Will crypto ruin the hard drive market when we start seeing 50TB+ blockchains?

Will crypto ruin the hard drive market when we start seeing 50TB+ blockchains?

Did satoshi consider this? Or did he think bitcoin would just fizzle out and die?

fizzle out and die

bitcoin isnt anonomous, the blockchain as it grows slows and the hdd grows

rip bitcoin in 50 years. the world needs a crypto thats anonomous, fast and infinite scalable

I'm pretty sure datacenters use vastly more hard drives than bitcoin ever will.

That's a good point.

Satoshi put a 1MB block limit in Bitcoin. He knew it would be target of spam/ddos attacks without it.
A lot of "crypto experts" think they can just increase the block size indefinitely for their toy currencies.
Most of these will die out before the block can reach any size that would be a problem to store on current 8/12TB disks.
Bitcoin isn't going to increase the block size beyond what is necessary to transact. It's in the interest of miners to keep it as small as possible to extract high fees.
Most transactions will happen off-chain on the Lightning Network. Not everyone needs to run one, and running your own will only require trivial amounts of storage. "Hubs" might require bigger storage but nothing unlike businesses are already using to store user data already.

I think you can write a Bitcoin implementation, where you don’t need to save the whole blockchain history on the disk. Instead, you have an (immutable) database where you store actual state of the blockchain (a snapshot). After that you can continue to store the new part of the blockchain in the old transaction based form.

But WHO is the real Satoshi?

Satoshi didn't really think about, neither did he need to. Bitcoin as a blockchain is nothing but an experiment. A first attempt at something that needs work to be improved and perfected.
The Bitcoin blockchain is useless by now. Technologically speaking, it's already severely outdated. Like many big colossi from the early tech days, Bitcoin will fade away because it couldn't adapt and transform. And newer, better tech, based on the same principles, will rise and take away its spot.

Blockchains will be pretty important in the future. Someone said something along the lines of what the internet did to communications, is what the blockchain will do to finance and economy. Seems pretty accurate to me.

There is crypto currency that use hard drive space to mine.

Hal Finney created Bitcoin. He's dead, so you will not be able to prove me right or wrong.

What is an updated blockchain? Is even blockchain the only way? Maybe blockchain itself is an outdated technology.

There's different ways to implement a blockchain and different ways to handle how it grows. Scalability is possibly one of the biggest issues blockchains face, and also one of those that has the biggest number of people trying to work it out.

No, it will probably ruin crypto first. Miners will probably rush out to buy storage but the average consumer isn't going to want to drop $100+ on hard drives just to use crypto. So it'll become functionally useless and fizzle out.

Already starting to happen with Bitcoin. This massive crash is people realizing their "currency" is effectively useless as a currency and has about the same weight as TF2 hats.

Like every bubble a few will win and most that came for "free money" will get cucked. Some people made money and they've already cashed out.

Can you explain why blockchain is so important for finance?

It's not, yet. But it can be.
Blockchains enable finance institutions to provide trustless and near instant transactions. With a proper implementation the likes of which already exist, an institution like a bank, for example, could rely on the blockchain to execute all the transactions automatically and with no need for supervision or human interaction.
The problem right now, lies mostly in the part that these blockchains aren't entirely scalable. The bigger a blockchain gets, the harder it becomes to store and handle it. This is something that needs to be fixed, and many are working on that already. The second problem, is that transactions on a decentralized blockchain have no way to be reversed, because no one can control one's wallet externally except whoever holds the key to said wallet. Thus, mistakes in handling a wallet can be devastating to people or companies. I'm not sure how this could be fixed besides just simply adding failsafes and not making mistakes. It also means that transactions such as, say, buying from someone over on eBay, wouldn't be able to be refunded easily, unless someone takes the hit on the part of the shop/scammer and then tries to get the money from them later on, as these services tend to side with customers wanting to refund, no matter what.

Besides all of this, there's also blockchains such as Ethereum, which are basically a real decentralized cloud computing machine, and can be very interesting in the future, depending on what people can come up to run on it. Right now, it's mostly shitty pyramid-like facebook games, with no real reason to use but attempting to make more profits. But the future of it is certainly interesting.

All in all, there's still lots to be done before blockchains can truly revolutionize finance, if they ever will. I'm a firm believer that it is very possible that it will happen, but I don't claim to be an expert on the tech or anything. Merely a curious bystander.

Just connect to the blockchain. I'm sure the datacentres that hold it have more than 50TB free.

The illuminati

Nick Szabo

>Blockchains enable finance institutions to provide trustless and near instant transactions.
There's many services for instant money transfers. Fiat will always be faster, because there's way fewer bits required and no blockchain confirmation needed, of course that is not trustless, but banks already trust eachother.

> It also means that transactions such as, say, buying from someone over on eBay, wouldn't be able to be refunded easily, unless someone takes the hit on the part of the shop/scammer and then tries to get the money from them later on, as these services tend to side with customers wanting to refund, no matter what.
A escrow service is required. Like all the drug markets use.

>All in all, there's still lots to be done before blockchains can truly revolutionize finance, if they ever will.
The only real revolution would be that the central bank couldn't print money, because crypto is slow. Which will never be allowed by governments.

That's enterprise hardware. Do you think cryptofags mine with FirePros from their mom's basement?