Reducing the block time from 10 minutes would cause a ripple effect within the network.
More Bitcoin would be coming into circulation, making it harder to properly distribute the coins in a 'fairer' manner, and it would suppress the price, taking longer for us to reach into the eight decimals of adoption.
Of course it would also change the mining difficulty and such as a result, as well.
Topic: Has anyone put much thought into just reducing the 10 min? (Read 120 times)
As the community needs to grow, did it ever cross anyone’s mind that perhaps Satoshi never meant to spend the power consumption equivalent to the power output of 8 Hoover Dams to do the transaction mining?
Perhaps the easiest solution to both the ecosystem, the transaction fees and frankly the overall system itself is to actually reduce the time block chain takes to find a solution to 5 minutes instead of 10...in fact this very simple and elegant solution will bring health to all the problems of late.
If this works, then in time...they could vote for 2.5 minutes and then 1.25 minutes...etc. the pattern is the same and makes the most sense. Perhaps the idea of the Satoshi whitepaper was never to take all the way to 2040...but to hope we as stewards of this invention would have the common sense to simply protect our energy resources by simply REDUCING the difficulty to solve it in half the time.
For bitcoin to work, it considers the issue of perfect inelastic supply. 21M BTC and never more...to do this we must consider the geometric nature of worldwide acceptance and really bring down the difficulty as well as increase the speed of transaction processing to support humanity and this evolution of the apparatus should solve these things in one action.
Perhaps the easiest solution to both the ecosystem, the transaction fees and frankly the overall system itself is to actually reduce the time block chain takes to find a solution to 5 minutes instead of 10...in fact this very simple and elegant solution will bring health to all the problems of late.
If this works, then in time...they could vote for 2.5 minutes and then 1.25 minutes...etc. the pattern is the same and makes the most sense. Perhaps the idea of the Satoshi whitepaper was never to take all the way to 2040...but to hope we as stewards of this invention would have the common sense to simply protect our energy resources by simply REDUCING the difficulty to solve it in half the time.
For bitcoin to work, it considers the issue of perfect inelastic supply. 21M BTC and never more...to do this we must consider the geometric nature of worldwide acceptance and really bring down the difficulty as well as increase the speed of transaction processing to support humanity and this evolution of the apparatus should solve these things in one action.
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