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

[AgentofCoin]

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.

...

My mind has been blown.
I still consider myself a major noob in relation to all the working of the bitcoin protocol and etc,
but every other day, someone is stating that the 10 minute block time is also an important security feature.
In the event of a roll back (bitcoin bug) and we were using a 1 minute block time,
we could have a chain of hundreds or even a thousand blocks reversed.
What would we then need to tell average users and merchants then? What about future users or merchants?
Instead of the 6 blocks deep being consider secure, we are gonna say 60 blocks deep is now the safest?
But I dont know really. As i said I'm a noob.
I'm going to guess that Gavin was joking. But if he wasn't then I'm really lost.

[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.

...

My mind has been blown.
I still consider myself a major noob in relation to all the working of the bitcoin protocol and etc,
but every other day, someone is stating that the 10 minute block time is also an important security feature.
In the event of a roll back (bitcoin bug) and we were using a 1 minute block time,
we could have a chain of hundreds or even a thousand blocks reversed.
What would we then need to tell average users and merchants then? What about future users or merchants?
Instead of the 6 blocks deep being consider secure, we are gonna say 60 blocks deep is now the safest?
But I dont know really. As i said I'm a noob.
I'm going to guess that Gavin was joking. But if he wasn't then I'm really lost.

It's not a joke idea. A block 6 hours old with 1 minute intervals would be slightly more secure than with 10 minute intervals, and David Hudson points out that people thinking of security in terms of confirmations would do better to think of security in terms of time.

Sergio Lerner analyzes this proposal...
Reducing the block rate instead of increasing   the maximum block size
It is not however, a simple issue, as many of the replies indicate.

[cozk]

Reducing block reward to 2.5 (25/10) and reducing time to 1 min could be an idea. That would equal to block size 10 mb (1 mb *10).

Still.... you might as well start a new shitcoin, all of this is not Bitcoin.

Bitcoin has value because its stable and people trust it. Start changing things to the people's taste of the day and it will lose all its value.

[celestio]

Reducing block reward to 2.5 (25/10) and reducing time to 1 min could be an idea. That would equal to block size 10 mb (1 mb *10).

Still.... you might as well start a new shitcoin, all of this is not Bitcoin.

Bitcoin has value because its stable and people trust it. Start changing things to the people's taste of the day and it will lose all its value.

The nature of Bitcoin is such that once version 0.1 was released, the core design was set in stone for the rest of its lifetime - June 17, 2010, Satoshi Nakamoto

[ticoti]

I vote yes,that's better than having now sites accepting bitcoin with no confirmation needed because bitcoin blocks take too much to get confirmed

[photon_coin]

one minute is too short, 2-3 mintues would be pushing it

[odolvlobo]

Why one minute? Let's go for it and make it one second. A typical miner can do 1 trillion hashes per second. That's plenty for a single block.

[JarvisTechnology]

Why one minute? Let's go for it and make it one second. A typical miner can do 1 trillion hashes per second. That's plenty for a single block.

What's the benefit of increasing the time? isn't it ok to wait 10 minutes at the moment? You can see the transaction has been sent instantly and only really need to wait for 1 confirmation if you want to make sure

[NeuroticFish]

Although it may make the life of the miners and pool owners - at least - more complicated, it's something I'd like to see.
Really, there are 2 things that slow the adoption: the big waiting time until the merchant knows that it got paid and the decline of the price.

A change like this will increase the price, because any change is considered by traders an improvement which worth a risk and then both requirements will be met for bigger usage by the merchants.


I like Dogecoin for 3 reasons:
* very quick transactions
* very small fees
* very friendly community

[R2D221]

Where's the option in the poll for “No, because it's pointless”?

[Lauda]

Although it may make the life of the miners and pool owners - at least - more complicated, it's something I'd like to see.
Really, there are 2 things that slow the adoption: the big waiting time until the merchant knows that it got paid and the decline of the price.

A change like this will increase the price, because any change is considered by traders an improvement which worth a risk and then both requirements will be met for bigger usage by the merchants.


I like Dogecoin for 3 reasons:
* very quick transactions
* very small fees
* very friendly community

This is a false assumption. You're just pulling out nonsense out of a hat. Without proper acceptance this would most likely cause a massive panic attack, massive sell offs.
You do realize that the average person does not like change? A change as drastic as this one could cause a lot of people to lose their faith in Bitcoin. Although a bit faster blocks wouldn't hurt, dropping to 1 minute is quite drastic in my opinion. Actually we wouldn't need this if we had the lightning network.

You're listed 2 things that slow adoption. With the proposed change, nothing would change. People would require 10 times more confirmations that before. Whoever believes that if we had 1 minute blocks that 6 confirmations would be enough is deluded. The price being in decline isn't a cause but rather a consequence.

Dogecoin is bad for many reasons; you just listed 3.

[NeuroticFish]

This is a false assumption. You're just pulling out nonsense out of a hat. Without proper acceptance this would most likely cause a massive panic attack, massive sell offs.
You do realize that the average person does not like change? A change as drastic as this one could cause a lot of people to lose their faith in Bitcoin. Although a bit faster blocks wouldn't hurt, dropping to 1 minute is quite drastic in my opinion. Actually we wouldn't need this if we had the lightning network.

You're listed 2 things that slow adoption. With the proposed change, nothing would change. People would require 10 times more confirmations that before. Whoever believes that if we had 1 minute blocks that 6 confirmations would be enough is deluded. The price being in decline isn't a cause but rather a consequence.

Dogecoin is bad for many reasons; you just listed 3.

Your assumptions are as false as you consider mine
Yes, I know already, most bitcoiners have a phobia about changes. But that's far from "average person" measurement.
Also, how many people from - let's not say Earth, let's just say major cities - have bitcoin? 1%? Less?
Do you really believe that a few of them panicking really counts vs the big world out there? Mt Gox panic came and went away. More big things may happen or not.

But someday an altcoin will take bitcoin's place as 1st, best, .. blah blah coin.
And you know why? Because of this phobia. Because some think that bitcoin is like a basket with eggs and if you touch it, you'll brake it. Because you are afraid to evolve.

I start thinking that maybe this was also the reason Satoshi left this wonder-project....

Of course, you'll think "nonese" and will go back into your hideout. 

[cparsley]

I would go with no, cause with the hashing power out there, the difficulty level would just get pushed back to where it's now, but only 1.25 btc per block instead of 12.5

[Elwar]

We should have nanosecond confirmations.

I want my block confirmed before the transaction. That can only be done if we move to nanoseconds.

Whoever suggests anything else just doesn't want Bitcoin to evolve. That's probably why Satoshi left.

[NeuroticFish]

We should have nanosecond confirmations.

I want my block confirmed before the transaction. That can only be done if we move to nanoseconds.

Whoever suggests anything else just doesn't want Bitcoin to evolve. That's probably why Satoshi left.

You just proved my point, thank you very much.
For how long is the discussion about the 20MB fork? 

[unholycactus]

Reducing block reward to 2.5 (25/10) and reducing time to 1 min could be an idea. That would equal to block size 10 mb (1 mb *10).

Still.... you might as well start a new shitcoin, all of this is not Bitcoin.

Bitcoin has value because its stable and people trust it. Start changing things to the people's taste of the day and it will lose all its value.

It feels incredibly wrong to just leave things are they are without evaluating possible improving changes.

[Elwar]

We should have nanosecond confirmations.

I want my block confirmed before the transaction. That can only be done if we move to nanoseconds.

Whoever suggests anything else just doesn't want Bitcoin to evolve. That's probably why Satoshi left.

You just proved my point, thank you very much.
For how long is the discussion about the 20MB fork? 

funny, you proved my point

[shorena]

We should have nanosecond confirmations.

I want my block confirmed before the transaction. That can only be done if we move to nanoseconds.

Whoever suggests anything else just doesn't want Bitcoin to evolve. That's probably why Satoshi left.

You just proved my point, thank you very much.
For how long is the discussion about the 20MB fork? 

funny, you proved my point

My thought exactly. LaudaM probably thinks something similar.

To add an argument to the sarcasm: A rise in price does not help adopting bitcoin as a currency. A stable price will help adoption. People that are just seeing bitcoin as a get rich quick scheme will cash out eventually causing another crash or at least a rollercoaster price. No merchant wants an unpredictable price.

[98problems]

i voted for 5 minute blocks as it doesnt seem to be too risky and the transactions would be 2 times faster, i think it would attract more people to bitcoin though its just my opinion

[NeuroticFish]

It feels incredibly wrong to just leave things are they are without evaluating possible improving changes.

Yes, you are right.
As you can see, you can have any ideas you want, but no changes in bitcoin are allowed.

funny, you proved my point

I am surprised, however, I am glad that you are actually happy.

(I am sad about what I learnt today, again, about bitcoiners, but that's another story.)

My thought exactly. LaudaM probably thinks something similar.

To add an argument to the sarcasm: A rise in price does not help adopting bitcoin as a currency. A stable price will help adoption. People that are just seeing bitcoin as a get rich quick scheme will cash out eventually causing another crash or at least a rollercoaster price. No merchant wants an unpredictable price.

I said that price decline scares off people. If price is stable, merchants are fine. If the price is on a rising trend, I am almost sure that they will not mind.
For start a merchant may just sell the bitcoin asap for fiat. (Main reason: suppliers, employees, taxes are all paid in fiat.) If during the delay they get a few bucks for free, do you think that'll make them unhappy?
Keeping the coins would happen only as investment; using them as a currency, .. too big words yet. But all starts with step 1.

i voted for 5 minute blocks as it doesnt seem to be too risky and the transactions would be 2 times faster, i think it would attract more people to bitcoin though its just my opinion

It looks like I'm not the only heretic in here