Bitcoin Forum
November 19, 2017, 06:39:10 PM *
News: Latest stable version of Bitcoin Core: 0.15.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: Bitcoin giant BTCC launches priority blockchain transactions for its customers  (Read 797 times)
the_poet
Legendary
*
Offline Offline

Activity: 1022


Bitcoin accepted here


View Profile
November 20, 2015, 02:35:23 PM
 #1

It doesn't look like good news...

http://www.ibtimes.co.uk/bitcoin-giant-btcc-launches-priority-blockchain-transactions-its-customers-1529730

A successful man is one who makes more money than his wife can spend. A successful woman is one who can find such a man.
1511116750
Hero Member
*
Offline Offline

Posts: 1511116750

View Profile Personal Message (Offline)

Ignore
1511116750
Reply with quote  #2

1511116750
Report to moderator
1511116750
Hero Member
*
Offline Offline

Posts: 1511116750

View Profile Personal Message (Offline)

Ignore
1511116750
Reply with quote  #2

1511116750
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1511116750
Hero Member
*
Offline Offline

Posts: 1511116750

View Profile Personal Message (Offline)

Ignore
1511116750
Reply with quote  #2

1511116750
Report to moderator
1511116750
Hero Member
*
Offline Offline

Posts: 1511116750

View Profile Personal Message (Offline)

Ignore
1511116750
Reply with quote  #2

1511116750
Report to moderator
franky1
Legendary
*
Offline Offline

Activity: 1862



View Profile
November 20, 2015, 02:58:14 PM
 #2

not really big news.. they just push tx's to their pool. and the pool ensures they add it to the next block..

however, at only 13% total hash. there is still no guarantee peoples tx will be in the next block, as other pools also solve blocks which may not have included BTCC tx's.

so although it can be advantageous.. its not a guarantee. and its not a 'instant acceptance' either.. the tx still needs to be confirmed.


I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
Don't take any information given on this forum on face value. Please do your own due diligence & respect what is written here as both opinion & information gleaned from experience. If you wish to seek legal FACTUAL advice, then seek the guidance of a LEGAL specialist.
HostFat
Staff
Legendary
*
Offline Offline

Activity: 2632


I support freedom of choice


View Profile WWW
November 20, 2015, 03:01:31 PM
 #3

Maybe in few weeks every pools will have an accounting system where users will be able to push their tx by paying a plus, if they want a faster confirmation.

NON DO ASSISTENZA PRIVATA - The Rock Trading (ref): A good exchange / gateway Ripple, with support for multisig, since 2007. 
https://bitcointa.lk: Bitcointalk backup if offline - Bitcoin Foundation Italia - Blog: http://theupwind.blogspot.it
gentlemand
Legendary
*
Online Online

Activity: 1456


Hello You


View Profile
November 20, 2015, 03:19:44 PM
 #4

Looks like the future is arriving early. And the beginning of the end too. Doooom.

franky1
Legendary
*
Offline Offline

Activity: 1862



View Profile
November 20, 2015, 03:32:04 PM
 #5

Maybe in few weeks every pools will have an accounting system where users will be able to push their tx by paying a plus, if they want a faster confirmation.

blocks get solved when blocks get solved.. nothing changes that.

the only thing this topic is saying is that BTCC mining pool will not ignore tx's that have no fee...
that is all..

but it does not mean other pools will automatically include a zero fee tx, thus when other pools mine blocks. the BTCC zero fee customers wont hit the blockchain..
especially when BTCC only has 13%.. thats like 1 block an hour is BTCC..

so, its no guarantee..

I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
Don't take any information given on this forum on face value. Please do your own due diligence & respect what is written here as both opinion & information gleaned from experience. If you wish to seek legal FACTUAL advice, then seek the guidance of a LEGAL specialist.
Raimonn
Legendary
*
Offline Offline

Activity: 980


View Profile
November 20, 2015, 03:40:11 PM
 #6

It only afects the transactions with no fees or very low fees, that normaly takes more time to confirm. If you make the transaction with a normal there is no change.
HostFat
Staff
Legendary
*
Offline Offline

Activity: 2632


I support freedom of choice


View Profile WWW
November 20, 2015, 07:26:26 PM
 #7

@franky1
BTCC is going to give priority to the tx of the users that will pay in advance to BTCC directly.
You will probably find the blocks of BTCC full of tx with zero fees, because they will be paid in advance on their "BlockPriority" service.

NON DO ASSISTENZA PRIVATA - The Rock Trading (ref): A good exchange / gateway Ripple, with support for multisig, since 2007. 
https://bitcointa.lk: Bitcointalk backup if offline - Bitcoin Foundation Italia - Blog: http://theupwind.blogspot.it
RustyNomad
Sr. Member
****
Offline Offline

Activity: 336



View Profile WWW
November 21, 2015, 06:52:25 AM
 #8

Not sure if I understand this correctly but I also fail to see the advantage.

If you are a BTCC client and you send a no fee transaction the chances are good that it will be ignored by the rest of the miners and the transaction will hang around until BTCC manages to get a block. So your no fee transaction could easily still end up waiting an hour or more before its included. So there is no guarantee that you will always be in the next block, only way BTCC can get that done is if they catch each and every block.

HostFat
Staff
Legendary
*
Offline Offline

Activity: 2632


I support freedom of choice


View Profile WWW
November 21, 2015, 06:59:21 AM
 #9

With blocks completely full a common tx with the actual fee it will probably need more than 15 hours to get verified (the first confirmation)

So then there will be two possibilities:
- Putting a very high fee and hopping that a random pool will add it to his blocks
- Giving the fee (probably lower) directly to the miner/pool and having an high probability to get the confirmation earlier.

NON DO ASSISTENZA PRIVATA - The Rock Trading (ref): A good exchange / gateway Ripple, with support for multisig, since 2007. 
https://bitcointa.lk: Bitcointalk backup if offline - Bitcoin Foundation Italia - Blog: http://theupwind.blogspot.it
Blue_Tiger73
Member
**
Offline Offline

Activity: 112


View Profile
November 21, 2015, 07:06:45 AM
 #10

Not sure if I understand this correctly but I also fail to see the advantage.

If you are a BTCC client and you send a no fee transaction the chances are good that it will be ignored by the rest of the miners and the transaction will hang around until BTCC manages to get a block. So your no fee transaction could easily still end up waiting an hour or more before its included. So there is no guarantee that you will always be in the next block, only way BTCC can get that done is if they catch each and every block.



Exactly. This isn't really big news for the Bitcoin community. I don't really this will effect the amount of people that use BTCC. The miners don't really give a shit about who is making the transaction, they just want to make some money.
Bitcoinpro
Legendary
*
Offline Offline

Activity: 1218



View Profile
November 21, 2015, 01:21:09 PM
 #11


Ohhhh but Phinneaus cage told me 4 years ago that was not possible

Ive trumped my asset securitization prediction on the blockchain !

WWW.FACEBOOK.COM

CRYPTOCURRENCY CENTRAL BANK

LTC: LP7bcFENVL9vdmUVea1M6FMyjSmUfsMVYf
lixer
Hero Member
*****
Offline Offline

Activity: 630



View Profile
November 21, 2015, 01:36:02 PM
 #12

With my little knowledge, I believe everybody can prioritize their transactions by putting higher transactions fees so that the next new block will pick their transactions.

Bitcoinpro
Legendary
*
Offline Offline

Activity: 1218



View Profile
November 21, 2015, 01:38:58 PM
 #13

With my little knowledge, I believe everybody can prioritize their transactions by putting higher transactions fees so that the next new block will pick their transactions.

Hehe funny Smiley yes its cheaper to pay tx than have some China conglomerate rape u financially amoung other methods

Dont go anywhere near this bobby lee crap if u want to live

WWW.FACEBOOK.COM

CRYPTOCURRENCY CENTRAL BANK

LTC: LP7bcFENVL9vdmUVea1M6FMyjSmUfsMVYf
Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!