ONE Minute Blocks! Bitcoin as fast as Dogecoin, faster than Litecoin? VOTE

[solex]

On reddit, Gavin has responded favorably to cryptodude1's proposal that Bitcoin's 10 minute block interval be reduced to 1 minute.
If it is done at the next block reward halving (about July 2016) the block reward would drop from 25 BTC to 1.25 BTC in order to maintain the 21 million BTC limit. Difficulty would be reduced by 10x.

http://www.reddit.com/r/Bitcoin/comments/35hpkt/please_remind_me_once_again_why_we_cant_decrease/cr4wk0g

I think 1-minute blocks is a good idea. The best time to roll that out would be the next subsidy halving (makes the code much simpler).
We still need a bigger max block size, though.

Just in case his reddit account was used while his back was turned and the comment is changed, here is a poll in the meantime. Vote away!

Edit3: FWIW, I think that it is right that people should be encouraged to provide ideas, and not be stamped on for it. The technical arguments lean against 1 min blocks and interestingly the "wisdom of the crowd" is playing out in this poll. The vote so far confirming the technical view that this change is undesirable.

As people comment in this thread I will update the PROS and CONS list....

PROS

Dogecoin has 1 minute blocks, Litecoin 2.5 minute blocks, and their users think this is a user-friendly advantage for these coins.
The 1MB max block increase can be delayed a couple/few more years as the network will theoretically be capable of 30tps instead of the existing 3tps throughput.
Edit1: Not much of a pro because confirmation delays will likely occur in early 2016 which means the max block size needs addressing before the next halving.

CONS

Increase in block orphan risk for miners.
Edit2: Centralization of mining to well connected (large) miners & pools.
Significant increase in wasted hashpower.

[Shindo1988]

On reddit, Gavin has responded favorably to cedivad's proposal that the Bitcoin's 10 minute block interval be reduced to 1 minute.
If it is done at the next block reward halving the block reward would drop from 25 BTC to 1.25 BTC in order to maintain the 21 million BTC limit.

http://www.reddit.com/r/Bitcoin/comments/35hpkt/please_remind_me_once_again_why_we_cant_decrease/cr4wk0g

I think 1-minute blocks is a good idea. The best time to roll that out would be the next subsidy halving (makes the code much simpler).
We still need a bigger max block size, though.

Just in case his reddit account was used while his back was turned, here is a poll. Vote away!

As people comment in this thread I will update the PROS and CONS list....

PROS

Dogecoin has 1 minute blocks, Litecoin 2.5 minute blocks, and their users think this is a user-friendly advantage for these coins.
The 1MB max block increase can be delayed a few more years as the network will theoretically be capable of 30tps instead of the existing 3tps throughput.

CONS

Increase in block orphan risk for miners.

Hmm, OK.
Just one question.
Considering that, now with the difficulty rising, and a lot of times we see longer periods than 10 minutes per block,
Do you think that 1 minute blocks are feasible?

[Fernandez]

Increase in block orphan risk for miners.

It will lead to even more centralization, if that is even possible. If there is a small pool, its variance further increases, and everyone would like to mine on the big pools.

With lower block times, the bigger pools also have a different advantage when getting to the next block as they don't have to worry about propagation time.

[gadman2]

Nah, we'd have to listen to everyone scream and cry about 4 minute blocks as much as they scream and cry about 40 minute blocks.

[turvarya]

lol
I think, if Gavin would want to decrease Block Time, he would have explained it in more detail.

[fryarminer]

I think it would be better than increasing the size of the blocks, because a lot of services require one confirmation before the transaction is accepted, and this would make using Bitcoin more practical.

[Amph]

10 mins is a good compromising, just accept pending transactions and we are all done with all the hassles about this

shorter time would lead to increased bandwidth and less security because of the more wasted hash power

we could do something like green address(but much better) if bitcoin will ever be used massively, and we really need lightning blocks time

[tvbcof]

Right idea, wrong direction.  No voting option for that.

[solex]

Right idea, wrong direction.  No voting option for that.

Fair point. Added 5 & 20+ minute options.

[tvbcof]

Right idea, wrong direction.  No voting option for that.

Fair point. Added 5 & 20+ minute options.

Thx.  Voted!

[trafficolaa]

Right idea, wrong direction.  No voting option for that.

Fair point. Added 5 & 20+ minute options.

oops i already voted too No. Too risky, not necessary but i will suggest this 5 minutes blocks are the best and that will be more than long waiting interval period of 40 or 50 minutes.

[amiryaqot]

Right idea, wrong direction.  No voting option for that.

Fair point. Added 5 & 20+ minute options.

i voted for 5 minute blocks are best that would be much helpful for more steady growth of bitcoin network instead long time waiting interval period.

[boopy265420]

Right idea, wrong direction.  No voting option for that.

Fair point. Added 5 & 20+ minute options.

i voted for 5 minute blocks are best that would be much helpful for more steady growth of bitcoin network instead long time waiting interval period.

I would also say 5 minutes block time is not only good but also necessary.It will help to increase the use of blockchain.We know at present block time is undetermined and many quick transfers are being avoided as people are not sure how much time really will be taken their transaction.5 minutes block time fair and best if possible.

[tokeweed]

Who cares.  Just go.  If Gavin Andresen says it, just follow his lead.  He'll take BTC to the mainstream.

[jacktheking]

"What is a "block", an "interval" or a "Bitcoin"?" voted me. I know what is a block, interval and Bitcoin. However, I dont really mind the block time. It seem not to affect me at all.

[newcripto]

It is good as it is.There is no change needed at the moment.The current block time is acceptable and sometime appears little bit delays.Generally I am quite satisfied by the confirmation time.That can be risky to make it quicker.

[deluxeCITY]

If the main man thinks it can be a good idea who are we to doubt it? Not that I doubt it but the confirmation time does not affect me a major amount but I can see a benefit for retail being reduced to 1 minute, however I voted 5mintues as it would likely be around 2-3minutes anyway. Lets see what happens.

[Lauda]

Well maybe 5 minute blocks would be better than the ones that we currently have and the proposed ones. There is no need for 6 confirmations within 6 minutes. Nobody needs such a fast means of payment.
Besides it does not come without its cons.
5 minutes would definitely be an improvement; I can't say the same for 1 minute blocks.

If the main man thinks it can be a good idea who are we to doubt it? Not that I doubt it but the confirmation time does not affect me a major amount but I can see a benefit for retail being reduced to 1 minute, however I voted 5mintues as it would likely be around 2-3minutes anyway. Lets see what happens.

He is not, thus your argument is invalid.
Another addition to the delusional ignore list.

[deluxeCITY]

Well maybe 5 minute blocks would be better than the ones that we currently have and the proposed ones. There is no need for 6 confirmations within 6 minutes. Nobody needs such a fast means of payment.
Besides it does not come without its cons.
5 minutes would definitely be an improvement; I can't say the same for 1 minute blocks.

If the main man thinks it can be a good idea who are we to doubt it? Not that I doubt it but the confirmation time does not affect me a major amount but I can see a benefit for retail being reduced to 1 minute, however I voted 5mintues as it would likely be around 2-3minutes anyway. Lets see what happens.

He is not thus your argument is invalid.

Behave! At what point did I make it out to be an argument for a serial spammer to tell me it is invalid? That is right it is a statement and question also to me he is the main man, who is here helping push Bitcoin where you are not so case closed.

[oser41eric]

I have voted 5minutes as 1minute would be nice but not necessary imo.

Who actually has a problem with the current block times is it the many or the minority?

Never been fussed i don't use any other coin for anything exciting so 5-10minute confirm time is all i have known.

Would be a bonus to traders getting the coin in and out quicker.