This coin is dead, the transactions take too long to confirm (30 mins)
Not dead, you just found a reason to talk yourself out of something.. This coin will be 1000 years old,
Everyone said the same thing about BTC and LTC. we want it to be 30 minutes because it will only secure its network and its users.
You can still see the balance show up, but confirmations do take a long time. Speed is everything to a certain degree.
Fiat could take up to 3-5 business days to process direct deposits, automatic payments, depending on the processing institution.
EdisonX3 vs FIAT is much more secure instead of the middle man holding your
funds, and who knows what they used the funds for during that holding period.
EdisonX3 will be compared to fiat. Yes, more on this as we progress
30 minute block times will kill this coin.
A pool with 10% of network can expect to solve one block every 300 minutes.
Can you see many people being happy to wait 5 hours for a block to show in their pool, if the're lucky.
If the pool is unlucky, and there's no blocks found in 10+ hours, people will bail from the pool with nothing to show for 10 hours mining, and will not be happy with the coin in general.
Now consider a smaller pool, say 2%. How many people will wait for more than 24 hours to see a return on their hashpower?
When do you bail from the pool, after 2-3 days?
I foresee one or maybe 2 pools surviving more than a couple weeks. Not exactly a recipe for a healthy network.
This is up for discussions now because you brought up a few good points; the negative though- Bitcoin is not the safest coin yet, and we all know this. Yes, aside from Block time, we have been working on some new code that should help keep the network and its users more secure, however, we are open to hearing what others have to say about Block Times @
https://bitcointalk.org/index.php?topic=493518.0We look forward to all your feedbacks in that thread
So I have a few questions -
1/. Why even allow transaction malleability? I personally have never had any need for changing the TXID of any trxns I have made. Is there a legitimate use for it?
2/. If it is necessary to have trx malleability, then why not make longer confirmation times (ie 10+ times normal) for only those transactions whose TXID has changed from the original (ie conditional treatment of non-standard trxns) ?
3/. Plus why would you not restrict the ability to change a TXID to the source wallet?
4/. Plus, wouldn't additional confirmation blocks be a better solution, than longer blocktimes?
Extending the blocktime seems like the easy solution, and not exactly addressing the root cause of the problem.
But iunno, I'm certainly no expert, just saying
I am curious to find out some answers to these as well. I think the solution at hand by EdisonX3 was the reference to a complete bypass of the situation. I am not sure about confirmation time, but I am assuming it is very similar. I know many coins today that use the immature state system where we have to wait 1-2-3 days until coins have 'matured' which is almost the same thing as waiting 30 minutes for a block time. This is not my area either MCCPool but I see where they are going with this.
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