If the mining could be easier then profits would be more. However this might cause inflation..
Sure! Just unplug your miners, it will lower the difficulty for the rest of us!
Topic: [Opinions] IF you could improve/add/remove 1 thing to bitcoin what would it be? - page 5. (Read 5761 times)
August 22, 2014, 12:58:31 AM
Sure! Just unplug your miners, it will lower the difficulty for the rest of us!
August 22, 2014, 12:49:04 AM
I agree with transaction times. I know its a lot less than other payment providers, but those are impossible to reverse maliciously, other than chargebacks, which aren't present in bitcoin. Bitcoin you can easily double spend the minute you leave the restaurant after paying, while its still unconfirmed, and get your money back and free food, and the restaurant couldn't do anything about it. Also waiting around for 10+ minutes is simply not possible for bars or restaurants, because aint nobody got time fo dat. Also because of the block size limit, more blocks would increase scalability.
August 22, 2014, 12:44:33 AM
Yes, i appreciate with you..time is important for all of us, so transaction times that must be solved.
August 21, 2014, 05:54:42 PM
If the mining could be easier then profits would be more. However this might cause inflation..
What do you mean by "easier"
It doesn't matter how big the profit is, a higher number of Bitcoins as a block reward would mean that the price goes down accordingly. It's a self-balancing thing! August 21, 2014, 05:22:56 PM
If the mining could be easier then profits would be more. However this might cause inflation..
What do you mean by "easier"
It doesn't matter how big the profit is, a higher number of Bitcoins as a block reward would mean that the price goes down accordingly. It's a self-balancing thing! August 21, 2014, 05:18:58 PM
Have a built in exchange that allows for custom API configuration. If you can arbitrage trade right from your wallet, that could really help a lot of people out.
August 21, 2014, 11:44:17 AM
The most critical in my opinion: Address the 1 MB blocksize limit to allow Bitcoin to scale.
I agree, this is the most important thing that will need to be changed sometime in the future, along with the max number of TX per second. I think both of these should not be changed until we see more blocks getting consistently close to the max block size and more periods of the network bumping up against the max number of TX per second as it is expensive for node operators to have that much bandwidth. 
August 21, 2014, 11:05:58 AM
Sorry, I don't get people asking for faster confirmations. I understand it's sometimes frustrating to wait, but faster confirmation times = less secure confirmations. If you changed the block target to 5 mins, then services waiting for, say, 3 confirmations would simply require 6. No difference.
There is a significant difference between 1 confirmation and 0 confirmations, regardless of the time. Reducing the confirmation time from 10 minutes is beneficial in any transaction delayed due to waiting for at least one confirmation.
August 21, 2014, 10:12:57 AM
If the mining could be easier then profits would be more. However this might cause inflation..
August 21, 2014, 10:12:37 AM
Sorry, I don't get people asking for faster confirmations. I understand it's sometimes frustrating to wait, but faster confirmation times = less secure confirmations. If you changed the block target to 5 mins, then services waiting for, say, 3 confirmations would simply require 6. No difference.
Fair point, in hindsight 10 minutes is nothing in the financial world of transaction times!
August 21, 2014, 08:30:59 AM
I would probably change the fees so that even smaller amounts can be sent without large fees. If bitcoin gets more expensive, you could have to pay several dollars to send one dollar of bitcoin.
The fees are there to protect the notwork from spam rather than actually being a reward for miners.
The total fees fro one day are in the average of 10-20 btc so miners are more inclined to find blocks with fewer transactions rather than missing them.
And in this mix a few guys spending 100$ daily just to bloat the blockain and you're going to see why we don't have 1 cent fees right now.
Quicker confirmation times, anonymous storage via blockchain (large files)
Good luck downloading the blockchain after two blocks if i'm gonna store there just a few of my hd movies.
August 21, 2014, 10:10:59 AM
Sorry, I don't get people asking for faster confirmations. I understand it's sometimes frustrating to wait, but faster confirmation times = less secure confirmations. If you changed the block target to 5 mins, then services waiting for, say, 3 confirmations would simply require 6. No difference.
August 21, 2014, 09:22:00 AM
I would try to lower confirmation times, they sometimes take hours 
Although we can pay extra fee for faster confirmation, so yeah.
Although we can pay extra fee for faster confirmation, so yeah.
August 21, 2014, 08:18:27 AM
Quicker confirmation times, anonymous storage via blockchain (large files)
August 21, 2014, 08:20:42 AM
I would probably change the fees so that even smaller amounts can be sent without large fees. If bitcoin gets more expensive, you could have to pay several dollars to send one dollar of bitcoin.
The fees are there to protect the notwork from spam rather than actually being a reward for miners.
The total fees fro one day are in the average of 10-20 btc so miners are more inclined to find blocks with fewer transactions rather than missing them.
And in this mix a few guys spending 100$ daily just to bloat the blockain and you're going to see why we don't have 1 cent fees right now.
Quicker confirmation times, anonymous storage via blockchain (large files)
Good luck downloading the blockchain after two blocks if i'm gonna store there just a few of my hd movies.
August 21, 2014, 08:07:38 AM
I would change two things:
1 Lower fees to allow micro payments
2 Faster transaction times
1 Lower fees to allow micro payments
2 Faster transaction times
Fees can always be changed, but woiuld still have to be profitable for the miners. I could see this being a problem in the future. I think third party programs can allow for micropayments just fine.
August 21, 2014, 07:57:09 AM
More advertising
As in to spread the word about bitcoin further?
August 21, 2014, 02:52:05 AM
Bitcoin atms being easier to use, I don't want to slip in an id to purchase bitcoin.
Its gonna be this way until regulations relax
August 21, 2014, 02:37:19 AM
AND why?
Just 1 thing, for I it would be transaction times, cause waiting for those confirmations is wayy too long sometimes
Just 1 thing, for I it would be transaction times, cause waiting for those confirmations is wayy too long sometimes
User friendly Multi-Sig transaction support in the clients.
Would help improve security in an inherently trustless system, with everything from escrow to locking down wallets.
August 21, 2014, 02:20:42 AM
The most critical in my opinion: Address the 1 MB blocksize limit to allow Bitcoin to scale.
I would fight to keep it at 1MB for the years to come. We need off-chain solutions for that and there are many in the works. Raising the block size would only slow down progress and harm those projects.
AND why?
Just 1 thing, for I it would be transaction times, cause waiting for those confirmations is wayy too long sometimes
Just 1 thing, for I it would be transaction times, cause waiting for those confirmations is wayy too long sometimes
1minute is just as bad as 10minutes when in a supermarket, especially as this 1minute block time sometimes will also take 20minutes. We need other solutions to that and there are off-chain solutions.
But to answer the OP question:
What? I would add proof of stake.
Why? It's cheaper and better aligned with keeping the fees low and the network secure. With proof of stake there is no reason at all to have fees beyond keeping the blocks free of spam. Those holding bitcoins would have a huge incentive to keep the blockchain rolling even without block rewards and transaction fees. The claim that with proof of stake the rich become richer is based on the assumption that mining is a for profit venture but with mining (securing the transactions) being built back into every full client cause we can, we wouldn't have to worry about the 50%-pools and wouldn't be blamed for wasting energy on mining. Also those mining chip companies could focus on more meaningful stuff.
We could continue to give the block reward to proof of stake blocks and reserve the mining fees to proof of stake, aligned with the block reward halfing. At the next block reward halfing we don't half the block reward but we half the POW blocks, doubling the POW difficulty and adding POS.
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