Bitcoin being Bitcoin (was Re: the crashening)

[chan3] Bitcoin
Dec 7 23:27

It's already at 350 sat/byte and rising according to btc.com (grain of salt as they're a mining pool and fees are their source of income) https://btc.com/stats/unconfirmed-tx SO WHAT. We've seen fee fluctuations before. This doesn't alter any of the fundamentals of the system.

[chan] Bitcoin
Dec 7 23:54

Bitcoin is fundamentally centralized. It cannot scale. The more users, the faster the blockchain grows, and the more centralized it must become to continue functioning. Blockchain cannot scale. There is no trick to make it scale. As a blockchain grows, you will eventually exceed the limits of computational power to keep the system running, and you must start dropping the blockchain. As the volume of inputs to the blockchain increases you must split the blockchain into new, separate chains that cannot interact. It does not scale. Blockchain eventually grows into a central database or forks toward multiple central databases.

[chan] Bitcoin
Dec 8 00:01

I should remind you that main invention of Bitcoin is technical: it's a monetary system that allows anyone to join and use it (that is, transfer the damn money) without relying on a powerful third party. Exchange market fever is irrelevant bubble on a new unregulated and gravity-less arena. If Bitcoin starts being pain in the ass as a money transfer system even for big willing adopters (see Steam announcement), it becomes a pure gaming fraud.

[chan] Bitcoin
Dec 8 13:10

In bitcoin you may prune old blocks. You may only archive directory data/chainstate and data/blocks. Example rev00910.dat has 16MB blk00910.dat has 128 MB chainstate dir has ~4 GB

[chan] Bitcoin
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