Speed or "transaction speed" misconceptions

[Peleus]

Ok there seems to be a huge misunderstanding running around about transaction speeds, which coin is faster, etc etc.

Speeds are a function of security, how long it takes before a transaction is considered "final".

Here is what affects security (and as a consequence, speed) -

1. Total Hashrate
2. Time

Nothing else. Not the number of confirmations, block times, nothing.

Now, #1 affects security because it determines the likelihood of an individual gaining a significant portion of the total hashrate. Obviously it's easier for someone to gain 50% of the SHA2 hashrate for a coin that has a network  hash rate of 1 GH/s than it is for 1000 TH/s. Number #2 is important because as time elapses, the probability of someone achieving a higher block count and successfully forking the block chain lessens.

So why the speed of confirmations have nothing to do with it -

Confirmations are simply announcements of a progress of time. If I get a conformation every 1 minute, it would take 5 conformations to be as secure as a single confirmation being given once every 5 minutes. Just because I'm updating you that time has elapsed more often, doesn't mean any more time has elapsed. 5 minutes is 5 minutes, regardless if I notify you in 10 second progress updates or a single update at 5 minutes saying "done". So, let's say we have two coins. Coin A has blocks every 1 minute. Coin B has blocks every 5 minutes. Both have an identical hash rate. After 7 minutes Coin A has 7 confirmations, Coin B has 1, which is more secure? They are both exactly the same. They have the same hashrate, and the same amount of time has elapsed. "Faster" coins simply because confirmation times are lower are a myth.

So, as a result...

CHNCoin is not faster with 1 minute blocks.
Litecoin is not faster with 2.5 minute blocks.
If anything, Bitcoin is the fastest as it has the highest total hash rate.

Please stop spreading this myth.

[joey99]

Shssssh! you might make people stop paying huge $ for worthless coins

[cheesylard]

inb4 impeding feathercoin crash

[btbrae]

It takes 1 hour + sometimes to send BTC to/from an exchange.

LTC/TRC/FTC/CHN it's a few minutes.

The clocks on the clients confirm @ 6 confirmations, this is what reassures people that I have sent them coins.

That's the only information I need to know.

[RauBan]

while you are right in theory i still have to disagree with you. The time it takes to get the first confirmation is significant. using your example of 1 min vs 5 min coin; 1 min coin is more secure than 5 min coin after 1 min coin have 1 confirm and 5 min has 0. For smaller transactions that is all that matters. even if 5 min coin with 1 confirm is just as secure as 1 min coin with 5 confirms.

[deepceleron]

You are wrong. The truth is not a myth. The higher hashrate of Bitcoin does allow it to fend off a particular attacker better than other alt-coins would fare, but then you go into falsehoods.

https://bitcointalk.org/index.php?topic=177308.msg1853377#msg1853377

If you need help, please read the satoshi paper until you understand it. If you can't understand the statistics, you shouldn't foray into starting topics where you claim to answer some question nobody was asking about.

[Meni Rosenfeld]

The OP is wrong; please see https://bitcoil.co.il/Doublespend.pdf.

[megablue]

OP, you're wrong, just send some BTC and FTC/LTC/CNC/TRC you will notice the differences.