29 Aug '13, 9am

Will heavy use of #bitcoin by #onlinegaming create unmanageable strains on the #blockchain?

Will heavy use of #bitcoin by #onlinegaming create unmanageable strains on the #blockchain?

What are gambling transactions doing to the block chain? According to Jeremy Liew , a partner at Lightspeed Venture Partners , a large percentage of bitcoin transactions are gambling-based . With a block chain now over 9Gb in size, and becoming increasingly tedious and difficult for new clients to download, that’s becoming a problem. How are gambling-based transactions contributing? Liew points to the most recent available financial report from SatoshiDice , which is the most popular bitcoin gambling site. That site processed 5,222,994 bets in 426 days of operation (that’s an average of 12,260 bets a day). SatoshiDice sends a reciprocal transaction, win or lose. The losing transaction is a small ‘consolation’ transaction with a tiny percentage of the house gain. In theory, this means that the site has been putting double that transaction load on the block chain. In practic...

Full article: http://www.coindesk.com/what-will-gambling-do-to-the-bitc...

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