So ethereum is non functional due to 90k TX/h

in bitshares •  2 years ago 

Quick recap

Status ICO is currently clogging ethereum chain so hard that it's basically not functional.

download_20170620_214948.jpg

let's do some math

So 90000 transactions per hour can disable the blockchain.

What if I told you, a certain blockchain tech would clear the whole 90k TX/h mess in less than 30 seconds for basic fees?

Screenshot_20170620-215042.png

Hello BitShares my old friend :)

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How long would it be for steem blockchain?

What happen to ERC20 tokens if eth chain is congested all the time?

steem is as fast as bitshares

  ·  2 years ago (edited)

I still can't believe Bitshares isn't number 1 yet. Its tech outdoes all other coins by far, yet nearly everyone seems to ignore it.

It's slowly growing though!

Very slowly. Only up 10000% since the beginning of the year.

I guess it's easy to ignore more advanced techs when you have just a bunch of speculators on the blockchain. However, cryptos are going mainstream and true scalability will become issue no.1 very soon.

I expect to see comments on these speculator forums something like this: What happened? What is this Bitshares? Why is it growing so fast? Is it also an eth altcoin? I don't understand... etc. :) and yet, this is also a speculation but maybe a little bit more than that ;)

indeed!

All good things take time.

thank you for the nfo

What is it that makes the technology of Bitshares so much better than Ethereum? Do you maybe have a post on that? Just started following you!

DPoS makes it so much better. check bitshares.org to get a basic idea

I'll look into it and maybe invest some money in it. Thanks!

So, there is the proof for such high speed of Bitshares?

Thank you. I'll read it.

May be you should update post and include this paper into it.

I'm getting ready to buy ether but I will not do it. Thank you ;)

why not? Price right now is good!

Think he's being sarcastic; mocking speculators who don't put their coin where their mouth is.

Check bitshares :)

Good thing I sold and got Bitshares. : )

Honestly think people are blowing this out of proportion. Technical aspects rarely affect market price for long. It'll probably break $400per within the week. While I see Bitshare remaining stagnant for at least 2-4 more weeks. But I could be wrong.

Thank you for the info

Thanks for your Information :D

HODL! ETH breaks - > Money goes to BTC -> BTC breaks -> Money goes to BTS

Same happened when Bancor launched, can imagine how big this is right now.
Loads of people got stuck with bad 'shares', like me.
I know it's fun riding the waves when a new ICO comes in play, but this one I skipped on purpose.

yup I skipped this one too...

And steem right? Then you can have Ethereum, Bitshares, and Steem all running on the mothership EOS!

Yep, steem can do it as well.

I am little off of new shiny cryptocoins, can you explain what concept of bitshares lets process so many transactions faster than ethereum?

delegated proof of stake (dPoS). Ethereum uses Proof of Work (same as Bitcoin). See https://bitshares.org/technology/industrial-performance-and-scalability/

I guess the upcoming launch of EOS - also on the Ethereum network - will immediately serve as an indication that EOS is needed als alternative to Ethereum 😄

Although 90,000 tx/s is impressive.

A dark day for eth network imho and a bad omen for what is to come...Things are coming from behind and eth better adapt or get left in the dust of history :)

EOS is coming...

check my last post on it :)

Check Out My video of Why Ethereum is the future of the internet
https://steemit.com/ethereum/@newmarket65/why-i-believe-ethereum-is-the-future-of-the-internet
Follow Me and I will follow you

great post @ash but does Putin back Bitshares? LOLL

Dont matter who backs what. Ethereum is just not ready yet for prime time. Enter EOS

Yes, that can be True. We notice that some Time ago, same problem Will occure with hackers. Do you plan to change to BTS only?

Would it be wise to invest in bitshares in your sole opinion :)?

That's up to you :) bitshares offers the best tech, if you like to invest in utility

Yes I now that, would like to know your opinion? Have you invested?

Yes

Do you think market cap is already high enough and would not invest more if you have a chance? Or is it still low in your opinion and not too late for investing

Market cap is high enough to sustain existence. Your question is basically will bitshares go up or not. All we can do is speculate and make an educated guess. The technology is better than most on market. Now you decide if that is good enough

You've got to make your own investment decisions. Bitshares is really solid tech, but Bitcoin has brand recognition and Ethereum had a very successful marketing campaign. In the end, you've got to ask yourself which coin (or coins) you think will be successful over the longer term and go with that. If you're not convinced by one alone, you can always hedge your bets with a few.

Yes I now that, would like to know your opinion? Have you invested?

  ·  2 years ago (edited)

I hold some BTS and some ETH and even some BTC. Speculatively, it's difficult to predict which ones will do best - BTC has the upcoming Segragated Witness deployment which - if activated - will allow the layer-2 Lightning Network development to come to fruition. It's pretty cool tech for allowing lots of transactions, but pretty horrible from a user experience perspective and still doesn't actually solve the problem of Bitcoins limited block capacity. However, from experience speculation doesn't care about those details and will happily pump the value of a coin even if its fundamentals haven't really improved much.

ETH is quite cool, but - as you can see from this post - it struggles under load. To fix that (and move to a Proof of Stake model similar to Bitshares) will require a hard-fork. The last hard fork resulted in ETH and ETC (Ethereum Classic). Again, if speculative hype glosses over these glaring flaws, the price will probably not really suffer much but if faith is lost, it'll tank.

Bitshares is my personal favourite simply because it actually delivers on it's promises here and now. It's super fast, reasonably usable even by the average person, cheap to transact and the best bit; has price pegged assets like BitUSD. But, it hasn't (yet) had its mass market explosion. If this comes (and it is still an If), then I think it'll topple all the other coins and dominate market share.

If you are looking for quick returns, following the speculators is probably going yield the best results. If you believe in the underlying technology and the applications of that technology in the real world over the longer term (E.g. USD with all the benefits of crypto) then Bitshares is horse to back (imho).

Also, BitShares has a certain ring to it, I think it's a good brand name that may boost its success.

Thanks for sharing your thoughts :)

Great post, but you don't have to take a binary approach to a crypto strategy. Always think it's wise to balance quick gains with long-term strategy... The quick gains can help strengthen your long game - if you're crafty.

For example, I bought BTC back in August for around $500per when everyone thought it was "doomsday" for Bitcoin. Used a small percentage of the profit to buy LTC back at $2per sometime at the end-ish of last year... and totally forgot about it.

Bought more BTC at $2,100 a month ago, swapped them for more LTC ($23s) at around $2200-$2300. Now, at $40per, think I'm well beyond the point where I can take short-term risks to increase my LTC size further. So I swapped them for Ethereum's low $300s while everyone's running like headless chickens.

Speculating LTC to possibly dip back into $26-30 territory, which I'll revert ETH back into LTC. I personally think Ether will recover VERY soon... Sooo possibly an opportunity to profit while I wait.

All within this strategy, plan to scale Bitshares slowly with the remnants of profits I've made/make for cold-storage since it's not really a short-term play to begin with; not much volatility.

See. Sweet Harmony.

  ·  2 years ago Reveal Comment

It was already buzzing on this board a week ago that tx/s would cause a bottleneck in ETH. Its a surprise the bottleneck is already here so shortly thereafter.

And how bullish is it that inflows in cryptocurrency can barely be contained/processed?