Ok, so the whole bitcoin thing security is based on proof of work, how does your faster processing make it any better? Since more blocks != more work. You still 'need' the 'hour' of work.
I don't see how SolidCoin solves anything here.
Actually you are wrong that you need an 'hour of work'. Firstly what is an 'hour of work'. Secondly, was Bitcoin insecure at 6 confs when it started at diff 1? What about in December last year? Was it insecure then at 6 confs?
2-3 confs is "pretty" secure provided the network is balanced. If the network isn't balanced it doesn't matter how long you wait for blocks, it can be compromised. The statement that Bitcoin at 1.9million difficulty is "more secure" is a loaded one. If the bitcoin network isn't balanced at difficulty 10 million it's more insecure than a balanced SolidCoins with diff 10000 blocks rolling every 3 minutes.
Yes it takes more money to attack a higher difficulty, about 15 million US dollars will currently allow you to own the Bitcoin network. Do you know how many 15 millionaires there are out there? Lots.
Also, the static fee, how would that hold up if SolidCoin were to gain value? You release a new version with lower fees? Thats the same as BitCoin does now.
Only real issue addressed here is lowering the difficulty when masses of miners quit. Very usefull if SC remains very small. BitCoin has a lot of dedicated miners who don't quit just because the exchange price would drop low. If either currency were to drop to zero, both blockchains die.
Fees will be changed going forward, they will be set at certain block numbers. They are merely FIXED to some value that will be exportable through JSON api. This way developers can know in advance of a transaction what the fee amount is, reliably.
As to what they will be changed to? Whatever is appropriate. 0.01 SC per transaction is appropriate for now, it's less than the BTC fee in USD.
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