If even a million people started using Hive RCs would be worth a lot and transactions would no longer be free. Of course people like you and I would suddenly have a yield farm that went from $0 value to market value, so no one with Hivepower is going to complain.
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I think it would be always cheaper than other chains. And it could be with an RC market easy refinance if dapps generate revenue and pay for the RCs.
A big advantage to every other chain is out. Also hive can scale much much easier :)
Think about if a finance app allows users without hivepower to transfer HBD and Hive. The fee could be 0,05% and it would be superior :)
Enough to pay RC delegators and for daily use :)
Why? If you think Hive would always be cheaper than other chains you're basically just implying that we won't have the demand of other chains.
How? Data is data. DLT is DLT. Hive doesn't magically lower the cost of running a node is the face of massive demand to store immutable data. The RC cost of everything is going to skyrocket.
This doesn't work if the fee is worth less than the RCs.
And it also doesn't work if the fee is worth more than the market value of RCs.
Sure, there are altruists on this platform that will take a loss for the greater good and give away their RCs for free or at a discounted price so that more users can participate. But we've already seen that more than half of people around here are going to make the profitable play according to the rules that have been set. That's just how capitalism works.
Seriously, just wait.
Shit is going to be crazy around here at the end of the year.
You'll see for yourself.
This entire network has a maximum bandwidth of 22KB/sec currently.
We are running this entire thing on 56k modem speeds.
Hive IS much cheaper to run than other chains designed to hold large amounts of data.
There has been a huge amount of work on optimising this by @blocktrades and others and costs have been reduced by more than an order of magnitude.
Whereas once Steem required massively expensive 1Tb RAM servers now a basic 64GB RAM machine with cheap SSD will run Hive RPC nodes and witnesses can be run on much less.
A single 64Gb API node costing around $2000 could handle all Hive's current traffic (according to @blocktrades). We have immense spare capacity.
Look at the requirements for being an EOS witness and you'll see how far ahead Hive is in this department.
Oh yeah there is no denying how much work has gone into Hive scaling up.
It's pretty incredible really.
But that doesn't really matter.
We are going to hit a brick wall no matter how fast we hit the ground running.
I look forward to the live stress-test at the end of the year.
Here hoping to good problems like millions of new users and order of magnitude transaction increases.
Dpos is way cheaper as pow + every year computing power becomes better and cheaper. Also a factor 20 blocksize increase would be very doable, bitshares has 1MB.
it was an example. even 0,5% would up to fixed top cap would be really competitive :)
We should not forget, hive needs to deliver benefits. If things become too expensive it doesn't work anymore.
But we can scale and even this makes hive more valuable. But with the factor 20 in the background, everything should run fine. And I don't say it, it was Blocktrades. Only hivemind can makes problems or need updates :)
Can't agree more :) Scaleable to the moon. Btw data storage algos becomes also better and better. Like MP3 for example. Before that music was much bigger.
Bitshares has a 1MB blocksize?
Ha, that's nuts.
Definitely too high: there's no way they can sustain such a high limit.
That's 28 GB a day of raw data.
10 TB a year.
Hive witnesses can set the limit to whatever they want,
Doesn't mean the network can actually handle it.
But yeah I'm probably being bearish for no reason.
FUD!
yeah, you are an old bear :) Blocktrades was the opinion 1MB is doable, only hivemind would maybe make some problems.
But I'm sure it would not be impossible to fix.
And if a Block is not at 100%, it would be less than 1MB:) it is only the maximum :D I would expect it would need much more users and transactions to fill 1MB.
Edit: even 10TB is not that much if we think really about it. It is on today's data streams close to nothing.
I know replay and start a new witness note after some years could be maximum pain, but I remember 1GB hard drives and less. And its not that long ago :)
It will always be much cheaper, but for now with this strike network the costs have decreased but I think that once everyone is familiar with btc they will start looking for alternatives so we can do a good job from here to add many more people to our beloved network from hive.
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Onboarding is key :)
I have so much hivepower I've never used...
we all have :) Thats why the price is cheap. More usecases = higher demand :)
guive me your power.
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Well, if a million people use the Hive blockchain then the price of Hive would be way up, so it would pay for much more powerful servers to be run by the witnesses. And there will be huge incentive to run powerful servers and continue optimizing the blockchain and properly adjusting the cost of each type of transaction so as to keep transactions free. I am not familiar with the technical details but I think the blockchain wouldn't break a sweat if a million people made transactions, I think the far more difficult part is running API nodes, and here is where the modular Hivemind work done by the Blocktrades team will shine as you'll be able to run an API node with just the data you need for your dapp.
Right, so what about every other node that's not in the top 20?
If it becomes prohibitively expensive to run a node we will only have 20 total.
This greatly centralizes the chain and leaves us open to multiple attack vectors.
It also kills a lot of projects that would have otherwise done well.
To be fair I think we are doing a pretty good job with the scaling situation.
But many people around here don't grasp the technical challenges of scaling up.
We've all simply been told that Hive scales better and most users blindly believe that.
We could do the math. IF the earnings on much higher hive price would be enough to cover the cost for top 100.
Also services maybe host a node for there game/app, that generates enough by itself, so they don't need to cover 100% on witness earnings.
I think only longterm would show up. Worst case, cut a bit top 20 and share it with top 100.
ohhhhh I would not give to have those numbers, but I think it is a good time to mass hive around here, it would be enough that many people knowing that BTC is legal will want to see how to earn money writing then they could start a campaign to promote it
I think it is a great moment and conjuncture that we can take advantage of to massify ourselves here also now if those incredulous who have been making fun of me will know that it is real and that the crypto world is giving us the reason.
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