The Money Thread...

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pjbetman
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PostRe: The Money Thread...
by pjbetman » Wed Feb 10, 2021 9:57 am

Jenuall wrote:Bitcoin currently processes something like 5 transactions per second. VISA handles nearly 2000. There are plenty of examples of times when the system has been put under stress from higher than usual transaction rates and failed to scale well


Just like the internet over the past 25 years then. It's an engineering problem, and a solution will be engineered, just like the internet did.

EDIT: I wonder how many transactions are settled per second, VISA v BTC?

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Jenuall
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PostRe: The Money Thread...
by Jenuall » Wed Feb 10, 2021 10:22 am

pjbetman wrote:
Jenuall wrote:Bitcoin currently processes something like 5 transactions per second. VISA handles nearly 2000. There are plenty of examples of times when the system has been put under stress from higher than usual transaction rates and failed to scale well


Just like the internet over the past 25 years then. It's an engineering problem, and a solution will be engineered, just like the internet did.

EDIT: I wonder how many transactions are settled per second, VISA v BTC?

I have absolutely no doubt that improvements will continue to be made to scalability of crypto currencies, but many of the core mechanisms under which they work are inherently a hindrance to fast, large scale changes.

Last edited by Jenuall on Wed Feb 10, 2021 10:54 am, edited 2 times in total.
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That's not a growth
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PostRe: The Money Thread...
by That's not a growth » Wed Feb 10, 2021 10:52 am

pjbetman wrote:
Jenuall wrote:Bitcoin currently processes something like 5 transactions per second. VISA handles nearly 2000. There are plenty of examples of times when the system has been put under stress from higher than usual transaction rates and failed to scale well


Just like the internet over the past 25 years then. It's an engineering problem, and a solution will be engineered, just like the internet did.

EDIT: I wonder how many transactions are settled per second, VISA v BTC?


I come across this mentality at work quite a bit, and see it in the media too, and it really irritates me. Just because a different problem was solved doesn't mean it's inevitable that this one will be.

pjbetman
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PostRe: The Money Thread...
by pjbetman » Wed Feb 10, 2021 1:30 pm

That's not a growth wrote:
pjbetman wrote:
Jenuall wrote:Bitcoin currently processes something like 5 transactions per second. VISA handles nearly 2000. There are plenty of examples of times when the system has been put under stress from higher than usual transaction rates and failed to scale well


Just like the internet over the past 25 years then. It's an engineering problem, and a solution will be engineered, just like the internet did.

EDIT: I wonder how many transactions are settled per second, VISA v BTC?


I come across this mentality at work quite a bit, and see it in the media too, and it really irritates me. Just because a different problem was solved doesn't mean it's inevitable that this one will be.



There's been many problems overcome with this technology, much worse than scalability and speed restrictions. There's a MASSIVE vested interest by extremely talented people (millions of them) around the world working on this stuff, albeit in a non-coordinated way. Now we have hedge funds and corporate investment into this technology, it's only a matter of time before they apply a concerted effort to these issues and get them fixed. It may be a hard fork, possibly a series of soft forks, who knows. It may completely fall flat, who knows. I'd say we're about half to solving all the issues over the past 10 years. The next 2-4 years will see most of those issues solved, with room to evolve further. This train aint stopping.

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Fuzzy Dunlop
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PostRe: The Money Thread...
by Fuzzy Dunlop » Wed Feb 10, 2021 1:40 pm

I don't see Bitcoin as a currency for everyday transactions, it's more a store of value/reserve.

Do you often contemplate the complexity of life?
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Tomous
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PostRe: The Money Thread...
by Tomous » Thu Feb 25, 2021 10:49 am

My wife has paid her full allowance for the tax year into a cash ISA (which she opened this year). She now wants to transfer the full amount to a stocks and shares ISA. Is this possible without penalty? Thanks

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That's not a growth
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PostRe: The Money Thread...
by That's not a growth » Thu Feb 25, 2021 11:14 am

Would it be a new S&S ISA, as I think you can only open 1 ISA per financial year, if I remember correctly.

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Tomous
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PostRe: The Money Thread...
by Tomous » Thu Feb 25, 2021 11:47 am

Yep, it would be a new ISA

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KingK
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PostRe: The Money Thread...
by KingK » Thu Feb 25, 2021 2:21 pm

Think she would be able to do a transfer if she contacts the S&S provider to arrange the xfr

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ignition
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PostRe: The Money Thread...
by ignition » Thu Feb 25, 2021 11:54 pm

You're allowed to pay into multiple ISAs per year so long as they're of a different type.

As far as I understand, if she already has an S&S ISA then she could transfer from the cash ISA into that, and if she doesn't have an S&S ISA then she could open one and transfer in. What she cannot do is open and pay into a second S&S ISA in the same year.

Also I think if she's transferring funds that were paid into the cash ISA within this financial year then she would need to transfer the whole balance. If previous years, then you can choose how much.

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Rocsteady
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PostRe: The Money Thread...
by Rocsteady » Fri Feb 26, 2021 10:29 am

Put a fair chunk of money into bonds recently as a 'safe haven' since I anticipate potentially buying a house in the near future. Things are not going to plan :dread:

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