ONE Minute Blocks! Bitcoin as fast as Dogecoin, faster than Litecoin? VOTE - page 4.

inBitweTrust

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Quote from: Lauda on May 11, 2015, 07:52:52 AM

The real question is why the developers (or just Gavin) are focusing on changing the block size limit or block generation time instead of this?

I am actually somewhat surprised Gavin has made that suggestion as increasing the probabilities of an orphaned block will encourage miners to propagate empty blocks for a slight block reward edge undermining his efforts to increase tps. Another concern is it will encourage centralization in pools to reduce orphans.

Perhaps he was just giving a nod without thinking about the implications in depth as he really isn't too interested in mining as he has admitted multiple times..

Elwar

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Viva Ut Vivas

Quote from: Lauda on May 11, 2015, 07:52:52 AM

The real question is why the developers (or just Gavin) are focusing on changing the block size limit or block generation time instead of this?
From my quick look and basic understanding of what the proposed Network would be, I'm actually quite amazed. Hopefully we see something soon in regards to this.

Gavin has put a date of March 2016 to upgrade the block size to 20Mb.

Lauda

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Terminated.

Quote from: ebliever on May 11, 2015, 07:48:23 AM

Quote from: Snail2 on May 11, 2015, 07:46:33 AM

I miss the "No, it would cause high rate of inflation and fall in prices." option. Such an action would increase the coin output tenfold what would make even the current price unsustainable. Who would/could buy so many coins. It's only viable if the reward goes down to 2.1 BTC from 21 BTC.

In the discussion above it was proposed to change the block reward time at the next halving. The block reward would go from 12.5 BTC to 1.25 BTC. No change in coin supply. (I'd be dumping my coins ASAP if someone started jacking with the coin supply.)

This is what happens when one doesn't read any posts (even though there are only a few) and spams.

Quote from: solex on May 11, 2015, 01:32:46 AM

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.
-snip

Essentially nothing would be changed in regards to the supply.

Quote from: inBitweTrust on May 11, 2015, 07:27:09 AM

One minute confirmations are unacceptable. We need 1 second confirmations. Alts boasting of faster block confirmations is mainly marketing fluff as anyone knows that you can purchase items instantly with bitcoin by looking at the mempool and other variables.

Lets stop wasting our time on half measures and solutions and work on truly innovative solutions-
https://bitcointalksearch.org/topic/lightning-network-another-proposal-to-make-bitcoin-scale-970822

The real question is why the developers (or just Gavin) are focusing on changing the block size limit or block generation time instead of this?
From my quick look and basic understanding of what the proposed Network would be, I'm actually quite amazed. Hopefully we see something soon in regards to the Lightning Network.

Cruxer

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Bitcoin FTW!

Don't have enough knowledge to even put my vote in this matter. This change would affect how bitcoin work, people get used to 10 minutes confirmations.

ebliever

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Quote from: Snail2 on May 11, 2015, 07:46:33 AM

I miss the "No, it would cause high rate of inflation and fall in prices." option. Such an action would increase the coin output tenfold what would make even the current price unsustainable. Who would/could buy so many coins. It's only viable if the reward goes down to 2.1 BTC from 21 BTC.

In the discussion above it was proposed to change the block reward time at the next halving. The block reward would go from 12.5 BTC to 1.25 BTC. No change in coin supply. (I'd be dumping my coins ASAP if someone started jacking with the coin supply.)

Snail2

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I miss the "No, it would cause high rate of inflation and fall of prices." option. Such an action would increase the coin output tenfold what would make even the current price unsustainable. Who would/could buy so many coins. It's only viable if the reward goes down to 2.1 BTC from 21 BTC.

ebliever

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Quote from: cryptoknight84 on May 11, 2015, 07:31:03 AM

Quote from: Remember remember the 5th of November on May 11, 2015, 07:03:19 AM

I fear this would have a lot of consequences. I'd rather we did this slowly, from 10 to 8, from 8 to 6 or 5, over the years.

I agree, abrupt changes is not recommended.... This way we can asses the affects of the change.

Agreed! That's why I voted to keep at 10 minutes. Changes should only be done (unless something is flat out broken) after a lengthy period of debate and discussion. And they should only be done to keep Bitcoin working well for its intended purpose. I want Bitcoin to be as fixed and immutable as possible. Otherwise we are just trading a bunch of central bankers manipulating the money supply for a bunch of miners manipulating the money supply, which is no improvement.

The discussion about 20 Mb. blocks is a case in point. People have been going at it hammers & tongs for a while now, but only a few days ago did I see Gavin acknowledge the 20 Mb. proposal probably brings with it a big problem with the UTXO database/memory requirements. That reinforces my desire to have everything thought out very slowly and carefully (while planning changes with enough lead time that we don't get ourselves in a bind.)

I have a lot of respect for Gavin and think he's doing a great job. But he's not infallible either.

cryptoknight84

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Quote from: Remember remember the 5th of November on May 11, 2015, 07:03:19 AM

I fear this would have a lot of consequences. I'd rather we did this slowly, from 10 to 8, from 8 to 6 or 5, over the years.

I agree, abrupt changes is not recommended.... This way we can asses the affects of the change.

inBitweTrust

hero member

Activity: 658

Merit: 501

One minute confirmations are unacceptable. We need 1 second confirmations. Alts boasting of faster block confirmations is mainly marketing fluff as anyone knows that you can purchase items instantly with bitcoin by looking at the mempool and other variables.

Lets stop wasting our time on half measures and solutions and work on truly innovative solutions-
https://bitcointalksearch.org/topic/lightning-network-another-proposal-to-make-bitcoin-scale-970822

Lauda

legendary

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Merit: 2965

Terminated.

Quote from: Elwar on May 11, 2015, 07:14:17 AM

I think those that are worried about 10 minute confirmations are mostly people that don't use Bitcoin very often. "10 minute confirmations!?! WTFOMG!! I won't wait that long at a fast food restaurant!"

transaction time != confirmation time

Bitcoin is faster than dogecoin and litecoin because of the amount of nodes.

That is correct. I've just recently used a website in which the transaction was almost instant. This is because they accept the transaction as soon as it gets relayed; no confirmations are needed.
They take some of the risk depending on what kind of services they provide.
A faster confirmation time would not hurt, if we do not make it too fast.

Quote from: Remember remember the 5th of November on May 11, 2015, 07:03:19 AM

I fear this would have a lot of consequences. I'd rather we did this slowly, from 10 to 8, from 8 to 6 or 5, over the years.

This would be much harder too code. Either the developers try coding all of this in a single try or we would have to fork multiple times.
This is because a lot of things need to get adjusted for Bitcoin to have the same supply over time.

Elwar

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Viva Ut Vivas

I think those that are worried about 10 minute confirmations are mostly people that don't use Bitcoin very often. "10 minute confirmations!?! WTFOMG!! I won't wait that long at a fast food restaurant!"

transaction time != confirmation time

Bitcoin is faster than dogecoin and litecoin because of the amount of nodes.

shorena

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No I dont escrow anymore.

Quote from: Q7 on May 11, 2015, 07:07:25 AM

I'm not against the idea because basically in the end what we want to achieve is to be able to handle anticipated increase in the number of future transactions. More over this would also be positive in terms of making confirmation become faster. The only worry i would have is the side effect from orphaned blocks. We are talking about cost here per btc

10 MB per 10 Minutes are still a limit we will reach one day. How often do we need to keep pushing the problem into the future? I dont think any of the core devs is naive enough to believe that a limit increase to X will be a permanent solution, regardless how big X is.

Q7

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I'm not against the idea because basically in the end what we want to achieve is to be able to handle anticipated increase in the number of future transactions. More over this would also be positive in terms of making confirmation become faster. The only worry i would have is the side effect from orphaned blocks. We are talking about cost here per btc

Remember remember the 5th of November

legendary

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Reverse engineer from time to time

I fear this would have a lot of consequences. I'd rather we did this slowly, from 10 to 8, from 8 to 6 or 5, over the years.

solex

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100 satoshis -> ISO code

Quote from: Shindo1988 on May 11, 2015, 01:36:14 AM

Do you think that 1 minute blocks are feasible?

Maybe, but there are costs.
If 10 minute blocks take 2-3 seconds to propagate then this wastes 2-3 seconds of network hashing power per 10 minutes. With 10x as many blocks (smaller), propagation speed would only be slightly less, so 20 seconds of hashing power wasted each 10 minutes. Orphan costs for miners which are not so well connected in the network are worse too, so centralization pressures in mining are increased.

oser41eric

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Merit: 500

I have voted 5minutes as 1minute would be nice but not necessary imo.

Who actually has a problem with the current block times is it the many or the minority?

Never been fussed i don't use any other coin for anything exciting so 5-10minute confirm time is all i have known.

Would be a bonus to traders getting the coin in and out quicker.

deluxeCITY

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Quote from: Lauda on May 11, 2015, 04:04:11 AM

Well maybe 5 minute blocks would be better than the ones that we currently have and the proposed ones. There is no need for 6 confirmations within 6 minutes. Nobody needs such a fast means of payment.
Besides it does not come without its cons.
5 minutes would definitely be an improvement; I can't say the same for 1 minute blocks.

Quote from: deluxeCITY on May 11, 2015, 03:42:14 AM

If the main man thinks it can be a good idea who are we to doubt it? Not that I doubt it but the confirmation time does not affect me a major amount but I can see a benefit for retail being reduced to 1 minute, however I voted 5mintues as it would likely be around 2-3minutes anyway. Lets see what happens.

He is not thus your argument is invalid.

Behave! At what point did I make it out to be an argument for a serial spammer to tell me it is invalid? That is right it is a statement and question also to me he is the main man, who is here helping push Bitcoin where you are not so case closed.

Lauda

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Terminated.

Well maybe 5 minute blocks would be better than the ones that we currently have and the proposed ones. There is no need for 6 confirmations within 6 minutes. Nobody needs such a fast means of payment.
Besides it does not come without its cons.
5 minutes would definitely be an improvement; I can't say the same for 1 minute blocks.

Quote from: deluxeCITY on May 11, 2015, 03:42:14 AM

If the main man thinks it can be a good idea who are we to doubt it? Not that I doubt it but the confirmation time does not affect me a major amount but I can see a benefit for retail being reduced to 1 minute, however I voted 5mintues as it would likely be around 2-3minutes anyway. Lets see what happens.

He is not, thus your argument is invalid.
Another addition to the delusional ignore list.

deluxeCITY

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If the main man thinks it can be a good idea who are we to doubt it? Not that I doubt it but the confirmation time does not affect me a major amount but I can see a benefit for retail being reduced to 1 minute, however I voted 5mintues as it would likely be around 2-3minutes anyway. Lets see what happens.

newcripto

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It is good as it is.There is no change needed at the moment.The current block time is acceptable and sometime appears little bit delays.Generally I am quite satisfied by the confirmation time.That can be risky to make it quicker.

Topic: ONE Minute Blocks! Bitcoin as fast as Dogecoin, faster than Litecoin? VOTE - page 4. (Read 4411 times)