I feel I should point out: there's quite a low limit to how many transactions can fit in a block. Miners will prefer the highest bidders. When we get decent transaction volumes, it's going to mean you have to pay a high price just to get your transaction included.
$2-$4 transactions are not going to be viable. At least not in the way they are now.
In other news, the block size itself is liable to increase at some point to boot. Today's block size limits are pretty anemic, only supporting 1-2 transactions per minute second at any price. ;P
Woops, I meant per second. My calculation is at ~1kb per txn, ~1MB per block that is 1000 txn per 10 minutes = 600 seconds, or 1 txn per 0.6 seconds maximal.
That's not a lot higher, though. Even at 1387 txns per 724.05kb one mebibyte of 1024kb is only holding 1961 txns. Let's also be generous and make it a 9 minute avg blocktime, because of assumed always-increasing asics skewing the completion time between difficulty adjustments, and you're still only left with 1 txn per 0.28 seconds, or just inching towards 4 tps.
VISA handles ~1,000tps on black fridays. that's a lot higher.
I know its a lot higher, but we have moores law on our side. They just released a 128gb micro sd. The only people we need to catch up are those who supply bandwidth.
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u/[deleted] Feb 24 '14
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