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Topic: ONE Minute Blocks! Bitcoin as fast as Dogecoin, faster than Litecoin? VOTE - page 2. (Read 4411 times)

legendary
Activity: 3668
Merit: 6382
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We should have nanosecond confirmations.

I want my block confirmed before the transaction. That can only be done if we move to nanoseconds.

Whoever suggests anything else just doesn't want Bitcoin to evolve. That's probably why Satoshi left.

You just proved my point, thank you very much.
For how long is the discussion about the 20MB fork?  Cheesy
legendary
Activity: 3598
Merit: 2386
Viva Ut Vivas
We should have nanosecond confirmations.

I want my block confirmed before the transaction. That can only be done if we move to nanoseconds.

Whoever suggests anything else just doesn't want Bitcoin to evolve. That's probably why Satoshi left.
full member
Activity: 215
Merit: 100
I would go with no, cause with the hashing power out there, the difficulty level would just get pushed back to where it's now, but only 1.25 btc per block instead of 12.5
legendary
Activity: 3668
Merit: 6382
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This is a false assumption. You're just pulling out nonsense out of a hat. Without proper acceptance this would most likely cause a massive panic attack, massive sell offs.
You do realize that the average person does not like change? A change as drastic as this one could cause a lot of people to lose their faith in Bitcoin. Although a bit faster blocks wouldn't hurt, dropping to 1 minute is quite drastic in my opinion. Actually we wouldn't need this if we had the lightning network.

You're listed 2 things that slow adoption. With the proposed change, nothing would change. People would require 10 times more confirmations that before. Whoever believes that if we had 1 minute blocks that 6 confirmations would be enough is deluded. The price being in decline isn't a cause but rather a consequence.

Dogecoin is bad for many reasons; you just listed 3.


Your assumptions are as false as you consider mine Smiley
Yes, I know already, most bitcoiners have a phobia about changes. But that's far from "average person" measurement.
Also, how many people from - let's not say Earth, let's just say major cities - have bitcoin? 1%? Less?
Do you really believe that a few of them panicking really counts vs the big world out there? Mt Gox panic came and went away. More big things may happen or not.

But someday an altcoin will take bitcoin's place as 1st, best, .. blah blah coin.
And you know why? Because of this phobia. Because some think that bitcoin is like a basket with eggs and if you touch it, you'll brake it. Because you are afraid to evolve.

I start thinking that maybe this was also the reason Satoshi left this wonder-project....

Of course, you'll think "nonese" and will go back into your hideout.  Undecided
legendary
Activity: 2674
Merit: 2965
Terminated.
Although it may make the life of the miners and pool owners - at least - more complicated, it's something I'd like to see.
Really, there are 2 things that slow the adoption: the big waiting time until the merchant knows that it got paid and the decline of the price.

A change like this will increase the price, because any change is considered by traders an improvement which worth a risk and then both requirements will be met for bigger usage by the merchants.


I like Dogecoin for 3 reasons:
* very quick transactions
* very small fees
* very friendly community

This is a false assumption. You're just pulling out nonsense out of a hat. Without proper acceptance this would most likely cause a massive panic attack, massive sell offs.
You do realize that the average person does not like change? A change as drastic as this one could cause a lot of people to lose their faith in Bitcoin. Although a bit faster blocks wouldn't hurt, dropping to 1 minute is quite drastic in my opinion. Actually we wouldn't need this if we had the lightning network.

You're listed 2 things that slow adoption. With the proposed change, nothing would change. People would require 10 times more confirmations that before. Whoever believes that if we had 1 minute blocks that 6 confirmations would be enough is deluded. The price being in decline isn't a cause but rather a consequence.

Dogecoin is bad for many reasons; you just listed 3.
hero member
Activity: 658
Merit: 500
Where's the option in the poll for “No, because it's pointless”?
legendary
Activity: 3668
Merit: 6382
Looking for campaign manager? Contact icopress!
Although it may make the life of the miners and pool owners - at least - more complicated, it's something I'd like to see.
Really, there are 2 things that slow the adoption: the big waiting time until the merchant knows that it got paid and the decline of the price.

A change like this will increase the price, because any change is considered by traders an improvement which worth a risk and then both requirements will be met for bigger usage by the merchants.


I like Dogecoin for 3 reasons:
* very quick transactions
* very small fees
* very friendly community
sr. member
Activity: 350
Merit: 250
Why one minute? Let's go for it and make it one second. A typical miner can do 1 trillion hashes per second. That's plenty for a single block.

What's the benefit of increasing the time? isn't it ok to wait 10 minutes at the moment? You can see the transaction has been sent instantly and only really need to wait for 1 confirmation if you want to make sure
legendary
Activity: 4466
Merit: 3391
Why one minute? Let's go for it and make it one second. A typical miner can do 1 trillion hashes per second. That's plenty for a single block.
sr. member
Activity: 310
Merit: 256
Photon --- The First Child Of Blake Coin --Merged
one minute is too short, 2-3 mintues would be pushing it
hero member
Activity: 854
Merit: 1000
I vote yes,that's better than having now sites accepting bitcoin with no confirmation needed because bitcoin blocks take too much to get confirmed
sr. member
Activity: 770
Merit: 250
Reducing block reward to 2.5 (25/10) and reducing time to 1 min could be an idea. That would equal to block size 10 mb (1 mb *10).

Still.... you might as well start a new shitcoin, all of this is not Bitcoin.

Bitcoin has value because its stable and people trust it. Start changing things to the people's taste of the day and it will lose all its value.

The nature of Bitcoin is such that once version 0.1 was released, the core design was set in stone for the rest of its lifetime - June 17, 2010, Satoshi Nakamoto
hero member
Activity: 812
Merit: 500
Reducing block reward to 2.5 (25/10) and reducing time to 1 min could be an idea. That would equal to block size 10 mb (1 mb *10).

Still.... you might as well start a new shitcoin, all of this is not Bitcoin.

Bitcoin has value because its stable and people trust it. Start changing things to the people's taste of the day and it will lose all its value.
legendary
Activity: 1078
Merit: 1006
100 satoshis -> ISO code
On reddit, Gavin has responded favorably to cryptodude1's proposal that Bitcoin's 10 minute block interval be reduced to 1 minute.
If it is done at the next block reward halving (about July 2016) the block reward would drop from 25 BTC to 1.25 BTC in order to maintain the 21 million BTC limit. Difficulty would be reduced by 10x.

http://www.reddit.com/r/Bitcoin/comments/35hpkt/please_remind_me_once_again_why_we_cant_decrease/cr4wk0g

Quote
I think 1-minute blocks is a good idea. The best time to roll that out would be the next subsidy halving (makes the code much simpler).
We still need a bigger max block size, though.
...

My mind has been blown.
I still consider myself a major noob in relation to all the working of the bitcoin protocol and etc,
but every other day, someone is stating that the 10 minute block time is also an important security feature.
In the event of a roll back (bitcoin bug) and we were using a 1 minute block time,
we could have a chain of hundreds or even a thousand blocks reversed.
What would we then need to tell average users and merchants then? What about future users or merchants?
Instead of the 6 blocks deep being consider secure, we are gonna say 60 blocks deep is now the safest?
But I dont know really. As i said I'm a noob.
I'm going to guess that Gavin was joking. But if he wasn't then I'm really lost.

It's not a joke idea. A block 6 hours old with 1 minute intervals would be slightly more secure than with 10 minute intervals, and David Hudson points out that people thinking of security in terms of confirmations would do better to think of security in terms of time.

Sergio Lerner analyzes this proposal...
Reducing the block rate instead of increasing   the maximum block size
It is not however, a simple issue, as many of the replies indicate.
legendary
Activity: 1092
Merit: 1001
On reddit, Gavin has responded favorably to cryptodude1's proposal that Bitcoin's 10 minute block interval be reduced to 1 minute.
If it is done at the next block reward halving (about July 2016) the block reward would drop from 25 BTC to 1.25 BTC in order to maintain the 21 million BTC limit. Difficulty would be reduced by 10x.

http://www.reddit.com/r/Bitcoin/comments/35hpkt/please_remind_me_once_again_why_we_cant_decrease/cr4wk0g

Quote
I think 1-minute blocks is a good idea. The best time to roll that out would be the next subsidy halving (makes the code much simpler).
We still need a bigger max block size, though.
...

My mind has been blown.
I still consider myself a major noob in relation to all the working of the bitcoin protocol and etc,
but every other day, someone is stating that the 10 minute block time is also an important security feature.
In the event of a roll back (bitcoin bug) and we were using a 1 minute block time,
we could have a chain of hundreds or even a thousand blocks reversed.
What would we then need to tell average users and merchants then? What about future users or merchants?
Instead of the 6 blocks deep being consider secure, we are gonna say 60 blocks deep is now the safest?
But I dont know really. As i said I'm a noob.
I'm going to guess that Gavin was joking. But if he wasn't then I'm really lost.
legendary
Activity: 2282
Merit: 1050
Monero Core Team
Dealing with the 1 MB blocksize limit is far more important than this so I voted no.

What is the procedure when we hit 1MB? We've been very close to hitting it on some blocks.

Transactions that do not fit in the 1MB block simply do not get confirmed period. Of course this will cause transaction fees to skyrocket as there would be an ever increasing demand with a fixed supply. My take is that free market will solve this problem by moving away from Bitcoin.
sr. member
Activity: 350
Merit: 250
Dealing with the 1 MB blocksize limit is far more important than this so I voted no.

What is the procedure when we hit 1MB? We've been very close to hitting it on some blocks.
hero member
Activity: 521
Merit: 500
Most of the merchants now accept zero confirm transactions. Wherever there is the issue of security they will insist on more confirms if the block time is 1 min. So there is no need to do this.
legendary
Activity: 2282
Merit: 1050
Monero Core Team
Dealing with the 1 MB blocksize limit is far more important than this so I voted no.
copper member
Activity: 1498
Merit: 1528
No I dont escrow anymore.

Is there any other real benefit of 1 minute blocks other than quicker confirmation when depositing to exchange/gambling site or alike?

Even that is unlikely.  Exchanges already require a different number of confirmations based on the altcoin's block confirmation time.  Anyone expecting exchanges to maintain the "6 confirmations" status quo if Bitcoin switched to a 1-minute confirmation time is delusional.

I think thats very likely as well. Bitstamp requires 6 confirmations IIRC, mainly because they allow you to trade directly with other users. The other user might want to withdraw instantly, thus bitstamp has to make as sure as they can that they actually received the coins. With 6 confirmations a blockchain reorg is very unlikely. Should the time between blocks be lowered along with the difficulty, they would probably require 60 confirmations and the "speed-up" is minimal as you would only profit from the lower variance.

I also dont understand why people are so demanding when it comes to confirmation times. Considering the alternatives in any situation Bitcoin is extremely fast. I doubt any stock broker allows live trades via their system 60 minutes after you created a wire transfer.
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