How much money do you need to run Terabyte Blocks?
I don't mind big blocks. Big shock right? You must think I like small blocks on bitcoin bc I like the LN.
Honestly none of the bitcoin community is against a big block increase. The problem is that worry about big blocks once segwit is 90% reached and the fees are increasing again. That when the question of big blocks can come, plus bech32 a updated segwit is 20% better. And that not reached yet. After segwit bech32 has reached 90% usage can the question of big blocks come. I estimate 10 mb block max will be needed in the future so the LN can be even cheaper :)
By then LN will be ddos resistant (shit I forgot to talk about LN anti ddos tech, that for another day)
So if you don't know, unlike bitcoin; bitcoin cash scaling solution involves bigger blocks everything down to the coffee will be on chain. Bitcoin cash plans on going to 1tb blocks. That right 1tb per block which mean the bitcoin cash chain will grow 1tb every 10 minutes. That would mean that they will be 52560 blocks in a year. Bitcoin cash every year will be an extra 52560 tb every year.
1 tb block=6 million tps The LN can do billions tps!!!
You know how much1 tb blocks would cost ie how much node would cost to run?
The price tag comes at $25.6 million per node to handle seven million transactions per second in 2 decades.
That just seems sad.....
If Nodes only count the UTXO set. Bringing the number down to $4 million.
So not only will the chain give up decentralization for some speed and it cost 4 mill!!!
So since it 2 decades. to 5000000 ever year. Ouch!!!
Ok let imagine there is UTXO management optimizations bring cost down to $1 million.
That is $50,000 a year! Source
So not only is the node extremely pruned, it costs 50K for 6-7 mill tps.
I don't know what to say! Bitcoin cash node count will be extremely low.
What I do respect form the BCH dev was that he did give a reason why running big blocks might be ok.
Two years ago, a lab in Netherlands managed to have a 1 kilometer 255 terabytes per second of a single strand of optical glass fibre.
But you would need to buy the device and we know how Asic are doing. Totally easy to get! ;)
So you would need to buy a device to run it. Ok then. **So you know you can buy a $30 plug and go LN node? **
https://steemit.com/bitcoin/@sames/a-plug-and-play-ln-node
So it even cheaper and the best part is the that device is coming out this year, unlike the tb card one that not even fully made yet. And then it going to have to modified to be used in a node. So....
1tb blocks will not work on "free nodes". Coins with masternodes could pull off this huge block increase. And even then LN can do even better!
My bitcoin lessons:
How segwit is actually a big block increase= https://steemit.com/bitcoin/@sames/how-segwit-is-actually-a-big-block-increase
Why big blocks are not the answer= https://steemit.com/bitcoin/@sames/why-big-blocks-are-not-the-answer
LN nodes are NOT banks or like banks= https://steemit.com/bitcoin/@sames/ln-nodes-are-not-banks-or-like-banks
What is the lightning network= https://steemit.com/bitcoin/@sames/bitcoin-s-lightning-network-simply-explained
What is Schoor signatures= https://steemit.com/bitcoin/@tipu/the-next-big-thing-in-bitcoin-network-schnorr-signatures or https://medium.com/@SDWouters/why-schnorr-signatures-will-help-solve-2-of-bitcoins-biggest-problems-today-9b7718e7861c
Bitcoin’s ethereum killer-rsk.co= https://steemit.com/bitcoin/@sames/bitcoin-s-ethereum-killer-rsk-co
Bitcoin newest scaling method adding bech32 plus others= https://steemit.com/bitcoin/@sames/bitcoin-newest-scaling-method-adding-bech32-plus-others
Batching : https://steemit.com/bitcoin/@sames/how-bitcoin-fees-will-get-cheaper-with-out-a-block-increase
Adding privacy to bitcoin with softforks or compatible software: https://steemit.com/privacy/@sames/making-bitcoin-have-fungibility-privacy-again
Transaction speed count using the new tech coming to bitcoin=
https://steemit.com/bitcoin/@sames/segwit-bech32-batching-others-will-lead-to-bitcoin-reaching-passing-ethereum-on-chain-tps-level
My bitcoin privacy series.
Post #3 coming out this week!
Introduction post: https://steemit.com/bitcoin/@sames/how-bitcoin-plans-on-adding-privacy-fungibility
Onchain privacy: https://steemit.com/privacy/@sames/on-chain-privacy-how-bitcoin-plans-on-adding-privacy-fungibility
Off chain privacy: https://steemit.com/bitcoin/@sames/offchain-privacy-how-bitcoin-plans-on-adding-privacy-fungibility
I knew that would be expensive to run node with 1TB blocks but I didn't expect that is so expensive. Only Bitmain and few larger players can do that. Then when you hear Roger Ver talking how Bitcoin Cash will stay decentralized even with bigger blocks, you know that he is lying...
The best part is that the main calculations came from a bitcoin cash developer, his defense for the high price: people will pay to run the nodes to get the high speeds and that airplanes cost more and yet people still use it. I'm not making this stuff up :(
Mate, do you know is it possible to change old or get new password for Steemit with owner key? My wife lost her password and we have posting, owner and memo keys and she is logged in on Steemit on her browser. Is it possible to do something? :-)
It depends. Are you on discord? It be easier and safer to help you recover the account. My discord: bitmaster177#1233
Hey Sir, Where are you?I find you every day but I can find out.
You can examine the analysis in my blog to get an idea of bitcoin and other coins.
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depend one your budget
So you have 50k? It not dependent on your budget it cost 50k to run
Thanks for your informative article.
Wow, that's huge bro!
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this is so much costly
thanks to share this information