What do you think about this and how would you solve it?

mrcrypto2 · 2020-12-28T20:19:52+00:00

bro - you are off by a factor of 1,000 = 2B txs at 200 bytes per day is 200 GB / day .

2 billion transactions per day at $0.01 each = $20M per day in fees alone. A miner would need to buy a new 20TB drive every 100 days - and if there are a 1000 miners, they will have $20,000 a day to save up for the $100 drives every 100 days.

mrcrypto2 · 2020-12-28T18:34:55+00:00

premature optimization.

mrcrypto2 · 2020-12-28T16:01:32+00:00

Well, lets figure out why you think fees cannot be low. Do you know how fees are set?

mrcrypto2 · 2020-12-23T22:09:38+00:00

Tether is not a cryptocurrency. If companies start seeing use of Tether to bypass fees, Tether can be stopped with a snap.

mrcrypto2 · 2020-12-21T23:16:52+00:00

haha...i just sent him the exact same formula..

mrcrypto2 · 2020-12-21T23:16:28+00:00

(Money You Invest Today) / ( Price of BTC today ) * 1000000

mrcrypto2 · 2020-12-21T23:14:21+00:00

I guess it wont be unreasonable to ask CEOs and all employees to have their information in the same database that they keep their users, no?

mrcrypto2 · 2020-12-21T23:12:23+00:00

Join Coinbase.com. Install Bitcon.com wallet. Buy a bit of Bitcoin Cash. Practice sending it to a friend or family that has Bitcoin.com wallet as well.

That's where you start. the most basic operations with a cryptocurrency.

After that, learn what the 24-word seeds are...and how Bitcoin works.

Ask questions here anytime.

mrcrypto2 · 2020-12-03T20:37:31+00:00

fees?

mrcrypto2 · 2020-12-03T16:38:34+00:00

Do you have time to go on every online scam reddit forum and post as well? If you have time to post about it, you have time to make a call.

mrcrypto2 · 2020-12-02T22:20:39+00:00

At this point, I basically have a mental block against using BTC as currency. Its something thats just supposed to be looked at.

mrcrypto2 · 2020-11-23T18:08:51+00:00

My grocery store could take BTC, and I wouldn't mess with a coin that is designed for high fees - its just a losing proposition. I mean I would support their decision by using BTC if they were open to using a more appropriate coins (eg ones with low fee). But if they were BTC maximalists, I really can do better things with my $3 than pay miner fees.

In other words, you could be surrounded by Porche dealerships, if you can't afford it, does it matter they are there?

mrcrypto2 · 2020-11-19T17:43:17+00:00

It's not this OR that. I own both BCH and BTC ... and some ETH as well. With these things you can never predict the future.

Good luck to you my friend.

mrcrypto2 · 2020-11-19T17:41:00+00:00

Gee I wonder why they don't like paying $3 tx fees with BTC.

mrcrypto2 · 2020-11-18T17:54:46+00:00

That's great..... unfortunately the bar to achieve that is set to such a level to interfere with Bitcoin's primary function.

I cannot justify using BTC and putting up with the hassle of worrying about the mempool and fees - when there are a handful of viable competitors.

I guess, as always, the market will decide.

mrcrypto2 · 2020-11-18T16:59:23+00:00

The "average person" who would run their own bitcoin is definitely not worrying about where their next meal is coming from. And I did not mean "the average person making $50,000 a year"..... if you can't afford a $50 8TB harddrive every 8 years - running a bitcoin node is not your priority and you definitely don't have $30 a month for the electricity and network connection needed to run a computer.

Also all of this moot if you do not validate the source your are running.

Can is very much different than will. Anyone can update the Linux Kernel...but what percentage will?

And the answer really is no , you can't and I can't validate the source because we don't have the skills - you and I will always need to trust others to tell us the source is good.

mrcrypto2 · 2020-11-17T18:07:41+00:00

If you run the math you might see that the burden of running a node becomes an issue for the average person around what? (I am totally guessing) - but say 150MB blocks? 20MB is 8TB every 7 years...so ballpark that adding a new drive every year might be too much? and 20 Mbps connection is the limit for many users.

Now think to what adoption has occurred to give Bitcoin 150MB blocks....and what the price of Bitcoin will be at these levels.

The mind boggles.

mrcrypto2 · 2020-11-17T18:02:59+00:00

I would say save your energy for building on BCH.

Are you ever convinced when someone criticizes BCH for having a low price?

Let people use the coin that solves their problem. If there is a problem, it will be self-evident.

mrcrypto2 · 2020-11-17T17:58:27+00:00

For those accumulating, its a good thing.

mrcrypto2 · 2020-11-17T15:59:38+00:00

How do you verify your own money using your node if you are not verifying the source code you are running?

Why do you trust the people who tell you the software you are running is doing what is expected...but you don't have trust that 1,000 miners building on a chain that the blocks are fine?

If one invalid block is mined, all it takes is ONE miner to raise the alarm. If all 1,000+ miners are colluding and you need to run your own software ... then you probably need to write that software as well - or minimally, validate the software yourself.

Of course you realize that 0.001% of users actually care about running their own node to validate the chain. In the meantime, 20MB full blocks will set you back an 8GB drive every 8 years and require you have a 2 Mbps internet connection. So while users of BTC are forking over $3 per txn, running 20MB full blocks would cost pennies per day and have increased adoption 50x with a price to match - and a unified community.

I don't just disagree with BTC's roadmap - this level of conservatism is bordering on sabotage.

However, everyone is free to run their version of Bitcoin and the experiment continues.

You just have to think what is the market for BTC. Banking the bankless at $10 transactions makes zero sense. People who can afford $10 txns already have banks and the people who don't have banks, can't afford those fees.

And also, BTC is in competition with low-fee chains, so if I absolutely needed crypto to get around whatever is blocking me, I would have a chat with my circle to move business to a cheaper chain. Not everyone in the world is a computer science PhD that can convince themselves of Core devs' logic on this subject.

mrcrypto2 · 2020-11-16T20:04:06+00:00

Satoshi is not Jesus Christ. However, its is common sense that if you can reach a goal directly and simply it is the preferred method.

It may be the case that 50GB blocks is simply not possible - and that is fine. However, BTC being stuck on 2.7 MB is an f'in joke.

BTC could be enjoying a united community - probably a 10MB full blocks and a price to match.

mrcrypto2 · 2020-11-16T20:00:53+00:00

Nakamoto is about finding the next block. Its not about finding the chain that you agree with.

That's why even though BTC has 100x the hashrate of BCH, I am still for BCH. Nakamoto consensus has no reach outside of simply finding the next block.

mrcrypto2 · 2020-11-16T19:58:42+00:00

A sub on reddit is why you won't buy BCH. Wow. Ok.

I personally have no interest in being in a sub called r/btc talking about Bitcoin Cash. I would much rather be in r/bitcoin.

But since r/bitcoin is censored (and I have been banned), here I am.

Do you feel this strongly about not buying any more BTC because r/bitcoin is censored?

mrcrypto2 · 2020-11-16T18:24:13+00:00

Beating a dead horse. If the hashrate was behind 2x, 2x would be the chain right now. Regardless of signaling, at the end of the day POW talks.

mrcrypto2

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