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Bitcoin is Stupid and Does Not Deserve an Emoji (blog post) (thedabbler.patatas.ca)

submitted 3 months ago* (last edited 3 months ago) by smallpatatas@lemm.ee to c/technology@lemmy.world

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35 crypto companies got together to make a change dot org petition called "Bitcoin Deserves an Emoji".

F that

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[–] shortwavesurfer@lemmy.zip -1 points 3 months ago (1 children)

While I personally agree that we should not store all transactions for all time, our storage capability is going to get exponentially better. We are able to store data in 3D discs with lasers now and can store petabytes in a single disc the size of your typical old CD-ROM and even store data in DNA if we wish. These obviously aren't going to be included in your desktop computer anytime in the near future, but they do currently exist and show that storage will not be a problem for a very very long time.

[–] cacheson@piefed.social 2 points 3 months ago

Scalability isn't quite as simple as "how much data can a well-off enthusiast from a developed country store". You need to consider the behavior of your lowest common denominator users.

You want as many users as possible to run fully-verifying nodes, rather than SPV ("simplified payment verification") nodes that can be tricked by a malicious miner. The more transactions are being done through SPV nodes, the more potential payoff there is for an attacker, and the more resources they can dedicate to an attack.

Further, if your number of full nodes gets low enough, it becomes feasible for state actors to track down and compromise the remaining node operators. At that point, you may as well just be using a centralized, government approved payment system instead.