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Bottlenecks of the bitcoin systemBitcoin's Real Bottleneck - CoinDesk
At the beginning of November, one of the longest running and recognized technical conferences in the blockchain sector hosted its conference in partnership with The University of Stanford: Scaling Bitcoin. For the fourth time, Scaling Bitcoin brought together academics, developers and entrepreneurs from across the blockchain ecosystem, many of whom have been in the thick of cryptocurrency ideas and development for years.
Immediately notable to CoinDesk Editor-in-Chief Peter Rizzo was that despite this rare concentration of industry veterans, discussion largely ignored much of the latest hot button drama dominating the cryptocurrency news cycle.
While the conference stayed true to name with presentations focusing on possible Bitcoin Core optimizations and layer 2 proposals, the controversial topics of forks and block size were seldom touched on during the course of the conference. Participants showed little apprehension for seemingly pressing controversies such as the Segwit2X fork, and most attendees, including myself, were confident that it would be dead upon arrival. A belief and attitude that was quickly validated when 2X was canceled the very week after the end of the conference.
As a result, and for better or worse, bitcoin would not increase its base block size. The incompatible vision of much larger block size limits for bitcoin would for now embody itself only in the bitcoin cash blockchain. This has led to many predictions that bitcoin cash and other alternative cryptocurrencies will overtake bitcoin as its block size limit becomes a bottleneck for adoption. However, that is not to say that attendees were not vocal about any pressing technological challenges.
If the wide ranging topics of presentations were of any indication, far from it. But one way or another all participants did agree on a single, much wider, and more fundamental concern for scaling this still nascent ecosystem: a drought of quality developer talent. This ensemble of technical experts delivered a crash course covering everything from the cryptographic fundamentals of bitcoin, to the theory and implementation of second-layer networks.
The latter featured a live and interactive demonstration of the Lighting Network software on testnet by Dryja himself, co-author of the original white paper. That would be awesome. This playful yet earnest response reveals the true bottleneck for scaling bitcoin and blockchain technology. Like all things it is time, the scarcest of all resources.
We have no control over the passage of time, but what we can do is better leverage it. Finding, encouraging and developing more of those unreasonable individuals whom all progress depends upon is the only way to bring the future closer and faster.
I am the only dev behind Zap and I only spend time I can afford to spend. We need more hours in the day. Given the central importance of layer-two development in the ongoing scaling debate , the fact that there are only 10 full-time developers working on the Lightning Network should be a dramatic wake up call for many. But the problem of unmet demand for developer talent in the cryptocurrency ecosystem runs even deeper. Conferences such as Scaling Bitcoin are hallmarked by their uninterrupted lineup of presentations on some of the latest areas of research and development.
However, many know better. Take Segregated Witness, which despite extensive support from the open-source developer community, took three years to implement and activate on the bitcoin blockchain after its initial proposal. Building even the seemingly simplest program or feature always reveals hidden complexities and subset problems which must be painstakingly addressed and solved.
When production is complete, the finished goods are stored in inventory. The inventory cost is transferred to cost of goods sold COGS when the furniture is sold to a customer. If there is a bottleneck at the beginning of production, the furniture maker cannot move enough raw materials into the process, which means that machines sit idle and salaried workers are not working productively, creating a situation of underutilization of resources.
This increases the cost of production, as well as presents a potentially large opportunity cost , and may mean that completed goods do not ship to customers on time. A bottleneck affects the level of production capacity that a firm can achieve each month.
Theoretical capacity assumes that a company can produce at maximum capacity at all times. This concept assumes no machine breakdowns, bathroom breaks, or employee vacations.
Because theoretical capacity is not realistic, most businesses use practical capacity to manage production. This level of capacity assumes downtime for machine repairs and employee time off.
Practical capacity provides a range for which different processes can operate efficiently without breaking down. Go above the optimum range and the risk increases for a bottleneck due to a breakdown of one or more processes.
If a company finds that its production capacity is inadequate to meet its production goals, it has several options at its disposal. Company management could decide to lower their production goals in order to bring them in line with their production capacity.
Or, they could work to find solutions that simultaneously prevent bottlenecks and increase production. Companies often use capacity requirements planning CRP tools and methods to determine and meet production goals.
A variance in the production process is the difference between budgeted and actual results. Managers analyze variances to make changes, including changes to remove bottlenecks. If actual labor costs are much higher than budgeted amounts, the manager may determine that a bottleneck is delaying production and wasting labor hours. If management can remove the bottleneck, labor costs can be reduced.
A bottleneck can also cause a material variance if materials are exposed to spoilage or possible damage as they sit on the factory floor waiting to be used in production. Bottlenecks may be resolved by increasing capacity utilization , finding new suppliers, automating labor processes, and creating better forecasts for consumer demand.
And if you question the merits of Bitcoin versus fiat currencies you will be deluged in doubts. Bitcoin … Its just an invented intangible idea. Somebody very clever suggested if you made anything scarce, no matter how intangible, then it has a value. Someone very smart called it Bitcoin and persuaded people to buy fresh air in a can. Bitcoin is the first decentralized cryptocoin ever built on top of a blockchain.
It was created by an anonymous person or group of people with the nickname Satoshi Nakamoto in as an open source project. To understand the Bitcoin blockchain we can imagine a book, where each page number contains a signature that can validate the content of that page and its previous one. This signature is computed by an algorithm known as SHA and cannot be reversed.
Back to the example with the book: if we tear out a page from the book, we can easily understand that a page is missing. The same is with adding an inexistent page. All the pages are copied between members of the chain, and this is why the Bitcoin Blockchain is considered a distributed network. Bitcoin is an open source project maintained by a developer team with over active contributors. The code of the chain is available on Github.
The main purpose of Bitcoin was decentralized but trusted, low fee money transactions between people and businesses around the world. Nowadays over It is an electronic nothing that is backed by nothing. Bitcoin itself is a bit of a Ponzi scheme. It has been going up in value, because it has been going up in value and sometimes that is spurred by mistrust of governmental or other institutional actions.
That gets more and more people interested in it. Furthermore, cryptocurrency technology could be the very mechanism used by global elites to replace the dollar based financial system. Blockchain does not exist in the ether despite the name of one cryptocurrency and it does not reside on Mars. Blockchain depends on critical infrastructure including servers, telecommunications networks, the banking system, and the power grid, all of which are subject to government control.
The ATMs will use palm scans to identify users and enforce the limit, which is also designed to prevent problems with anti-money-laundering laws. Let him who has understanding calculate the number of the beast, for it is the number of a man: His number is Revelation Former German Economics Minister Karl-Theodor zu Guttenberg has been involved with the Ripple cryptocurrency, which made a deal with American Express three years ago see Amex launches blockchain-based business payments using Ripple: Prelude to the Beast and ?
American Express just announced a deal with Ripple related to using its blockchain technology. No longer confined to Bitcoin, blockchain technology is moving towards the mainstream.
Former German Economic and later Defense Minister, Karl-Theodor zu Guttenberg has long been an adviser to Ripple and has plans for internationally-expanding the use of blockchain money. Jim Rickards, Doug Casey, and others have expressed concerns that blockchain money will give governments too much control over buying and selling.
Could any of this be related to biblical prophecies in the Books of Daniel and Revelation? Could any of this help fulfill the prophecies related to buying and selling and in Revelation 13? Thiel addresses these issues and more. Here is a link to our video: Blockchain, Karl Guttenberg, and Bitcoin has never been backed by anything other than the desire of many to use it to trade or speculate with. Crypto has made its own place in the world by making an amazing leap forward as a medium of exchange, with thus far unrivaled capabilities.
But crypto is not gold, and can never be gold. I suggest that BTC and Crypto are better as a medium of exchange, while gold is a better medium for storing value.
This is not because of some dogma I have for the metal. The simple fact is, out of the near , tons of estimated above ground gold, someone owns, all of it. Every fine gram of gold above ground belongs to someone already, whether that be in the form of bars, coins, jewelry, the thin layer on astronauts helmets that protect them from solar radiation, or the gold plated contacts in the mining rigs used to mine crypto.
New gold mined from the ground is usually spoken for before it ever hits a refinery. My job as a physical gold fund manager is not to convince people to buy gold, that job has already been done.
Everything else can. Mining Pools. You name it. If you blew up the planet earth, the gold atoms would still be there. It is sort of like a battery with no expiration date. Gold exists as atomic number 79 on the periodic table. It is chemically inert and does not interact with oxygen. It is the only element with properties that make it completely immune to the forces of entropy. The only way to destroy it would be to fire it into the sun, or somehow put it in the middle of an equivalent fusion reaction that took the atoms apart at a subatomic level.