Bitcoin Cash will overtake Bitcoin – Vinny Lingham

NarrowBandFtw

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Feb 1, 2008
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Ah he's actually talking about adoption as a payment method, not just the latest bubble speak of which will have the higher USD exchange value.

That's a much more interesting topic.
 

aybbleek

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Honestly at the rate of development in the cryptocurrency space, I wouldn't be surprised if a new digital/crypto currency overtakes both Bitcoin and Bitcoin Cash as the preferred payment method.
 

konfab

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Jun 23, 2008
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Honestly at the rate of development in the cryptocurrency space, I wouldn't be surprised if a new digital/crypto currency overtakes both Bitcoin and Bitcoin Cash as the preferred payment method.
The cryptocurrency that I think will nail it will be Telegram's attempt.
 

lestoran

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Dec 30, 2007
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817
Thats 100% nonsense.

Scaling using bigger blocks is a band-aid solution. It is simply not possible to get to say VISA level scale by just making blocks bigger. Eventually the blocks will simply take too long to propagate across the network. On top of that 10 minutes confirmation is too slow for commerce.

2nd layer solutions like Lightning network on the other hand CAN scale to the required level. I have seem it in action 1st hand and it takes about 2 seconds for a transaction to confirm. Cost under 20 cents (us) and likely to come down as the network grows.

I DO wish Bitcoin did in fact increase blocksize to at least 4gb in 2017 because:

1) Lightning is not live yet and the network is expensive and slow as sh*t.
2) Eventually they will have to do it anyway even with Lightning if it grows enough.
3) It caused unnecessary community split and some ugly hostility.

So I understand why Bitcoin cash was created - out of frustration with the state of the current network and the refusal of core devs to do what is needed now. Its just not a long term solution.
 

ajan

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Joined
Jun 18, 2012
Messages
595
Thats 100% nonsense.

Scaling using bigger blocks is a band-aid solution. It is simply not possible to get to say VISA level scale by just making blocks bigger. Eventually the blocks will simply take too long to propagate across the network. On top of that 10 minutes confirmation is too slow for commerce.

2nd layer solutions like Lightning network on the other hand CAN scale to the required level. I have seem it in action 1st hand and it takes about 2 seconds for a transaction to confirm. Cost under 20 cents (us) and likely to come down as the network grows.

I DO wish Bitcoin did in fact increase blocksize to at least 4gb in 2017 because:

1) Lightning is not live yet and the network is expensive and slow as sh*t.
2) Eventually they will have to do it anyway even with Lightning if it grows enough.
3) It caused unnecessary community split and some ugly hostility.

So I understand why Bitcoin cash was created - out of frustration with the state of the current network and the refusal of core devs to do what is needed now. Its just not a long term solution.
4gb? Damn, you got a $5mil node to run that network?

Joking aside, rather optimise business use (segwit, batching) than allowing businesses/exchanges to spam the network with multiple txs. Once all of those methods are at a reasonable adoption level, then decide whether to increase block size.

You don't want to end up like ethereum.
 

lestoran

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Joined
Dec 30, 2007
Messages
817
4gb? Damn, you got a $5mil node to run that network?

Joking aside, rather optimise business use (segwit, batching) than allowing businesses/exchanges to spam the network. Once all of those methods are at a reasonable adoption level, then decide whether to increase block size.

You don't want to end up like ethereum.
LOL I meant 4MB!

I do agree there needs to be a balance - just blatantly scaling block size all the time means there's no incentive to work more efficiently or create 2nd layer solutions.

Just right now its more than 'just a little slow' - even 2Mb would help a lot.
 

Slootvreter

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Joined
Aug 7, 2008
Messages
29,336
Ah he's actually talking about adoption as a payment method, not just the latest bubble speak of which will have the higher USD exchange value.

That's a much more interesting topic.
Yeah, schitty headline makes him sound like he's just licked Roger Ver's balls.
 

Temujin

Executive Member
Joined
Apr 18, 2015
Messages
9,249
Meh, CNBC, Ver & Cos shilling platform
BCH has the exact same problems as BTC, block size is not a solution, it just creates another problem. Only reason its faster and cheaper at the moment is cos its a dead coin, no development, no transaction volume, not bidding wars, and from what I can tell, only trading done is from Vers bots which buy when btc has buy volumes to keep the price up. If it suddenly got used, it will grind to a halt and spike in price too. BTC cost less than a cent to send when it was doing the volumes BCH currently does. In the long run, BCH cannot work, doubling block size does not work.
 
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