If we want people around the world to start using bitcoin

Mon Jun 20, 2016 1:08 pm

If we want people around the world to start using bitcoin instead of something else, Bitcoin needs to be significantly better. That means, cheaper, faster, safer, and easier than the competition. With the artificial block size limit, Bitcoin is losing ground in the cheaper, faster, safer aspects. Transactions are starting to cost more, take longer to confirm, and have a much longer double spend window than they did previously. We need to do everything we can to make Bitcoin as useful as we possibly can. Artificially limiting the transactional throughout does the exact opposite of what we are trying to accomplish.

Just my 2 bits.

kingscrown · Mon Jun 20, 2016 3:37 pm

I have made a local B2B company trading with Saudi Arabia containers to use BTC instead of wires around month ago

patrick.miller · Mon Jun 20, 2016 6:09 pm

This is an old post.

Mon Jun 20, 2016 6:18 pm

Thanks for chiming in, but I respectfully disagree.

Segwit is not just around the corner. I suspect it will still take several more months.
Segwit isn't a scaling solution. Based on our previous rates of growth, segwit would only buy a few extra months.
I'm waiting eagerly for the layer two scaling solutions just as much as anyone, but they are likely still years away from being ready for the masses. YEARS!
Adding additional capacity via a block size increase would help the entire ecosystem grow to accommodate new users and businesses, and doesn't hurt anything except for the pride of the current core developers.
There is a reason the CEOs of nearly every major bitcoin company are screaming for it.

patrick.miller · Mon Jun 20, 2016 6:44 pm

I agree with you in many ways, but would prefer to see the positive direction being made as a community rather than insist upon a blocksize increase based approach. We've been down this path before and it is very destructive for the community.

There have been a number of scaling solutions developed that are off-chain, including wide access now to Bitcoin Debit cards around the globe, the micropayment channels wallet service developed by 21Inc which is now deployable, and furthermore many companies are preparing for increased layer 2 solutions such as KeepKey Inc acquiring MultiBit in preparation for SegWit.

So many positives and all this while maintaining the lightweight blockchain that is Bitcoin. I guess I am just being too positive though.

iFixBTCmemoryIssues · Mon Jun 20, 2016 7:17 pm

If we want people around the world to start using bitcoin instead of something else, Bitcoin needs to be significantly better. That means, cheaper, faster, safer, and easier than the competition. With the artificial block size limit, Bitcoin is losing ground in the cheaper, faster, safer aspects. Transactions are starting to cost more, take longer to confirm, and have a much longer double spend window than they did previously. We need to do everything we can to make Bitcoin as useful as we possibly can. Artificially limiting the transactional throughout does the exact opposite of what we are trying to accomplish.

Just my 2 bits.

You have to let Bitcoin run free!!!!!!!!!

Instead of building businesses, these greedy people seek to tax it which will never work out. People will leave for other solutions that are fast and free.

iFixBTCmemoryIssues · Mon Jun 20, 2016 7:33 pm

Roger, for the love of Satoshi, would you please stop stirring up emotions in r/btc whenever you get all antsy for scaling solutions? Everyone knows SegWit is around the corner and there are a number of scaling options in development, one of which is micropayment channels via 21 Inc wallet. You could use your significant influence to calm markets and calm people down rather than trying to get the pitchfork mobs going.

The Bitcoin halvening is less than 3 weeks away and the Ethereum market just crashed because of some shit code. Everything is fine. If you want a tx cleared in one block, it takes a 10 cent fee.

Perhaps Satoshi Dice and other high-volume low-value tx services should move to the 21inc micropayment channels: https://21.co/learn/21-micropayments/#overview

I've spoken to a lot of non-Bitcoin users in the past week and have asked them a variety of questions. All of them said they would use an alternative to Bitcoin. I hear the same thing over and over, "I would leave for something better that's free".

As for Segwit, it provides only 1.5MB of block-space (at least 3MB is needed and can be safely done).

A merchant of Ethereum (TheDAO) had a set-back for sure, the Ethereum network is fine. I am extremely impressed with the way Vitalik has handled this downswing. It shows me as an investor and supporter that I am comfortable in sending business to Ethereum. The support amongst all those involved is truly out-standing and sets a great example of how people need to work together.

I believe other investors feel the same in regards to Ethereum, we are just glad this happened at $20 and not at $200. We're set to make a fortune off this disaster (20% gain already), so any losses will be more than recouped!!!!!!!!!

There are always going to be bugs in other peoples software and developers must do a better job at auditing their code. I have mentioned this so many times on this forum.

As it stands, Ethereum itself is good, a side-project "TheDAO" is not good. I do not advise anyone to continue investing into TheDAO, only buy Ethereum (ETH) itself!

iFixBTCmemoryIssues · Mon Jun 20, 2016 7:35 pm

I agree with you in many ways, but would prefer to see the positive direction being made as a community rather than insist upon a blocksize increase based approach. We've been down this path before and it is very destructive for the community.

There have been a number of scaling solutions developed that are off-chain, including wide access now to Bitcoin Debit cards around the globe, the micropayment channels wallet service developed by 21Inc which is now deployable, and furthermore many companies are preparing for increased layer 2 solutions such as KeepKey Inc acquiring MultiBit in preparation for SegWit.

So many positives and all this while maintaining the lightweight blockchain that is Bitcoin. I guess I am just being too positive though.

Bitcoin needs to remain P2P as it is with a blocksize increase, you can't add payment channels, Segwit etc. (it will ruin your business model, nobody will use it). You guys are going to be scratching your head saying something like, "well, it looked like a good idea, why is nobody using it?".

Time will tell.