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Title: What is the disadvantage of having faster blocks ? Post by: jambola2 on March 14, 2014, 01:27:13 PM While bitcoin adjusts to 10 minutes , litecoin adjusts to 2.5 , many other coins try to make their coin the fastest.
A faster coin shows evidence of giving quicker transactions. What is the disadvantage of a faster coin ? Title: Re: What is the disadvantage of having faster blocks ? Post by: rapsaodan84 on March 14, 2014, 01:29:38 PM I'd say it's less secure. But we could just add tje required number of confirms.
I'd like to read an expert's answer. Title: Re: What is the disadvantage of having faster blocks ? Post by: ImI on March 14, 2014, 01:35:10 PM - higher Inflation - higher probability of building forks Title: Re: What is the disadvantage of having faster blocks ? Post by: jambola2 on March 14, 2014, 01:36:37 PM I'd say it's less secure. But we could just add tje required number of confirms. I'd like to read an expert's answer. Yes. This is considering a double spend attack. For anyone who did not understand , 6 confirms in Bitcoin with 10 minute block time = Needs an opposing power to have good luck and a large amount of Hash Rate for an hour. 600 confirms with a 6 second block time is the same thing as the party needs to keep up the hash rate for an hour to double spend. 6 confirms with the 6 second block time would be insecure , but that could easily be kept in proportion. Title: Re: What is the disadvantage of having faster blocks ? Post by: jambola2 on March 14, 2014, 01:38:21 PM - higher Inflation - higher probability of building forks The second point is self explanatory , but could you please detail more on how it causes inflation ? I could easily make a coin called Bitcoin v2.0 , with 5 coin block reward and 1 minute confirm. It takes 1/10 confirm time and hence has 1/10 the value. In 10 minutes , the same number of coins are generated on average and the only difference is the greater amount of transactions processed. Title: Re: What is the disadvantage of having faster blocks ? Post by: ImI on March 14, 2014, 02:13:51 PM Imagine a coin with 100 coins already mined. Now lets say you have got a blocksize of 1 and a target time of 1 hour. And in the other case you have a blocksize of 1 and a target time of 1 minute. What do you think? Which coin has a higher inflation rate? Title: Re: What is the disadvantage of having faster blocks ? Post by: jambola2 on March 14, 2014, 05:33:01 PM Imagine a coin with 100 coins already mined. Now lets say you have got a blocksize of 1 and a target time of 1 hour. And in the other case you have a blocksize of 1 and a target time of 1 minute. What do you think? Which coin has a higher inflation rate? LOL Did you read my previous post ? If coin # 1 has 10 minutes and 10 coins Coin #2 with 1 minute can be changed to 1 coin to reduce inflation. Title: Re: What is the disadvantage of having faster blocks ? Post by: ImI on March 14, 2014, 06:37:59 PM Imagine a coin with 100 coins already mined. Now lets say you have got a blocksize of 1 and a target time of 1 hour. And in the other case you have a blocksize of 1 and a target time of 1 minute. What do you think? Which coin has a higher inflation rate? LOL Did you read my previous post ? If coin # 1 has 10 minutes and 10 coins Coin #2 with 1 minute can be changed to 1 coin to reduce inflation. you dont get it of course you could change the target time AND the block size and of course that would be the exact same outcome in terms of inflation, correct but YOU ASKED Quote What is the disadvantage of having faster blocks ? and the disadvantage of having faster blocks IS higher inflation. Title: Re: What is the disadvantage of having faster blocks ? Post by: FoBoT on March 15, 2014, 02:36:40 AM too fast block times means more orphans for miners, so more waste in electricity/resources
i read in another thread it was postulated with today's internet latency average, 60 sec block time was the fastest for good efficiency, less time than that and the orphans go up too high |