bitcoin as a global medium of exchange (was Re: Interesting take on Sanjuro's Assassination Market)

Eugen Leitl eugen at leitl.org
Tue Nov 26 04:05:46 PST 2013


On Mon, Nov 25, 2013 at 05:50:27PM -0800, Sean Lynch wrote:

> Hopefully Moore's Law will save us, but I actually expect that, should

Moore's law has unfortunately recently ran into financial scaling limits,
which are slowing doubling times (estimate from 18 months to three years
at the moment) with physical scaling limits close to follow (somewhen
shortly below 5 nm).

Of course current ASICs are far removed from cutting edge. Another
issue is blockchain storage (NOR flash is also pretty finished, HDD
area density has stalled recently, but might resume scaling, at least
for a while) and availability of network bandwidth. You can buy 10 Gbit/s
close to the backbone, but it's beyond affordability for most people.

> Bitcoin continue to grow, most payments will be made through payment
> services of some kind, with the actual transactions only used to deposit
> money in your account with the payment service. This is analogous to how
> gold was used once banking became popular.



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