Money and State
Money and State
"Give me control of a nation's money, and I care not who makes its laws."

Posts tagged "scaling"

Thoughts on SegWit2MB (aka SegWit2x)

***** Update June 2017: The basic concept behind Lerner's SegWit2MB has evolved into "SegWit2x" and an agreement reached by many important industry participants at Consensus 2017 in New York in May.   All the arguments for, and my endorsement of, SegWit2MB apply equally to SegWit2x. I am hopeful SegWit2x finally breaks the impasse that has afflicted Bitcoin for 2+ years. ***** On March 31, Sergio Lerner and...

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The Parable of Alpha – A Lesson in Network-Effect Game Theory

This is a followup to my recent post on the True Cost of Bitcoin Transactions. A legion of Twitter trolls has been yelling at me, proclaiming that “since people are willing to pay higher prices, that proves Bitcoin’s value is growing.” This is actually a common sentiment among those who believe that blocks filling up is “no big deal.” As space gets tight, the argument goes, the transaction fees rise...

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The True Cost of Bitcoin Transactions

It seems the Bitcoin community is not correctly tallying the true cost of Bitcoin transactions. The belief is that Cost = Miner Fee. We’ll show why this is wrong, but the fee is of course part of the cost, so let’s examine it first… Fees are currently averaging in the range of $0.30 to $1.00 per transaction. Here’s an anecdotal sample as I’m writing this: Block #451871   $1,287 in fees...

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