One way to faster confirmations for small payments

hua_hui

legendary

Activity: 1386

Merit: 1016

Quote from: solex on August 03, 2014, 05:40:41 PM

Does anyone really think it is a good idea to entrench centralized mining even further into Bitcoin? Short memories or are ghash and discus-fish good-ole-boy pillars of the community now?

It would be better if the main companies, which rely on Bitcoin for their business model, were to invest in improving decentralized mining (like p2pool) and ensure that their transaction flow benefits that area instead.

centralized mining carries the risk of 51% attack and it is talked a thousand times. It will harm the interests of the majority of miners.

ovais909

newbie

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Merit: 0

Quote from: griffga on August 04, 2014, 12:26:00 AM

Quote from: Nagle on August 04, 2014, 12:15:24 AM

Quote from: solex on August 03, 2014, 05:40:41 PM

Does anyone really think it is a good idea to entrench centralized mining even further into Bitcoin? Short memories or are ghash and discus-fish good-ole-boy pillars of the community now?

It would be better if the main companies, which rely on Bitcoin for their business model, were to invest in improving decentralized mining (like p2pool) and ensure that their transaction flow benefits that area instead.

That's a nice dream, but the reality is that Bitcoin mining today looks like this:
http://img.gawkerassets.com/img/197jbwgz2fy3vjpg/original.jpg

Or this:
http://www.datacenterknowledge.com/wp-content/uploads/2014/07/bitfury-coop-view1.jpg

It doesn't look like this any more:
http://www.fudzilla.com/images/stories/2013/November/asrock-bitcoin.jpg

It's amazing to see how much computing power is truly dedicated to Bitcoin. Is this the largest single use of computing power in the world?

Man this sucks!, again the rich will get richer because the can afford all this new tech,. :-(

griffga

member

Activity: 76

Merit: 10

Quote from: Nagle on August 04, 2014, 12:15:24 AM

Quote from: solex on August 03, 2014, 05:40:41 PM

Does anyone really think it is a good idea to entrench centralized mining even further into Bitcoin? Short memories or are ghash and discus-fish good-ole-boy pillars of the community now?

It would be better if the main companies, which rely on Bitcoin for their business model, were to invest in improving decentralized mining (like p2pool) and ensure that their transaction flow benefits that area instead.

That's a nice dream, but the reality is that Bitcoin mining today looks like this:

Or this:

It doesn't look like this any more:

It's amazing to see how much computing power is truly dedicated to Bitcoin. Is this the largest single use of computing power in the world?

Nagle

legendary

Activity: 1204

Merit: 1002

Quote from: solex on August 03, 2014, 05:40:41 PM

Does anyone really think it is a good idea to entrench centralized mining even further into Bitcoin? Short memories or are ghash and discus-fish good-ole-boy pillars of the community now?

It would be better if the main companies, which rely on Bitcoin for their business model, were to invest in improving decentralized mining (like p2pool) and ensure that their transaction flow benefits that area instead.

That's a nice dream, but the reality is that Bitcoin mining today looks like this:

Or this:

It doesn't look like this any more:

solex

legendary

Activity: 1078

Merit: 1006

100 satoshis -> ISO code

Does anyone really think it is a good idea to entrench centralized mining even further into Bitcoin? Short memories or are ghash and discus-fish good-ole-boy pillars of the community now?

It would be better if the main companies, which rely on Bitcoin for their business model, were to invest in improving decentralized mining (like p2pool) and ensure that their transaction flow benefits that area instead.

infested999

hero member

Activity: 854

Merit: 500

Quote from: anshar on August 03, 2014, 04:48:20 PM

Can you explain how to get comfirmation faster on blockchain?
thanks before

If all the major mining pools work together with Coinbase, they can avoid the blockchain and confirm transactions instantly.

anshar

sr. member

Activity: 350

Merit: 250

Can you explain how to get comfirmation faster on blockchain?
thanks before

Nagle

legendary

Activity: 1204

Merit: 1002

The big players can easily solve the confirmation time problem. Coinbase just needs to contract with the big mining pools for priority for getting their transactions into the next block. Then, as soon as they've submitted a transaction to the queue at each big miner, had it checked against the queue for a double spend, and received confirmation that it's in the queue, they're protected against double spending. The big mining pools that have more than half the hash rate can confirm a transaction themselves.

The public blockchain can catch up later.

Topic: One way to faster confirmations for small payments (Read 904 times)