Digital currency Bitcoin hits new high before losing S$200 in value in one day

[BlueKelah]

For ur info bitcoin blockchain is now over 130GB https://blockchain.info/charts/blocks-size
This does not include database indexes.

Ethereum blockchain is even bigger in size 180gb plus now.

So new users , considered new nodes will have to do a 100gbplus download on setup. Lol how long will that take and does ur mobile phone or tablet have that capability? Lol see the limitation? And what if in a couple years time it grows to 500gb?

Slimmer wallet clients without the whole blockchain can be used, however since that device/node does not contain the whole blockchain (or as i like to say database / data), it can no longer be considered DECENTRALISED. In the end still need centralised server to store all the data and also centralised exchanges to do any sort of conversion to other currency.

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[YMPL]

For ur info bitcoin blockchain is now over 130GB https://blockchain.info/charts/blocks-size
This does not include database indexes.

Ethereum blockchain  is even bigger in size 180gb plus now.

So new users , considered new nodes will have to do a 100gbplus download on setup. Lol how long will that take and does ur mobile phone or tablet have that capability? Lol see the limitation? And what if in a couple years time it grows to 500gb?

Slimmer wallet clients without the whole blockchain can be used, however since that device/node does not contain the whole blockchain (or as i like to say database / data), it can no longer be considered DECENTRALISED. In the end still need centralised server to store all the data and also centralised exchanges to do any sort of conversion to other currency.

Sent from my SM-T800 using Tapatalk

There is a definition of the "decentralise"   in our context. It mainly means safe transaction without the need of a trusted authority. It is a peer-to-peer protocol, not in my view, but a definition.

I am not an expert of blockchain. Blockchain isn't equal to bitcoin, although bitcoin uses blockchain.

BTW, any clue on any conventional distributed database with similar features?

[YMPL]

In case confusion arises in this thread, the following article might help but a bit lengthy to read. Just to share.

https://medium.com/@micheledaliessi/how-...c8cd01d2ae

[specuvestor]

For ur info bitcoin blockchain is now over 130GB https://blockchain.info/charts/blocks-size
This does not include database indexes.

Ethereum blockchain  is even bigger in size 180gb plus now.

I was wondering about this that no one seemed to be talking about... imagine banking transactions on blockchain

Thanks

[BlueKelah]

For ur info bitcoin blockchain is now over 130GB https://blockchain.info/charts/blocks-size
This does not include database indexes.

Ethereum blockchain  is even bigger in size 180gb plus now.

So new users , considered new nodes will have to do a 100gbplus download on setup. Lol how long will that take and does ur mobile phone or tablet have that capability? Lol see the limitation? And what if in a couple years time it grows to 500gb?

Slimmer wallet clients without the whole blockchain can be used, however since that device/node does not contain the whole blockchain (or as i like to say database / data), it can no longer be considered DECENTRALISED. In the end still need centralised server to store all the data and also centralised exchanges to do any sort of conversion to other currency.

Sent from my SM-T800 using Tapatalk

There is a definition of the "decentralise"   in our context. It mainly means safe transaction without the need of a trusted authority. It is a peer-to-peer protocol, not in my view, but a definition.

I am not an expert of blockchain. Blockchain isn't equal to bitcoin, although bitcoin uses blockchain.

BTW, any clue on any conventional distributed database with similar features?

Here you go the wiki on distributed database systems: https://en.wikipedia.org/wiki/Distributed_database

Quote : [When discussing access to distributed databases, Microsoft favors the term distributed query, which it defines in protocol-specific manner as "[a]ny SELECT, INSERT, UPDATE, or DELETE statement that references tables and rowsets from one or more external OLE DB data sources".[3] Oracle provides a more language-centric view in which distributed queries and distributed transactions form part of distributed SQL.]

So conventional database like Microsoft SQL and Oracle both provide support for distributed database, just depends on how the database admin sets up the system.

Quote : [Today the distributed DBMS market is evolving dramatically, with new, innovative entrants and incumbents supporting the growing use of unstructured data and NoSQL DBMS engines, as well as XML databases and NewSQL databases. These databases are increasingly supporting distributed database architecture that provides high availability and fault tolerance through replication and scale out ability. Some examples are Aerospike,[5] Cassandra,[6] ArangoDB,[7] Clusterpoint,[8] ClustrixDB,[9] Couchbase,[10] Druid (open-source data store),[11] FoundationDB,[12] NuoDB,[13] Riak[14] and OrientDB.[15] The blockchain technology popularised by bitcoin is an implementation of a distributed database.[16]]

AFAIK Apple bought out FoundationDB in 2015.

As you can see, Blockchain is just a fancy name for a distributed database implementation. The Ledger is another fancy name for nothing more than a couple of data columns(these are called tables in database language) which records the transactions taking place and BLOCKS is just a fancy name for a group of tables.

So all the hoohah and fancy names aside, there really isn't anything new or ground-breaking about Bitcoin/Ethereum/Cryptocurrency and the blockchain technology behind them. Its just a version of the many distributed database systems. The often touted security features are also nothing new. Hence its so easy for anyone well versed in databases to set up their own cryptocurrency system and do an ICO.

It just so happens that Bitcoin/Ethereum has become so popular and now has the critical mass of users which allows it to start being traded/used and becoming like a normal currency and even speculated to such crazily high valuation.

[YMPL]

Blockchain is a distributed database with an unique feature of security. I can also call a Oracle with RAID configuration, a distributed database, since data is spread across disks. None of them has the similar security feature of Blockchain tech.

Anyway, I don't intent to convince you, but present an alternative voice for our VB.

Thank you, you have amused me and make my day. 

Bye and good day

[specuvestor]

^^ Off-topic a bit

By observation I think about 1/2 of the VBs here are probably from the IT industry. So much so that I think I am in the wrong industry

To put into context the knowledge base of this discussion...

[thor666]

I'm one of them.

I could like to put out a different angle.

For security within organization, blockchain might be useful.

My observation: for security to the consumer, it is usually rendered not important by organisations . I consider a few trends to justify:
- paywave & equivalents. Seems inherently insecure. Limit $100 insurance as an afterthought but seems possible one could walk around with a hacked scanner and try to scan everyone's credit cards.
- our changi t4 security is largely automated. No emphasis whether machines do a better security check.. also the trend worldwide.
- facebook is practically asking people to give up privacy, which can be closely linked to security in case of cyberstalkers.
- equifax case sums up the way organizations handle data.. as an afterthoughg

My thought is that consumer security is low priority because it doesn't make money. By that trend of thoigh, blockchain may not take off given difficulty to justify profitability for organizations.

Alternative viewpoints are welcome.

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[weijian]

The intent is good (the blockchain technology behind) and we should be seeing some form of cryptocurrency in the near future. For example, some time back, dollar bills were supposed to be backed by gold reserves, maybe cryptocurrency will be backed by some form of assets in the future and "issued by a central authority". But as with humans' intervention - what the wise man does in the beginning, the fool does in the end - It will be a big Wild Wild West before the benefits arrive to serve the masses.

Is the cryptocurrency “house of cards” poised to fall?

In an interview with Bloomberg in June, Peter Denious, head of global venture capital at Aberdeen Asset Management, offered a concise explanation of the current cryptocurrency bubble: “Prices right now aren’t being driven by network usage, they’re being driven by speculation that tokens are going to appreciate.” By any measure, the rise of cryptocurrencies has been staggering. As of the end of last week, bitcoin was up 400% in 2017, and 740% over the past twelve months. Ether, the second-biggest cryptocurrency by market cap, was up 4,600% in 2017 alone. Such meteoric appreciation has proven polarizing — optimists claiming “the rocket ship” has barely left the ground; skeptics claiming irrational exuberance will leave investors with nothing when reality sets in: cryptocurrencies are “not real.” Both appear misguided, with Denious’ analysis far closer to the truth.

https://latest.13d.com/is-cryptocurrency...190d86683c

[YMPL]

I'm one of them.

I could like to put out a different angle.

For security within organization, blockchain might be useful.

My observation: for security to the consumer, it is usually rendered not important by organisations . I consider a few trends to justify:
- paywave & equivalents. Seems inherently insecure. Limit $100 insurance as an afterthought but seems possible one could walk around with a hacked scanner and try to scan everyone's credit cards.
- our changi t4 security is largely automated. No emphasis whether machines do a better security check.. also the trend worldwide.
- facebook is practically asking people to give up privacy, which can be closely linked  to security in case of cyberstalkers.
- equifax case sums up the way organizations handle data.. as an afterthoughg

My thought is that consumer security is low priority because it doesn't make money. By that trend of thoigh, blockchain may not take off given difficulty to justify profitability for organizations.

Alternative viewpoints are welcome.

Sent from my SM-A520F using Tapatalk

The value of the Blockchain, is mainly for financial institution, rather than to end user (consumer). It means less or no effort needed to ensure integrity of transaction. The meaningful part of the tech to end user, probably is lower fee for transaction.

I reckon, the major cost of financial service, is for compliance needs, rather than meeting direct end-user needs.