another "bank" so you might as well just go back to using your bank account. If BCH does end up replacing bitcoin core, the end result will be that BCH will be in the same boat that we were all in last summer.

There will probably be some block size increases in core after the issues of LN are settled, but it's important from a technical point of view which order you do this in. The wrong way leads to centralization.

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1 GB has already been tested on BCH and can handle beyond Visa level loads. See Peter Rizen from Bitcoin Unlimited. You can see his presentation on You Tube.

I'm already aware of this, but what hasn't been tested is the effect mining centralization will have. At 1 GB, I'd have to buy a new 4 TB HD every day just to keep up and sending that through my internet is impossible. It would cut me out of the participation process of securing the network. Only those with deep pockets could participate. Once mining is in the hands of a centralized few, then come the government regulators...

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