Have a look at this chart....this is how Bitcoin2 will work in the future.Bitcoin2 is not ERC20 , Bitcoin 2 is its own blockchain with replay protection. Users who have BTC will get as many Bitcoin 2s as the amount of Bitcoins that they have 1 for each 1.
NYT headline: "How Bitcoin Is Disrupting Argentina’s Economy". Body text: "The number of Bitcoin users in Argentina is relatively small; it barely registers on most charts of global Bitcoin usage." The interviewee also claims "street-smart economics. Not the complex Ph.D. economics."
[uncensored-r/Bitcoin] A comparison chart for new users
The following post by On_A_Paper_Throne is being replicated because the post has been silently removed. The original post can be found(in censored form) at this link: np.reddit.com/ Bitcoin/comments/7luv3i The original post's content was as follows:
Block Time Target
Transactions Per Second
1MB block size limit. Up to 1.7MB “effective” capacity, assuming 100% adoption of Segwit (currently ~10%). 250,000-425,000 transactions per day 2.9-4.9 transactions per second
24 per second with full blocks, blocks have not as yet been full on the Bitcoin Cash chain in order to test this.
At present it is 1000 satoshi per byte to get included in the next block. The average Bitcoin transaction is about 250 bytes. An average 250 byte transaction currently costs $38.52
At present transactions will be included for 1 cent or less however the median fee is around 5 cents.
Average Transaction Confirmation Time
Unpredictable and highly dependent on the included fee. Low or economy fee transactions may never confirm. At present a fee to ensure inclusion in a block is ~$38
10-15 minutes. Confirmation time is variable due to hash rate fluctuations. Fees of even $0.01 work for inclusion in the next block but some wallets use high fees by default.
Due to increased fees a significant percentage of addresses have unspendable balances. If the balance of an address is less than the fee it isn't economically realistic to spend that balance. If a wallet has a high balance , but multiple small inputs it may not be possible to spend those funds either. EG : In the past when fees were lower you sold a VPN service for $20, you accepted BTC. You had 1000 clients who used this option. That is $20000. The number of small inputs may result in very large minimum transaction fee to exchange or consolidate your funds
Virtually no unspendable amounts of Bitcoin Cash exist at present
One team with 3 individuals that have authority to commit code.
Multiple teams with multiple individuals in each team able to commit code. Consensus within and between teams must be reached. Users are not forced to adopt an individual rogue teams vision. Alternatively users are also free to adopt a client that offers new and needed features if there is discord amongst teams. Users have an influence
Small blocks ensure underpowered hardware can function as a node maintaining decentralization. The planed lightning network does however already show signs of centralization on the TestNet. Central hubs are already forming without the capital and hardware investment that will be required in the future to guarantee uptime, routing and throughput. Looking at the force graph on the lightning network TestNet. (https://explorer.acinq.co click force graph)
Large blocks have no proven influence on network centralization. The average home PC can more than easily cope with 8Mb blocks. Each open tab of your web browser is over 1.5 MB on average. The memory required for chrome is 1-1.5GB with a few tabs open. If your PC cant run a node with large blocks you probably shouldn't be browsing the net with it.
Many large industry leaders and companies are using or investigating Bitcoin Core. At present it has the largest market share. Over the last 12-18 months business adoption has declined and many previous use cases have ended due to fees and transaction difficulties. Many companies that previously accepted Bitcoin as a payment option have quietly dropped it. (EG: Steam) Banking and insurance investment in the development process via BlockStream is on public record
Since its release a steady increase in adoption has occurred, primarily due to Bitcoin Cores decline. Predictable cheap fees and familiarity with the underlying protocol has allowed Bitcoin Cash to gain some market share. Development investment is from individuals and companies. Submissions and influence and support can come from outside the main development teams. EG: BitPay requested an address format change that will be included in January. This will resolve user confusion surrounding address formats.
06-12 21:32 - '[quote] Not OP, but I'll shed some light here. / [Here's a chart] of MySpace's user growth. Note that this doesn't show 20%/month user growth as it approached failure, but **that isn't the state of Bitcoin either**: Bitcoin...' by /u/ICheckedOut removed from /r/Bitcoin within 14-24min
2) Please explain how a currency that has grown over 300% in the first half of this year, alone, indicates a "flailing community". Next, please also attempt to fit this into a metaphor which correlates Bitcoin to Myspace. Do you think MySpace was growing at a rate of over 20%/month as it approached failure?
Not OP, but I'll shed some light here. [Here's a chart]1 of MySpace's user growth. Note that this doesn't show 20%/month user growth as it approached failure, but that isn't the state of Bitcoin either: Bitcoin's user growth hasn't been 20%/month, it's price may be. But that's not user growth. In the linked chart, you can see that MySpace and Facebook were on similar percent-increases from August 05 to March 07. Then they were on similar user-quantity increases (the lines are parallel) for the next six months. Then during 08, MySpace continued to grow, but percent growth for Facebook blew it away. MySpace Monthly Visitors didn't begin declining for good until 09. So that's four stages. And bitcoin vs ethereum price can be evaluated in those same four stages. They used to move together quite a bit, percent-wise. Beginning in Feb/March, ethereum began notching percent gains much greater than Bitcoin, while Bitcoin continued to gain. That's stage 3. We could be entering stage 4, where ETH finally surpasses BTC (in market cap and other significant measures). And then it could be the end of the golden age of Bitcoin. Nobody knows what will happen, but I think the way to avoid it is for Bitcoin to have strong leadership to "right the ship". But as you indicated in your first bullet, that's pretty much impossible. Edit: Note that just into stage 2, that $580M investment in MySpace was [rumored to be in negotiations for a $12B valuation]2 . So somehow it went from 580M to (ballpark) 12B to 35M in 6 years. Stage 4 is brutal to value, as it plummets. This is because much of the value is in the "promise" of future growth, but when you are in decline, you not only are losing real value, you are also rapidly losing potential value, as future growth numbers are no longer believable. ''' Context Link Go1dfish undelete link unreddit undelete link Author: ICheckedOut 1: http://static4.businessinsider.com/image/4e0b9dfaccd1d5396d1c0000/chart-of-the-day-myspace-unique-visitors-june-2011.jpg 2: tec*crunch*com/20**/**/*9***-myspace-wor*h-**-bill*on/ Unknown links are censored to prevent spreading illicit content.
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