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Author Topic: Is PoS the future of Bitcoin mining?  (Read 2682 times)
jonald_fyookball
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May 10, 2015, 06:10:34 PM
 #61

The delay you're seeing is because of the third
party service you're using. 

Here's the real times.
https://blockchain.info/charts/avg-confirmation-time


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May 10, 2015, 06:26:19 PM
 #62

The delay you're seeing is because of the third
party service you're using.  

Here's the real times.
https://blockchain.info/charts/avg-confirmation-time



First let me say a transaction from a payment processor to an exchange is on the bitcoin network directly, the wallets they use that are integrated into their site are usually daemon wallets, thus those transaction do not go thru a 3rd party, its a direct transaction from  one daemon to another, yet I still have to wait sometimes 35 minutes to an hour to get 2 confirms on my deposits. As far as the transaction showing up in the account, ther can be a delay depending on how their cron job is structured yes, but 35 minutes to an HOUR, and hour sometimes,, thats not 10 minute confirms by any sense of the words.

For example I processed a transaction at 5/11/2015 02:03:08am   It has still not shown up on the exchange 25 minutes later and still has 0 confirms.

And as far as the 3rd party escape goat is concerned, unfortunately the age old saying actions speak louder than words falls into place here, a user doesn't care what a chart says, what matters to new users is what is actually happening, its great that a chart is showing us a basis to go by, but the truth of the matter is new users are more likely to use a 3rd party over downloading the blockchain at this point. Its easier and faster, and thus it reflects the times that it takes in those 3rd parts services, what goes on in the backend they can care less about, what happens to them in real life is what maters the most, because those are the times that are actually effecting them.

The bottom line here is my POS coins will get into my wallet and confirmed in minutes, my bitcoins can take sometimes hours.

jonald_fyookball
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May 10, 2015, 06:48:26 PM
Last edit: May 10, 2015, 08:35:58 PM by jonald_fyookball
 #63

I use electrum, I don't download the blockchain and my transactions take seconds.
Also i've withdrew from coinbase and the transactions were less than a minute.

Anyway, if you like PoS coins better, no one is stopping you.  Go for it! Grin

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May 11, 2015, 08:42:37 PM
 #64

Hi.....

The Bitcoin mining process can be a complicated concept to grasp for those that are not tech-savvy. Many people want to get involved in mining but don’t pursue, it because they get discouraged when they don’t understand how it works. Cry Cry Cry
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May 12, 2015, 08:40:01 AM
 #65

Hi.....

The Bitcoin mining process can be a complicated concept to grasp for those that are not tech-savvy. Many people want to get involved in mining but don’t pursue, it because they get discouraged when they don’t understand how it works. Cry Cry Cry
Why should you try getting involved into something that you don't understand? Why don't you go drill for oil, or mine diamonds?
Just because you don't understand how it works, doesn't mean that: a) It should be simplified because of you; b) There are no people that understand it.

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