Topic: Merry Christmas... but the last block was ~40 minutes ago. (Read 1622 times)

Waiting for confirmations isn't something that you necessarily need to do though.

are you aware that a confirmation is not a transaction? (transaction takes about a second)

Hi

(as far as I understand)
We will get two major problems in the future:

Blocktime, Blocksize.

(The Chainsize is not the problem, but the traffic)
We are on the way to 0.5 MB and it will grow.
The major question is: How can we fix it and how can we reduce the upcoming traffic.

Any ideas?

Blockchain.info can always say your coins didn't make it here in case your transaction doesn't get confirmed.
A merchant can't get their products back if a transaction doesn't get confirmed.
0 confirmation transactions are for idiots who do not appreciate their money/products.
So your argument is invalid.
Who cares about blockchain.info?
Weren't they the ones that fucked up with the R values btw? https://bitcointalksearch.org/topic/reused-r-values-again-581411


Read above.


All wallet software show the transaction instantly.
It is the confirmations that require time.
Stop being such a smart ass.


Maybe the 99% of your transactions.
You shouldn't be allowed to talk for everyone.
You DO NOT KNOW how others are handling their money.
Maybe (to your surprise) people actually appreciate their money more than you (or than you think).


Your credit card get's charged immediately.
That means that the merchant is sure that their money is safe, they just didn't get it yet because the banks and VISA wants to exploit it a bit more before they give it to you.
Hence the 3-5 day waiting period, and it is actually a lot more until the money get's in the merchant's account (there is no arguments there).

Let me tell you what....
If I had the chance of performing 50 micro double spends a day, do you think I wouldn't do it?
I will have most of my expenses for the day (if not week) covered by that.

So let me ask you this:
If you could, would you not?


Thanks

PBT

I dont get the problem with the slow transaction complaints

I have an electrum wallet and once I receive btc it takes a few secs to show up, then I can send the btc to anyone right away, its usually just exchanges which take awhile to process btc to the account

Transfer some bitcoin to your blockchain.info wallet and watch/listen for how long it takes to get there. Do it, I'm serious. That's right-- It takes about 5 seconds until you hear the *Beep*. Now think for a second, how do they do that? If they aren't waiting for the entire 10 minute block confirmation time (or 40 minute time in your argument), then how do they know money was sent? And that is the answer to why your question is irrelevant.

Any merchant can use this method to see a transaction propagating through a majority of the nodes! This whole "10 minute" thing is given WAY too much importance because it doesn't matter for 99% of transactions. It's just something that people can focus on to complain about because they don't understand it in any more depth. You can see the transaction on the network nearly instantly.

So the problem must be with the wallet you are using if you can't see an instantaneous transaction. So, rather than complaining about 10 minutes confirmation time which frankly doesn't matter, then the solution is to get your wallet to support the same technology that blockchain.info is using to SHOW the transaction occurring in near-realtime. Not to complain about 10 minute block times.

It doesn't matter for 99% of transactions. And for the 1% where it might matter (bigger purchases), 10-30 minutes is an acceptable waiting period!

And guess what: Your credit card and debit transactions at stores are given credibility "immediately" but still take 3-5 days to actually move through the payment processors between bank accounts. 3-5 days is WAY slower than 10-30 minutes for a block confirmation if you want to compare apples to apples. The payment processor is simply fronting the money (just like blockchain.info shows the transaction instantly) while the transaction goes through. And these credit card payment processors are basing this method on the exact same theory that blockchain.info uses to instantly confirm transactions. It's the concept that small transactions likely aren't fraudulent. Who wastes there their time hacking a system to steal a $5 cup of coffee?

I'm so tired of seeing this complaint on block times.

Here's an experiment I want you to perform and then explain to me how it is possible:

Transfer some bitcoin to your blockchain.info wallet and watch/listen for how long it takes to get there. Do it, I'm serious. That's right-- It takes about 5 seconds until you hear the *Beep*. Now think for a second, how do they do that? If they aren't waiting for the entire 10 minute block confirmation time (or 40 minute time in your argument), then how do they know money was sent? And that is the answer to why your question is irrelevant.

Any merchant can use this method to see a transaction propagating through a majority of the nodes! This whole "10 minute" thing is given WAY too much importance because it doesn't matter for 99% of transactions. It's just something that people can focus on to complain about because they don't understand it in any more depth. You can see the transaction on the network nearly instantly.

So the problem must be with the wallet you are using if you can't see an instantaneous transaction. So, rather than complaining about 10 minutes confirmation time which frankly doesn't matter, then the solution is to get your wallet to support the same technology that blockchain.info is using to SHOW the transaction occurring in near-realtime. Not to complain about 10 minute block times.

It doesn't matter for 99% of transactions. And for the 1% where it might matter (bigger purchases), 10-30 minutes is an acceptable waiting period!

And guess what: Your credit card and debit transactions at stores are given credibility "immediately" but still take 3-5 days to actually move through the payment processors between bank accounts. 3-5 days is WAY slower than 10-30 minutes for a block confirmation if you want to compare apples to apples. The payment processor is simply fronting the money (just like blockchain.info shows the transaction instantly) while the transaction goes through. And these credit card payment processors are basing this method on the exact same theory that blockchain.info uses to instantly confirm transactions. It's the concept that small transactions likely aren't fraudulent. Who wastes there time hacking a system to steal a $5 cup of coffee?

From my very first post on this forum (in 2011) I have been a huge supporter of Bitcoin.

About the only time that people get really mad at me, is when I point out that sometimes transactions take wayyyyyyyyyyyyyyyy toooooooooooooo longgggggggggggggggggggg.
...sometimes transactions take way too long.

1) It does not matter what type of transaction I am "complaining" about.
2) Your anger has no affect on me, or the reality of the situation.
3a) In some cases, 40+++ minutes for a transaction is way too long, and we might as well all switch to an alt coin with much faster blocks.
3b) While I was typing we finally had a new block...

Quick Summary:
40+ minute transactions do not always work well in the real world.

From my very first post on this forum (in 2011) I have been a huge supporter of Bitcoin.

About the only time that people get really mad at me, is when I point out that sometimes transactions take wayyyyyyyyyyyyyyyy toooooooooooooo longgggggggggggggggggggg.
...sometimes transactions take way too long.

1) It does not matter what type of transaction I am "complaining" about.
2) Your anger has no affect on me, or the reality of the situation.
3a) In some cases, 40+++ minutes for a transaction is way too long, and we might as well all switch to an alt coin with much faster blocks.
3b) While I was typing we finally had a new block...

Quick Summary:
40+ minute transactions do not always work well in the real world.