A warning to Bitcoin users believing this will take over payment systems - page 3.

Red-Apple

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Quote from: RodeoX on April 18, 2016, 10:54:06 AM

Great idea. Now explain how you are going to inform tens of thousands of computers of your Tx in 5 seconds? Are you creating blocks every 5 secs? If so the chain may have to be 12 times as large. If it could be done then Satoshi would have done it.

just another attempt to spread some FUD about bitcoin by choosing a hot topic and including words like "warning" to get attention.

RodeoX

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The revolution will be monetized!

Great idea. Now explain how you are going to inform tens of thousands of computers of your Tx in 5 seconds? Are you creating blocks every 5 secs? If so the chain may have to be 12 times as large. If it could be done then Satoshi would have done it.

ATguy

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Quote from: ProfessionalGoogler on April 18, 2016, 10:34:23 AM

Quote from: ATguy on April 14, 2016, 10:39:34 AM

5 second confirmations dont solve anything. With bad luck or small fees you still have to wait few minutes for first confirmation. Plus no such coin can work, block propagation times are longer than 5 seconds.

First part of what you said is wrong, 2nd part is kinda right but then very wrong.

So much for being innovative and adaptive to new technologies. Bitcoin users seem to be losing this sense.

Don't become a broken record player or dated like grandpa with the "we can't" attitude.

..or again my point stands, byte the dust.

We wont agree obviously, but why you want coin to have 5 second confirmations and not 4 or 3 or even instant ?

If you looking for instant confirmations, you might look for centralized systems like credit cards or private blockchains - these are not trustless though, thus Bitcoin has its niche even with 10 min confirmations.

ProfessionalGoogler

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Quote from: ATguy on April 14, 2016, 10:39:34 AM

Quote from: ProfessionalGoogler on April 13, 2016, 11:33:38 AM

Quote from: extrabyte on April 13, 2016, 11:26:05 AM

transaction take more time than 5 seconds. it is obvious. I don't know what is the reason behind creating this thread, what OP really want to know..
it is like impossible to take 5 seconds for confirm transaction. you can search google for this.

Way to stay inside the box, read OP again until you get it.

You have no logic if you think this way.

Yes the current way Bitcoin operates makes 5 second confirms impossible. Roll Eyes

5 second confirmations dont solve anything. With bad luck or small fees you still have to wait few minutes for first confirmation. Plus no such coin can work, block propagation times are longer than 5 seconds.

First part of what you said is wrong, 2nd part is kinda right but then very wrong.

So much for being innovative and adaptive to new technologies. Bitcoin users seem to be losing this sense.

Don't become a broken record player or dated like grandpa with the "we can't" attitude.

..or again my point stands, byte the dust.

ATguy

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Quote from: ProfessionalGoogler on April 13, 2016, 11:33:38 AM

Quote from: extrabyte on April 13, 2016, 11:26:05 AM

transaction take more time than 5 seconds. it is obvious. I don't know what is the reason behind creating this thread, what OP really want to know..
it is like impossible to take 5 seconds for confirm transaction. you can search google for this.

Way to stay inside the box, read OP again until you get it.

You have no logic if you think this way.

Yes the current way Bitcoin operates makes 5 second confirms impossible. Roll Eyes

5 second confirmations dont solve anything. With bad luck or small fees you still have to wait few minutes for first confirmation. Plus no such coin can work, block propagation times are longer than 5 seconds.

The Sceptical Chymist

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Top Crypto Casino

Confirmation time is just one thing in a long list of reasons why bitcoin isn't becoming a viable alternative to cash. I don't think it's ever going to replace fiat, and it's not because confirmation times can be lousy. There's just no need to use it as a currency unless you're buying illegal stuff.

alhallaj.onion

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Your mistake is to credit / debit card transactions accept that believes in 5 seconds . It takes just 30 seconds is really more like a credit / debit card transactions to be done , and lasts for several months from the transaction are actually produced .

Bitcoin transaction making it one of only a few seconds can take . QR scan code and press the Confirm button in the portfolio . Confirmation will not months , it takes minutes .

ProfessionalGoogler

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Quote from: Herbert2020 on April 14, 2016, 01:31:32 AM

Quote from: ProfessionalGoogler on April 13, 2016, 06:12:05 AM

Quote from: Herbert2020 on April 13, 2016, 01:49:24 AM

Quote from: ProfessionalGoogler on April 12, 2016, 10:35:58 PM

5 second confirms.

(1 second confirms dare I even speak of it?)

it is 1-5 seconds to send and then receive a transaction and that is the only important part, the customer scans the QR code and clicks a button and the shop receives the coin. the confirmation is going to happen in a couple of minutes max which is not important to real business owners like a sandwich shop.

the risk is same (even lower) as risk of getting stolen credit card or experiencing charge back

This is beyond wrong, more denial and assuming the common consumer and business owner thinks this is okay with them when it isn't.

Bitcoin is quickly becoming dated and NOTHING is being done to change that at all.

just for the record i want to say that i am not talking out of my ass, unlike you.

i have seen a lot of small and big business owners accepting bitcoin as payment from coffee shops and fast foods, and those people are not complaining about fraud nor slow confirmation and they don't care about 5 seconds or 10 minuts.
now you can believe whatever you like, it doesn't change any facts.

here is a an example: https://www.reddit.com/user/SeptonHolmes
TL;DR this guy owns a food truck and has been accepting bitcoin for about a month and says he had 0 fraud in over a thousand bitcoin transactions during this time.

Quote

i have seen a lot of small and big business owners accepting bitcoin as payment from coffee shops and fast foods, and those people are not complaining about fraud nor slow confirmation and they don't care about 5 seconds or 10 minuts

Talk out of your ass some more please. Roll Eyes

"Those people".. Cheesy

Some people still use and like AOL - good for THOSE people. Good for them!

Amph

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this would lead to a disaster in the blockchain which would be full of orphan block, other coins have tried this and they have a shitload of orphan rate

what you need to do is having more merchants accepting zero confirmation, and you would receive fust faster than any fiat system

and once again remember that fiat confirmation is up to 180 days, but since merchants are obligated to trust fiat(and there is no malleability issue) they accept it instantaneously

Herbert2020

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Quote from: ProfessionalGoogler on April 13, 2016, 06:12:05 AM

Quote from: Herbert2020 on April 13, 2016, 01:49:24 AM

Quote from: ProfessionalGoogler on April 12, 2016, 10:35:58 PM

5 second confirms.

(1 second confirms dare I even speak of it?)

it is 1-5 seconds to send and then receive a transaction and that is the only important part, the customer scans the QR code and clicks a button and the shop receives the coin. the confirmation is going to happen in a couple of minutes max which is not important to real business owners like a sandwich shop.

the risk is same (even lower) as risk of getting stolen credit card or experiencing charge back

This is beyond wrong, more denial and assuming the common consumer and business owner thinks this is okay with them when it isn't.

Bitcoin is quickly becoming dated and NOTHING is being done to change that at all.

just for the record i want to say that i am not talking out of my ass, unlike you.

i have seen a lot of small and big business owners accepting bitcoin as payment from coffee shops and fast foods, and those people are not complaining about fraud nor slow confirmation and they don't care about 5 seconds or 10 minuts.
now you can believe whatever you like, it doesn't change any facts.

here is a an example: https://www.reddit.com/user/SeptonHolmes
TL;DR this guy owns a food truck and has been accepting bitcoin for about a month and says he had 0 fraud in over a thousand bitcoin transactions during this time.

odolvlobo

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Quote from: ProfessionalGoogler on April 13, 2016, 06:09:22 AM

Credit cards do not take "weeks" or "months" to be "confirmed". This Bitcoin community has gone in some sort of strange denial. Don't try to compare Bitcoin confirm times with this.
And no broadcasting doesn't count as a confirm sorry, be in denial all you want about this.
Bitcoin is NOT what it started off to be.
I'm glad you morons think those confirm times are "impossible" you'll soon see where this kind of attitude gets you.

OK, you tell me what you think the confirmation times are. How long does the merchant have to wait to be sure that the credit card company won't take the money back? How long does the merchant have to wait to be sure that a Bitcoin transaction will go through and won't be double spent?

ProfessionalGoogler

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Quote from: extrabyte on April 13, 2016, 11:26:05 AM

transaction take more time than 5 seconds. it is obvious. I don't know what is the reason behind creating this thread, what OP really want to know..
it is like impossible to take 5 seconds for confirm transaction. you can search google for this.

Way to stay inside the box, read OP again until you get it.

You have no logic if you think this way.

Yes the current way Bitcoin operates makes 5 second confirms impossible. Roll Eyes

Kprawn

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Quote from: ProfessionalGoogler on April 13, 2016, 07:03:01 AM

Quote from: eternalgloom on April 13, 2016, 06:27:46 AM

We've been doing fine as it is now, even with all the stress tests, Bitcoin hasn't really seen a decline in usage/popularity.

"Fine".

You know AOL did great, then "fine" for awhile until it died off. So did many other things.

Quote from: eternalgloom on April 13, 2016, 06:27:46 AM

Your entire post is just shouting that we need 5 second confirmation times, without giving any sound reasoning behind it.

Read again maybe?

People aren't impressed with Bitcoin anymore and it gets harder every day to convince them to just completely ignore the slow confirm system Bitcoin has.

Bitcoin is indeed "fine" for online use, it is indeed "fine" for many other things, but it isn't "great".

It gets harder to convince them, because they get brainwashed by the shills who are trying to take down Bitcoin my friend. Most of these slow confirmations has a lot to do

with people "stress testing" the Blockchain, but this is actually only a method to sabotage Bitcoin. If you have been told your whole life that the world was flat, you will end

up believing that, and most people have been told fiat systems is the only safe and reliable option and they believe that. Only a hand full of people will look outside of the

box and experiment with something new. There are so many scams out there... can we blame them for being extra cautious?

extrabyte

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transaction take more time than 5 seconds. it is obvious. I don't know what is the reason behind creating this thread, what OP really want to know..
it is like impossible to take 5 seconds for confirm transaction. you can search google for this.

ProfessionalGoogler

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Quote from: AgentofCoin on April 13, 2016, 09:58:03 AM

Quote from: ProfessionalGoogler on April 13, 2016, 06:23:03 AM

Quote from: AgentofCoin on April 12, 2016, 11:23:15 PM

Quote from: ProfessionalGoogler on April 12, 2016, 10:35:58 PM

Bitcoin needs to have 5 second confirm times, yeah you heard me right. (you ARE trying to CUT OUT middle men, not CREATE them RIGHT?)
...

Why don't you use your professional googling skills and look up why we can't have 5 second confirmation times.

Why don't you read the OP some more until you figure it out. Roll Eyes

I already figured it out, what you are talking about is called garbage nonsense.

None of your responses to any of the other comments have any substance.
Each of your replies just state something of the effect of "your wrong" without providing counter argument.

Funny I think the same about you. Roll Eyes

Get a new line.

Jasad

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= jasad =

Quote from: ProfessionalGoogler on April 12, 2016, 10:35:58 PM

Bitcoin needs to have 5 second confirm times, yeah you heard me right. (you ARE trying to CUT OUT middle men, not CREATE them RIGHT?)

More so it needs a better development team otherwise Bitcoin will continue to become dated. (doesn't need changing? you'll see where this gets you soon enough)

Yes Bitcoin can "do anything" in one sense, but what is it doing NOW? Roll Eyes

5 second confirms.

5 second confirms.

5 second confirms.

(1 second confirms dare I even speak of it?)

Bitcoin better stop crawling and start walking soon or it will be dumpt like you will not believe.

Don't think for a second it "can't happen".

The wheel was a great invention but we aren't using stones anymore.

--

What needs to be changed for 5 second confirms to compete with current payment processors that would actually cut out many middle men, instead of creating them? It needs to get done, no matter how dramatic the change would be.

The original ideas of Bitcoin seemed to have died.

It isn't inspirational to describe what Bitcoin is anymore.

make sense,i agree with that. but i dont think its will easy to change bitcoin transaction better and more faster,or if that gonna ahppen,it might take big fee,and people not want this happen.

mobnepal

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Even bitcoinnetwork is not getting confirmed every 10 minutes as supposed recently i have waited for 30 minutes+ to get my deposit to online betting wallet today. This is quite annoying, but we all know this time can't be reduced but atleast bitcoin should get confirmed every 10minute not like in 1 to 2 minutes sometime and lag of 30 to 40 minute sometime. Don't know what is the cause of this. Angry

AgentofCoin

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Quote from: ProfessionalGoogler on April 13, 2016, 06:23:03 AM

Quote from: AgentofCoin on April 12, 2016, 11:23:15 PM

Quote from: ProfessionalGoogler on April 12, 2016, 10:35:58 PM

Bitcoin needs to have 5 second confirm times, yeah you heard me right. (you ARE trying to CUT OUT middle men, not CREATE them RIGHT?)
...

Why don't you use your professional googling skills and look up why we can't have 5 second confirmation times.

Why don't you read the OP some more until you figure it out. Roll Eyes

I already figured it out, what you are talking about is called garbage nonsense.

None of your responses to any of the other comments have any substance.
Each of your replies just state something of the effect of "your wrong" without providing counter argument.

DimensionZ

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Shit, did I leave the stove on?

Dude but AOL had great competition from other parties and AOL didn't manage to keep up with them. May I ask you whom are you comparing Bitcoin to? Because Bitcoin is in a league of its own, Bitcoin may be 'fine' as you say and not 'great' however does Bitcoin have competition right now? No. Don't bring up the alt coins because no one cares about them other than speculators.

eddie13

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BTC or BUST

Bitcoin is most definitely "great"!

There are tons of things you can do with BTC that you cannot do with credit/debit cards, not to mention you personally being in control of your money to where no 3rd party can stop you..

Topic: A warning to Bitcoin users believing this will take over payment systems - page 3. (Read 2994 times)