I did 448 financial transactions in December: let’s be real about scalability requirements

Source : I did 448 financial transactions in December: let’s be real
about scalability requirements
I have become obsessed with Bitcoin scalability. I believe that this project has a grand mission: to create and guide the evolution of a secure, decentralized (and self-funded & governed) backbone for global finance. This backbone will be the « source-of-truth » that records the stored wealth of humanity. In simple terms, I envision it to be the mother of all savings accounts.With that in mind, the question arises: how many on-chain transactions do we need the architecture to support?Well, I’ve looked at a lot of material and there is a classic reference to ’s network circa 2014. I chewed on that for a while and I now believe that this is an interesting case for comparison, but it doesn’t state an actual requirement.I looked at my own spending, as an example. I looked at all of my bank account transactions, credit card transactions, PayPal, Apple Pay, Android Pay and Bitcoin transactions for the month of December, 2017 and I discovered that I did 448 total. I may be doing more than the average person, but I can’t find any reliable data to tell me one way or the other. What I was left with, however, is a profound confusion about how any sane person could suggest that it is remotely plausible that Bitcoin scalability could be addressed by having larger blocks. It’s patently absurd.If I were the average person, and all 7 billion people on earth used Bitcoin as their primary means of payment and storage of value:3.4+ trillion transactions per month on the blockchainGiven 2,000 transactions per MB and 4,464 blocks per month (31 days)Results in 383 GB blocksAnd I think this is a LOW estimate. It excludes all the transactions I couldn’t make electronically and all the transactions I would have made if I had a convenient means of doing them. I believe that a realistic requirement is probably closer to 1000 transactions per month per human. And if we account for population increases over time, the requirement only gets bigger.I have never seen anything from anyone that suggests that on-chain transaction processing at this scale is even remotely feasible (other than this: http://blog.vermorel.com/journal/2017/12/17/terabyte-blocks-for-bitcoin-cash.html). It seems to me that there is clearly, obviously, without question a need for L2.I am dumbfounded that anyone still argues that an architecture that doesn’t include off-chain transaction processing is viable. That seems like utter nonsense. Moreover, it seems to me that Bitcoin won’t be ready for prime time until we have Lightning matured. Please tell me why I’m crazy. submitted by /u/Quartermark [link] [comments]

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