Bitcoin Attacked, Fees Up 25x, Peaks of 200TPS: A Post-Mortem

Interesting fact // It would cost ~$2.5M annually to flood the network and make it barely usable. That is petrifying to think about how easily crushed it could be. Forgetting about banks and regulation squandering it's growth, this can be done by any corporation with a hunch. Core developers are under a lot of pressure, but with any new tech evolving, panic is not the best way to create decisions.

"Bitcoin solved the Byzantine Generals problem, but it hasn’t solved the Byzantine Core Developers problem."

Great article.

Given this spam attack, do you think it's a realistic goal for BTC to displace traditional payment networks. Visa routinely handles 2000 TPS. At this volume, wouldn't miner fees =~ cc fees?

Thanks! I do, but there needs to be some evolution for the protocol to adapt while still maintaining relatively low fees. Not sure if it'll be Lightning Network, bigger blocks, and/or IBLTs, but I know what it won't be: bitcoin-core 0.11, as it exists today.

"$4,536 a day buys you a Bitcoin denial of service attack."