[Cryptography] Standards Trolls: Re: Bitcoin is a disaster.

jrzx jrzx at protonmail.ch
Sun Jan 10 22:23:40 EST 2021


> > It is inevitable that sooner or later a crypto currency will
> > replace the US$. Bitcoin is already making a significant dent
> > in it.

On Sunday, January 10, 2021 6:45 PM, John Levine <johnl at iecc.com> wrote:
> Reality check: the total value of all bitcoins at today's stupendous
> price is about $700 billion although estimates say at least 20% of
> that has been lost, and most of the rest is in large wallets that make
> no transactions. There is about $2 trillion in US cash, and $17
> trillion in US bank deposits.
>
> Bitcoin as we all know is limited to 10tps. Credit card networks
> handle about 11000tps all day every day. It's three orders of magnitude
> higher.

Not all day every day.  You are comparing the burst rate on visa with the steady rate on bitcoin.  It is more like two and half orders of magnitude higher.

> > will need a crypto coin that enables seven billion people to buy a lollipop.

> No kidding. I'm not holding my breath, although in Africa M-Pesa comes surprisingly close.

I have, on paper, a design that can support visa volume transactions at on a moderately well connected computer.  It is yet another variant of one of many blockdag designs that can also support visa volume transactions on a moderately well connected computer.  I think my design will be somewhat more efficient, but at present there is no valid comparison data.  We are not short of designs on paper.




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