Topic: 3 verifications, please,elaborate (Read 592 times)

That's right because the verification is linked into legalism of your transaction, i think because the companies wanna put minimal 3 verification dan they feel the amount will become a legal if getting their requirements, but for sure the confirmation is always there a difference, maybe it's can just take a little time, and sometimes can take more than a hour.

in short.
orphans occur. meaning if an exchange accepted a 'payment' with one confirmation (you called it a validation).. then if that transaction was on a block that initially confirmed. an exchange would treat it as payment accepted. give balance to a customer and then the customer would sell the coin and withdraw it. but imagine then, that block is orphaned..
the transaction is then added to a different block and confirms so some exchanges would give customers new balance again.

most of this is just bad coding of the exchange. but the simple solution for exchanges is to just request X confirmations that are above the chances of orphans. thus avoiding exchange balance double spending

orphans happen. and the average is 1%-2% chance per day.
https://blockchain.info/charts/n-orphaned-blocks
so accepting zero or 1 confirm has upto 2% chance of being double spent by badly/lazy coded exchanges.

orphans can also happen for other reasons so some exchanges dont want to run the risk of the other reasons.
its also worth noting that orphans can also happen on differing algo's too. so dont be so sure that swapping to POS will solve the confirmation waiting time of exchanges, as exchanges would in some cases still prefer some time limit to reduce risk.

however its much easier to get exchanges to refine their code to add more checks and techniques to limit their double spend risks to make it easier to offer deposits with less confirmations needed.
however just for safety i still think upto 6 confirms can be deemed safe for a majority of transactions of large value, due to some of the risks of orphans in the past. (5 block orphan on october nineth 2015). though things like this are a rare occurance so some leanience is given depending on value being handled vs risk

It is indeed quite difficult to do everything.
There may be a few ideas of hard forks that can be done (though I will not suggest any as the network is not easy to change).

Also @OP if it is a "double spend" it will be reomved, or if it is a "dust transaction" (a transaction that is dropped by the network, usually for an error). These can be removed from your wallet, though the second would not show in it (I don't think).

EDIT: @franky1 you may want to explain to OP in your post that an orphaned block is one that is rejected y te network. However, your information given is the most accurate.

Not exactly. A block takes around 10 minutes, a block can be instant, or can take hours to be broadcasted.


Even the first block is extremely hard to remove. It's even harder when you have to be able to change it before another block comes out.


A hard fork does not mean centralization. It means that there is a change which the community as a whole embraces.

A block is released every 10 minutes.
After each block is released and confirmed, each block before it gets an etra confirmation.
It does take 30 minute therefore for 3 blocks to be found and the initial transaction to be confirmed.

It was descried as bein like a tower. With the locks stacked on top of each other. Once it gets more blocks, the blocks below it are more stable and less easy to remove as the block above them have to be removed first in order for that one to be removed.

A hard fork, the way you suggest, would mean centralisation and that would be terrible and highly prone to hacking and easy to fail as the current network relies on multiple nodes around the world.

oK, I understand major companies such as trading platforms (no names) want 3 verifications.

Can I ask does this really take 30 minutes on BitCoin Blockchains now ? If so, I really do understand the need for a hard fork for POS reasons ... However I'm curious, if I saw a deposit into my wallet, what are the chances it would be removed. I'm also wondering how that would be done. A little bit of in depth info here would be nice. I understand 51 percent attacks, and sort of understand the relay or replay attacks on Eth/Etc. I will read more into that.

I'd like a semi technical answer. I understand basics, and don't mind googling what I don't know ... I don't want thesis answers though please lol ...

I know this isn't the AltCoins section, so I can ask separately there the same question if you would prefer. But I'm wondering about the same situation with AltCoins. I'm assuming it's the same as blockchains are blockchains, but sizes and mixers, etc could also have timing impact on those coins.

I would appreciate any help understanding this.