Topic: ONE Minute Blocks! Bitcoin as fast as Dogecoin, faster than Litecoin? VOTE - page 5. (Read 4411 times)
May 11, 2015, 02:58:20 AM
"What is a "block", an "interval" or a "Bitcoin"?" voted me. I know what is a block, interval and Bitcoin. However, I dont really mind the block time. It seem not to affect me at all.
May 11, 2015, 02:56:17 AM
Who cares. Just go. If Gavin Andresen says it, just follow his lead. He'll take BTC to the mainstream.
May 11, 2015, 02:55:37 AM
Right idea, wrong direction. No voting option for that.
Fair point. Added 5 & 20+ minute options.
i voted for 5 minute blocks are best that would be much helpful for more steady growth of bitcoin network instead long time waiting interval period.
May 11, 2015, 02:46:19 AM
Right idea, wrong direction. No voting option for that.
Fair point. Added 5 & 20+ minute options.
i voted for 5 minute blocks are best that would be much helpful for more steady growth of bitcoin network instead long time waiting interval period.
May 11, 2015, 02:43:41 AM
Right idea, wrong direction. No voting option for that.
Fair point. Added 5 & 20+ minute options.
oops i already voted too No. Too risky, not necessary but i will suggest this 5 minutes blocks are the best and that will be more than long waiting interval period of 40 or 50 minutes.
May 11, 2015, 02:42:26 AM
Right idea, wrong direction. No voting option for that.
Fair point. Added 5 & 20+ minute options.
Thx. Voted!
May 11, 2015, 02:40:22 AM
Right idea, wrong direction. No voting option for that.
Fair point. Added 5 & 20+ minute options.
May 11, 2015, 02:35:59 AM
Right idea, wrong direction. No voting option for that.
May 11, 2015, 02:04:59 AM
10 mins is a good compromising, just accept pending transactions and we are all done with all the hassles about this
shorter time would lead to increased bandwidth and less security because of the more wasted hash power
we could do something like green address(but much better) if bitcoin will ever be used massively, and we really need lightning blocks time
shorter time would lead to increased bandwidth and less security because of the more wasted hash power
we could do something like green address(but much better) if bitcoin will ever be used massively, and we really need lightning blocks time
May 11, 2015, 01:56:42 AM
I think it would be better than increasing the size of the blocks, because a lot of services require one confirmation before the transaction is accepted, and this would make using Bitcoin more practical.
May 11, 2015, 01:47:54 AM
lol
I think, if Gavin would want to decrease Block Time, he would have explained it in more detail.
I think, if Gavin would want to decrease Block Time, he would have explained it in more detail.
May 11, 2015, 01:39:27 AM
Nah, we'd have to listen to everyone scream and cry about 4 minute blocks as much as they scream and cry about 40 minute blocks.
May 11, 2015, 01:37:38 AM
Increase in block orphan risk for miners.
It will lead to even more centralization, if that is even possible. If there is a small pool, its variance further increases, and everyone would like to mine on the big pools.
With lower block times, the bigger pools also have a different advantage when getting to the next block as they don't have to worry about propagation time.
May 11, 2015, 01:36:14 AM
On reddit, Gavin has responded favorably to cedivad's proposal that the Bitcoin's 10 minute block interval be reduced to 1 minute.
If it is done at the next block reward halving the block reward would drop from 25 BTC to 1.25 BTC in order to maintain the 21 million BTC limit.
http://www.reddit.com/r/Bitcoin/comments/35hpkt/please_remind_me_once_again_why_we_cant_decrease/cr4wk0g
Just in case his reddit account was used while his back was turned, here is a poll. Vote away!
As people comment in this thread I will update the PROS and CONS list....
PROS
Dogecoin has 1 minute blocks, Litecoin 2.5 minute blocks, and their users think this is a user-friendly advantage for these coins.
The 1MB max block increase can be delayed a few more years as the network will theoretically be capable of 30tps instead of the existing 3tps throughput.
CONS
Increase in block orphan risk for miners.
If it is done at the next block reward halving the block reward would drop from 25 BTC to 1.25 BTC in order to maintain the 21 million BTC limit.
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.
We still need a bigger max block size, though.
Just in case his reddit account was used while his back was turned, here is a poll. Vote away!
As people comment in this thread I will update the PROS and CONS list....
PROS
Dogecoin has 1 minute blocks, Litecoin 2.5 minute blocks, and their users think this is a user-friendly advantage for these coins.
The 1MB max block increase can be delayed a few more years as the network will theoretically be capable of 30tps instead of the existing 3tps throughput.
CONS
Increase in block orphan risk for miners.
Hmm, OK.
Just one question.
Considering that, now with the difficulty rising, and a lot of times we see longer periods than 10 minutes per block,
Do you think that 1 minute blocks are feasible?
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.
http://www.reddit.com/r/Bitcoin/comments/35hpkt/please_remind_me_once_again_why_we_cant_decrease/cr4wk0g
Just in case his reddit account was used while his back was turned and the comment is changed, here is a poll in the meantime. Vote away!
Edit3: FWIW, I think that it is right that people should be encouraged to provide ideas, and not be stamped on for it. The technical arguments lean against 1 min blocks and interestingly the "wisdom of the crowd" is playing out in this poll. The vote so far confirming the technical view that this change is undesirable.
As people comment in this thread I will update the PROS and CONS list....
PROS
Dogecoin has 1 minute blocks, Litecoin 2.5 minute blocks, and their users think this is a user-friendly advantage for these coins.
The 1MB max block increase can be delayed a couple/few more years as the network will theoretically be capable of 30tps instead of the existing 3tps throughput.
Edit1: Not much of a pro because confirmation delays will likely occur in early 2016 which means the max block size needs addressing before the next halving.
CONS
Increase in block orphan risk for miners.
Edit2: Centralization of mining to well connected (large) miners & pools.
Significant increase in wasted hashpower.
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.
We still need a bigger max block size, though.
Just in case his reddit account was used while his back was turned and the comment is changed, here is a poll in the meantime. Vote away!
Edit3: FWIW, I think that it is right that people should be encouraged to provide ideas, and not be stamped on for it. The technical arguments lean against 1 min blocks and interestingly the "wisdom of the crowd" is playing out in this poll. The vote so far confirming the technical view that this change is undesirable.
As people comment in this thread I will update the PROS and CONS list....
PROS
Dogecoin has 1 minute blocks, Litecoin 2.5 minute blocks, and their users think this is a user-friendly advantage for these coins.
The 1MB max block increase can be delayed a couple/few more years as the network will theoretically be capable of 30tps instead of the existing 3tps throughput.
Edit1: Not much of a pro because confirmation delays will likely occur in early 2016 which means the max block size needs addressing before the next halving.
CONS
Increase in block orphan risk for miners.
Edit2: Centralization of mining to well connected (large) miners & pools.
Significant increase in wasted hashpower.
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