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Is bitcoin designed to discourage the exchange of it?
If the entire world used bitcoin as a currency, the rate of bitcoin shrinkage through wallet loss could be high enough to potentially discourage anyone with large amounts of it to not exchange it for anything. If the rate of loss of access to bitcoins is high enough that could provide a better ROI for risk in comparison to investing in economies. Ultimately doesn't this discourage the exchange of it as it provides risk free investment for anyone with the capability to not live pay check to pay check? Should there not be some wallet degradation mechanism that incentivizes circulating money rather than holding on to it?
Debunked: "We don't know what Satoshis opinion was on big blocks or exactly how he expected the Bitcoin design to scale past VISA levels and be usable as money for the entire world"
If the final edition of the design paper itself was not enough to convince you of how Bitcoin is designed to scale, here are Satoshis own less formal explanations.
Satoshi: Long before the network gets anywhere near as large as that, it would be safe for users to use Simplified Payment Verification (section 8) to check for double spending, which only requires having the chain of block headers, or about 12KB per day. Only people trying to create new coins would need to run network nodes. At first, most users would run network nodes, but as the network grows beyond a certain point, it would be left more and more to specialists with server farms of specialized hardware. A server farm would only need to have one node on the network and the rest of the LAN connects with that one node. The bandwidth [required for running a network node] might not be as prohibitive as you think. A typical transaction would be about 400 bytes (ECC is nicely compact). Each transaction has to be broadcast twice, so lets say 1KB per transaction. Visa processed 37 billion transactions in FY2008, or an average of 100 million transactions per day. That many transactions would take 100GB of bandwidth, or the size of 12 DVD or 2 HD quality movies, or about $18 worth of bandwidth at current prices. If the network were to get that big, it would take several years, and by then, sending 2 HD movies over the Internet would probably not seem like a big deal.
The proof-of-work is a Hashcash style SHA-256 collision finding. It's a memoryless process where you do millions of hashes a second, with a small chance of finding one each time. The 3 or 4 fastest nodes' dominance would only be proportional to their share of the total CPU power. There will be transaction fees, so nodes will have an incentive to receive and include all the transactions they can.
The existing Visa credit card network processes about 15 million Internet purchases per day worldwide. Bitcoin can already scale much larger than that with existing hardware for a fraction of the cost. It never really hits a scale ceiling. If you’re interested, I can go over the ways it would cope with extreme size. By Moore’s Law, we can expect hardware speed to be 10 times faster in 5 years and 100 times faster in 10. Even if Bitcoin grows at crazy adoption rates, I think computer speeds will stay ahead of the number of transactions.
The current system where every user is a network node is not the intended configuration for large scale. That would be like every Usenet user runs their own NNTP server. The design supports letting users just be users. The more burden it is to run a node, the fewer nodes there will be. Those few nodes will be big server farms. The rest will be client nodes that only do transactions and don't generate.
While I don't think Bitcoin is practical for smaller micropayments right now, it will eventually be as storage and bandwidth costs continue to fall [on the global market]. If Bitcoin catches on on a big scale, it may already be the case by that time. Another way they can become more practical is if I implement the client-only mode [which uses the "Simplified Payment Verification" described in the design PDF] and the number of network nodes [more rapidly] consolidates into a smaller number of professional server farms. Whatever size micropayments you need will eventually be practical. I think in 5 or 10 years, the bandwidth and storage will seem trivial.
It would be nice to keep the blk*.dat files small as long as we can. The eventual solution will be to not care how big it gets. But for now, while it's still small, it's nice to keep it small so new users can get going faster. When I eventually implement client-only mode, that won't matter much anymore.
It can be phased in, like: if (blocknumber > 115000) maxblocksize = largerlimit It can start being in versions way ahead, so by the time it reaches that block number and goes into effect, the older versions that don't have it are already obsolete. When we're near the cutoff block number, I can put an alert to old versions to make sure they know they have to upgrade.
Civil discourse on MinPoW, MaxPoW and the Bitcoin design. Where do you stand?
I thought I'd take the temperature of this sub (keeping in mind there may be bot voting and sock accounts also participating) to see where things are leaning currently in the online community.
Would you support a miniority PoW chain if it forked away from certain unliked miners before they had in terms of network activity harmed the network?
Would you never support a fork that left the majority of the hashpower behind?
Do you support the Bitcoin design, including scaling per the white paper and Satoshis explanation of the expected Usenet-like industry consolidation?
Edit: This didn't get far... Seems I have two different sets of downvoting bots following me around now. First the anti-ABC bots and then the anti-NChain/Craig bots. Core bots are probably still active as well, but no idea how they would vote on this.
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A week ago I shared my physical bitcoin design with reddit (Kialara), and sold 90 units in the hours that followed - hundreds more since. Yesterday Paypal warned me my customers weren't paying me properly, and my account was in jeopardy. Today they froze my account.
Understanding and Designing for Trust in Bitcoin Blockchain Irni Eliana Khairuddin This thesis is submitted for the degree of Doctor of Philosophy School of Computing and Communications April 2019 Abstract Bitcoin is a cryptocurrency that has created a new revolution in peer-to-peer technology. Built upon decentralised technology known as Blockchain, it supports transparent, fast, cost ... Designing Bitcoin for Everyone. Square Crypto. Jul 15, 2019 · 3 min read. Why just design a single company’s product when you can help design the future of money? UPDATE: Please see our June 24 ... Our contributions. Conceptually, our work provides the missing piece that simultaneously allows (1) designing protocols of fair secure computation that rely on Bitcoin (and not a trusted central bank), and (2) designing protocols for fair lottery on Bitcoin that use secure computation (and not a trusted gambling website). Our model of fairness is essentially the same as in [4, 73, 69, 3] in ... Bitcoin, far from being a model for a cooperative economy actually epitomises a dog eat dog capitalism where nobody cooperates and nobody trusts anyone else. Footnotes. Bellamy, E. (2003 ). Looking Backward: 2000-1887. Broadview Press. Huckle, S. and White, M. (2016). Socialism and the Blockchain. Future Internet 2016, 8, 49. Knapp, G. F. (1924). The state theory of money. History of ... Designing user interfaces for applications leveraging blockchain technology is an exciting challenge and a totally new experience. The closer you get to it, the more it opens up a new set of possibilities. In many ways, blockchain technology brings a real transformation, and when aligned with design thinking could be a catalyst for a new wave of user experiences that may very well change how ...
Bitcoin Design Principles - IDEO Lab presentation by Andreas M. Antonopoulos
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