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| author | Tom Harding <tomh@thinlink.com> | 2015-05-14 08:22:41 -0700 |
|---|---|---|
| committer | bitcoindev <bitcoindev@gnusha.org> | 2015-05-14 15:28:20 +0000 |
| commit | fba443c8e415025b88a787585725ba4d5f1b726e (patch) | |
| tree | 4d8b992d85a794d94cae4d152efcde753cac6b9c | |
| parent | 6411aa66ec92e8c378a8fac43bc089662a02e84e (diff) | |
| download | pi-bitcoindev-fba443c8e415025b88a787585725ba4d5f1b726e.tar.gz pi-bitcoindev-fba443c8e415025b88a787585725ba4d5f1b726e.zip | |
[Bitcoin-development] No Bitcoin For You
| -rw-r--r-- | 24/9ea2f4a3a6d11b42e54fa3fbc013162cbdd352 | 107 |
1 files changed, 107 insertions, 0 deletions
diff --git a/24/9ea2f4a3a6d11b42e54fa3fbc013162cbdd352 b/24/9ea2f4a3a6d11b42e54fa3fbc013162cbdd352 new file mode 100644 index 000000000..8318c7942 --- /dev/null +++ b/24/9ea2f4a3a6d11b42e54fa3fbc013162cbdd352 @@ -0,0 +1,107 @@ +Received: from sog-mx-2.v43.ch3.sourceforge.com ([172.29.43.192] + helo=mx.sourceforge.net) + by sfs-ml-1.v29.ch3.sourceforge.com with esmtp (Exim 4.76) + (envelope-from <tomh@thinlink.com>) id 1Ysv3c-00016P-Cc + for bitcoin-development@lists.sourceforge.net; + Thu, 14 May 2015 15:28:20 +0000 +X-ACL-Warn: +Received: from mail-pd0-f180.google.com ([209.85.192.180]) + by sog-mx-2.v43.ch3.sourceforge.com with esmtps (TLSv1:RC4-SHA:128) + (Exim 4.76) id 1Ysv3Y-0008Ir-QU + for bitcoin-development@lists.sourceforge.net; + Thu, 14 May 2015 15:28:20 +0000 +Received: by pdbqd1 with SMTP id qd1so90460889pdb.2 + for <bitcoin-development@lists.sourceforge.net>; + Thu, 14 May 2015 08:28:11 -0700 (PDT) +X-Google-DKIM-Signature: v=1; a=rsa-sha256; c=relaxed/relaxed; + d=1e100.net; s=20130820; + h=x-gm-message-state:message-id:date:from:user-agent:mime-version:to + :subject:content-type:content-transfer-encoding; + bh=EDn93XY14CcXnZ6sg30KHQSCp425ZvVFPcsFyk63zYY=; + b=Jh1y8gQr0v2aLFKlZ0P+Qg0iDlky15e0nDggPKNC9neeVKXZLNKIaHyKrqhVkW8efw + AuWDgydxAiBEWUsZ+vtQmmLhhDl1DAdpVIW0jtteTkaXshfG6VgVuq6USvBLPZcnRkfV + w+N5ZjSnPhcZzQjsdfbcroZyfsKiN1K+yw/oaFTCYoEJ/jmhOZgu3vp0K2Et6lq2j0Zl + fIib8kSKRi9v8vRxMFJBupkLRcIIO0yHfquUX48bOwRDhcWlJLNP95d0eUkiOgA10agD + S5tlhxVaKlN4BHee4cz1/sVxyLcYPT51YDbUbBtCeZU/3La7I9pv1oU3L/IouSjZIxP+ + Z4qw== +X-Gm-Message-State: ALoCoQn19hBXEAjB0lQR5Sr3gXsroM8NQx3OwxQLKCl8eoEi1on6lah+G8R3E6DjzT7mSPua4yc+ +X-Received: by 10.68.242.41 with SMTP id wn9mr8968260pbc.117.1431616962722; + Thu, 14 May 2015 08:22:42 -0700 (PDT) +Received: from [192.168.1.89] (99-8-65-117.lightspeed.davlca.sbcglobal.net. + [99.8.65.117]) by mx.google.com with ESMTPSA id + qz7sm13928253pbc.11.2015.05.14.08.22.41 + for <bitcoin-development@lists.sourceforge.net> + (version=TLSv1.2 cipher=ECDHE-RSA-AES128-GCM-SHA256 bits=128/128); + Thu, 14 May 2015 08:22:41 -0700 (PDT) +Message-ID: <5554BDC1.6070206@thinlink.com> +Date: Thu, 14 May 2015 08:22:41 -0700 +From: Tom Harding <tomh@thinlink.com> +User-Agent: Mozilla/5.0 (Windows NT 6.3; WOW64; + rv:31.0) Gecko/20100101 Thunderbird/31.6.0 +MIME-Version: 1.0 +To: Bitcoin Dev <bitcoin-development@lists.sourceforge.net> +Content-Type: text/plain; charset=utf-8 +Content-Transfer-Encoding: quoted-printable +X-Spam-Score: 0.0 (/) +X-Spam-Report: Spam Filtering performed by mx.sourceforge.net. + See http://spamassassin.org/tag/ for more details. +X-Headers-End: 1Ysv3Y-0008Ir-QU +Subject: [Bitcoin-development] No Bitcoin For You +X-BeenThere: bitcoin-development@lists.sourceforge.net +X-Mailman-Version: 2.1.9 +Precedence: list +List-Id: <bitcoin-development.lists.sourceforge.net> +List-Unsubscribe: <https://lists.sourceforge.net/lists/listinfo/bitcoin-development>, + <mailto:bitcoin-development-request@lists.sourceforge.net?subject=unsubscribe> +List-Archive: <http://sourceforge.net/mailarchive/forum.php?forum_name=bitcoin-development> +List-Post: <mailto:bitcoin-development@lists.sourceforge.net> +List-Help: <mailto:bitcoin-development-request@lists.sourceforge.net?subject=help> +List-Subscribe: <https://lists.sourceforge.net/lists/listinfo/bitcoin-development>, + <mailto:bitcoin-development-request@lists.sourceforge.net?subject=subscribe> +X-List-Received-Date: Thu, 14 May 2015 15:28:20 -0000 + +A recent post, which I cannot find after much effort, made an excellent +point. + +If capacity grows, fewer individuals would be able to run full nodes.=20 +Those individuals, like many already, would have to give up running a +full-node wallet :( + +That sounds bad, until you consider that the alternative is running a +full node on the bitcoin 'settlement network', while massive numbers of +people *give up any hope of directly owning bitcoin at all*. + +If today's global payments are 100Ktps, and move to the Lightning +Network, they will have to be consolidated by a factor of 25000:1 to fit +into bitcoin's current 4tps capacity as a settlement network. You +executing a personal transaction on that network will be about as likely +as you personally conducting a $100 SWIFT transfer to yourself today.=20 +For current holders, just selling or spending will get very expensive! + +Forcing block capacity to stay small, so that individuals can run full +nodes, is precisely what will force bitcoin to become a backbone that is +too expensive for individuals to use. I can't avoid the conclusion that +Bitcoin has to scale, and we might as well be thinking about how. + +There may be a an escape window. As current trends continue toward a +landscape of billions of SPV wallets, it may still be possible for +individuals collectively to make up the majority of the network, if more +parts of the network itself rely on SPV-level security. + +With SPV-level security, it might be possible to implement a scalable +DHT-type network of nodes that collectively store and index the +exhaustive and fast-growing corpus of transaction history, up to and +including currently unconfirmed transactions. Each individual node +could host a slice of the transaction set with a configurable size, +let's say down to a few GB today. + +Such a network would have the desirable property of being run by the +community. Most transactions would be submitted to it, and like today's +network, it would disseminate blocks (which would be rapidly torn apart +and digested). Therefore miners and other full nodes would depend on +it, which is rather critical as those nodes grow closer to data-center +proportions. + + + + |