https://www.intabli.com
Password-protected resume! (Not really secure).
10 karma · joined March 20, 2017
Password-protected resume! (Not really secure).
As for what’s feasible and evidence on it, I assure you, Edison had no clue that the internet will one day be born out of his electricity inventions and that it will be mostly used for porn, so sit back, relax and enjoy the next 100 years of untold human history.
If you’re interested in some work being done on such larger blocks, you’ll enjoy this presentation:
-) Did your article discuss miner profit from finding Bitcoin?
-) Did you mention that Bitcoin’s emission halves and will eventually end?
-) Did you mention that miners profit from including transactions?
-) Did you mention that transactions become the SOLE source of income once all Bitcoin is mined in around a century from now?
-) Did you mention that BTC is a version of Bitcoin which allows only for a maximum of 200k transactions every ten minutes?
-) Did you mention that the original design should allow for millions (and billions 30 years from now) of transactions every ten minutes?
-) Would such a huge number of transactions processed render miners more profitable than your calculation?
-) Would revenue from fees be much higher than the 1-2% you mentioned miners currently do?
-) Does omitting the above facts render your article possibly half-factual?
That’s the argument behind unlimited on-chain transactions.
If you measure value as a consequence of utility, they’re certainly far more valuable than BTC (BSV however is a corp coin and has weird copyrights so I wouldn’t touch it with a stick).
https://satoshi.nakamotoinstitute.org/posts/bitcointalk/485/
Crypto is still very, very, early. I assure you of that.
So when you discuss miners, on a network DESIGNED to emit less Bitcoin and change to transaction fees down the line, it’s ultra important to note that this actually working vehicle exists and the same miners protecting the speculative vehicle are also protecting the working one. And when calculating for the working one, miners are set to be some of the richest businesses on the planet, even when ALL Bitcoin has been already mined, a 100 years from now.
When you on the other hand can process millions of transactions every block (and scalable as needed), you’ll charge far less per transaction while still allowing miners to generate a huge (and ever growing) revenue, while also enabling most of the planet to transact next to free.
From an environmental perspective, if you divide the hash rate environmental impact on a mere 200k transactions every ten minute, the carbon foot print per transaction would seem absurdly high. Do the same calculating for millions of transactions every ten minutes, and you’ll arrive at a far better environmentally friendly figure.
It’s like someone saying “Look at how wasteful this car limited to 20MPH is! All cars are wasteful!”. No, not all cars, especially that the original design explicitly said to scale the engine as more speed is needed.
On an actually uncapped Bitcoin instance, Blocks (Block size) and transaction fees will grow exponentially, rendering all such “Bitcoin is environmentally terrible” and “Miners aren’t profitable” calculations absurdly wrong.
Other instances exist that are chugging along flawlessly and are set to help miners grow their revenue with on-chain transaction fees growth: DYOR.
Of course, BTC Maxis lead by companies set to profit from such an artificial limit on Bitcoin (hint: they often peddle L2 solutions) would hate for you or anyone to understand and study those facts.