On Fri, 30 Jan 2015, Nick Simpson wrote:
This has been discussed before. I believe most people don't expect Bitcoin to replace all of the various methods of payment. Scalability is always a concern, just not to the level of Alipay this year (or the next or the next for that matter.)
Yes, that about summarizes it.The block chain is a single channel broadcasted over the entire world, and I don't believe it will ever be possible nor desirable to broadcast all the world's transactions over one channel.
The everyone-validates-everything approach doesn't scale. It is howeveruseful to settle larger transactions in an irreversible, zero-trust way. That's what makes the bitcoin system, as it is now, valuable.
But it is absurd for the whole world to have to validate every purchase of a cup of coffee or a bus ticket by six billion others.
Naively scaling up the block size will get some leeway in the short term, but I believe a future scalable payment system based on bitcoin will be mostly based on off-blockchain transactions (in some form) or that there will be a hierarchical or subdivided system (e.g. temporary or per-locale sidechains).
Wladimir
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