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A comment on $365B wiped off cryptocurrency market after Tesla stops accepting Bitcoin. Parent comment

Re:$365B wiped off cryptocurrency market after Tesla stops a... by UncleMeat on Thursday May 13, 2021 @09:21PM (#27149544)
For some definition of "higher" and "slower", yes. The scale of BTC is such that if we distributed transactions evenly across the 7b people on the planet, you get one transaction per five years.

The current mining payout is 6.5BTC per block, or roughly $350,000. We are fitting around 1,500 transactions in a block, meaning each transaction costs $300. The price will only rise as more miners join and there is more demand for space in a block. The international poverty line is such that a single transaction would cost somebody at that line half their year's wages.

All that good stuff won't be available to the masses. Just the rich and powerful. Hooray.

[ Parent | on HN ]
Re:$365B wiped off cryptocurrency market after Tesla stops a... by FabHK on Friday May 14, 2021 @05:15AM (#27152344)
> you get one transaction per five years

Isn't it per 89 years? So basically every person gets one transaction in their lifetime. (If we are generous and allow for 5 transactions per second, then everyone can make 2 transactions in their lifetime. Yay!) That is rather remarkable.

(1500 transactions/block * 6 block/h * 24 h/d * 365 d/y / 7e9 person = 1/89 transactions per person per year)

[ Parent | on HN ]
Re:$365B wiped off cryptocurrency market after Tesla stops a... by UncleMeat on Friday May 14, 2021 @09:16AM (#27153913)
I grabbed some page that claimed 7 transactions per second and also did the math wrong. Not sure how that happened.

This is the big reason why I don't buy the lightning network. It won't be possible for people to have a wallet that connects to some lightning hub, since opening and closing a connection requires an on-chain transaction. So it will be impossible for anybody other than the richest few to even possess a useful wallet. Everybody else will have bits in a database they don't control.

[ Parent | on HN ]