If Satoshi was a "genius", then why do BTC transactions take so long? - page 2.

curt.rowland

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Quote from: FeedbackLoop on March 20, 2014, 02:26:53 PM

If Bit_Happy was a 490 activity user then why hasn't he seen the endless topics and pages written on this? Especially a LTC user... why the sudden curiosity i wonder...

Cuz forums get cluttered with fucks like you who feel a need to show everyone how much smarter you are than everyone.

jonald_fyookball

legendary

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Core dev leaves me neg feedback #abuse #political

Conclusion: the whole "we need a fast altcoin" argument is bunk.

Brangdon

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Quote from: greatlife on March 21, 2014, 04:00:51 PM

Quote from: Brangdon on March 20, 2014, 03:58:35 PM

Also, even a 1 minute delay would be too long to wait in many situations. Especially as that would be the average and some confirmations would take longer. When I'm paying by credit card at a supermarket, if it takes as much as 10 seconds it annoys me. When I've finished and paid I don't want to hang around, waiting. So faster confirmation times don't really help unless they are a lot faster, like 50 times faster.

i agree. why we stay with a bitcoin if other coins are quicker and even safer.

You aren't agreeing with me. I was arguing against faster confirmations, because even if they are 10 times quicker they still won't be quick enough. They'd have to be 50 times quicker; but then the cost of orphaned blocks (as described in the post before mine) would be prohibitive.

The way to get fast enough for the supermarket scenario is to accept transactions with zero confirmations. Then you only have to wait a few seconds. With that in place, the block time becomes almost irrelevant.

MoonShadow

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Quote from: greatlife on March 21, 2014, 04:00:51 PM

Quote from: Brangdon on March 20, 2014, 03:58:35 PM

Also, even a 1 minute delay would be too long to wait in many situations. Especially as that would be the average and some confirmations would take longer. When I'm paying by credit card at a supermarket, if it takes as much as 10 seconds it annoys me. When I've finished and paid I don't want to hang around, waiting. So faster confirmation times don't really help unless they are a lot faster, like 50 times faster.

(I don't know whether Satoshi made this point, and don't much care.)

i agree. why we stay with a bitcoin if other coins are quicker and even safer. Nextcoin is faster than Litecoin. pos coins , they seem more eficient to me.

Good luck with that.

tzortz

hero member

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For god shake, bitcoin is fast enough for any kind of transaction.

greatlife

newbie

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Quote from: Brangdon on March 20, 2014, 03:58:35 PM

Also, even a 1 minute delay would be too long to wait in many situations. Especially as that would be the average and some confirmations would take longer. When I'm paying by credit card at a supermarket, if it takes as much as 10 seconds it annoys me. When I've finished and paid I don't want to hang around, waiting. So faster confirmation times don't really help unless they are a lot faster, like 50 times faster.

(I don't know whether Satoshi made this point, and don't much care.)

i agree. why we stay with a bitcoin if other coins are quicker and even safer. Nextcoin is faster than Litecoin. pos coins , they seem more eficient to me.

BCB

vip

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BCJ

because that is how an eventually consistent distributed consensus system works

mecoin

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Quote from: Bit_Happy on March 20, 2014, 02:23:19 PM

I Love BTC, but any honest look has to reveal that the transactions take WAY to long.
Did Satoshi ever comment on why he used ~10 minutes per block and/or did he consider a much lower number?
If he did, I haven't seen it before.

Edit:

Almost everything related to BTC transaction times, but discuss it if you wish.

I wanted to learn what Satoshi said about it, and someone did answer, thanks
Also interested in more related Satosho quotes if you have any.

because our computers are currently too slow to make it faster? Huh

jonald_fyookball

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Core dev leaves me neg feedback #abuse #political

Quote from: Beliathon on March 21, 2014, 11:18:12 AM

Quote from: jonald_fyookball on March 20, 2014, 02:55:59 PM

If Michael Jordan was a "great basketball player", then why did he only score 30 points per game?

Thread has been won.

Insert cool dr evil air quotes meme here. Grin

Predatorian

member

Activity: 70

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Quote from: Lethn on March 21, 2014, 03:30:34 AM

The reason transactions take so 'long' is because it's checking whether or not the transaction is real, transactions in a banking system are done quickly because it's done by a human being but of course human beings can easily make mistakes and they have fucked up peoples transactions in the past or caused problems, they can also interfere with your banking if they find anything or just block you based on country. Bitcoin and other cryptocurrencies are indiscriminate, automated and decentralised so everything is a little slow but in return for this there's no interference in any transactions and nobody can stop anything.

This.
Totally agree, one time payment in bank took like 2 days because guy in bank did something wrong.

bl0ckchain

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Quote from: Beliathon on March 21, 2014, 11:18:12 AM

Thread has been won.

This is another thing that makes Bitcoin so strong. Even when its most important member (Satoshi) abandons the coin mid-stream, the coin keeps growing like wildfire. Now that's true decentralization. Yes, the blockchain can talk too.

Beliathon

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https://youtu.be/PZm8TTLR2NU

Quote from: jonald_fyookball on March 20, 2014, 02:55:59 PM

If Michael Jordan was a "great basketball player", then why did he only score 30 points per game?

Thread has been won.

lumierre

full member

Activity: 862

Merit: 100

Bitcoin is a prototype, an experiment in beta. Let's not expect too much of Satoshi. Some altcoins who improve in confirmation time are already out there doing their own experiment. If extremely successful, it's possible Bitcoin will adopt those features. I'm sure the 10 min confirmation time can be updated in the future. We will have to wait for new and convincing ideas to come up and test it thoroughly.

Klestin

hero member

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Quote from: Tomatocage on March 20, 2014, 02:39:39 PM

I think you're confusing transactions with confirmations. The former is almost instant.

Can we get this in a freaking sticky?

fr4nkthetank

legendary

Activity: 2294

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Now the money is free, and so the people will be

Quote from: ?? on ??

Around ten minutes to be basically "written in stone" is too long?

Sheesh...

uhmmmmm

YES THATS WAY TOO FUCKING LONG

Jesus

Jesus

10 minutes

maybe in 1994 that was cool

bg002h

donator

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I outlived my lifetime membership:)

Quote from: FeedbackLoop on March 20, 2014, 02:26:53 PM

If Bit_Happy was a 490 activity user then why hasn't he seen the endless topics and pages written on this? Especially a LTC user... why the sudden curiosity i wonder...

Sold credentials to highest bidder?

EvilPanda

hero member

Activity: 658

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Small Red and Bad

The internet is too slow, still not ready for this ingenious invention

Jace

sr. member

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Quote from: Dabs on March 21, 2014, 03:46:08 AM

When the day comes that I can pay for my electricity,

Already possible here in the Netherlands

Kazimir

legendary

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Quote from: Bit_Happy on March 20, 2014, 02:23:19 PM

I Love BTC, but any honest look has to reveal that the transactions take WAY to long.

Transactions take 1-2 sec.

I recently posted this explicitly for people who still don't understand:
Please, newbiews, stop saying Bitcoin transactions take 10 mins. It's 1 sec!

BitOnyx

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Activity: 112

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Cryptocurrencies Exchange

International transactions taking 10 minutes, I'm not sure if it is long time to get proper confirmation. Also it is hard to tell if there were any alternative to solutions he had to use.

Topic: If Satoshi was a "genius", then why do BTC transactions take so long? - page 2. (Read 7583 times)