Bitcoin is archaic

[gregyoung14]

I guess Bitcoin will find a way to work out all these flaws. If you think about it, Bitcoin is still the one standing despite all the crisis.

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[AliceWonderMiscreations]

I know it has all the network effects but it's a dinosaur. Transactions take forever, sometimes take days or take client reindexing which takes an entire day. there is little anonyiminiy. Something like Dash has to eventually take it's place. The question is when.

Bitcoin is anonymous enough without being too anonymous.

It would be difficult for someone to track my spending habits, much more difficult than with credit card purchases - yet in a court of law the ability to track things in the blockchain and prove outgoing transactions were made by me by producing the private key is of value.

Also there are laws, at least in the United States, that make intentional obfuscation of the source of funds illegal. Bitcoing is transparent enough to not be illegal, but some of the coins with "better" anonymity may not be. Again in a legal dispute, I would rather have used a currency that is transparent enough to be legal.

[AliceWonderMiscreations]

So you're saying anything with built in anonyminity FINCEN will kill. That's a leap but ok. Not sure if I buy it but it's a legit argument.

Confirmations ARE EVERYTHING. You can't accept a transaction without them. Why do they take hours to day? Bullshit. Let's get a coin out there that fixes this. We aren't living in the days of 300 baud modems.

They only take hours when the person making the purchase chooses to use a really small fee.

So if they are delayed in receiving product because they chose to use a small fee when paying, that's the buyer's fault, not the merchants.

I use larger transaction fee so that confirmation starts quickly. And it is still small.

[Kprawn]

So you're saying anything with built in anonyminity FINCEN will kill. That's a leap but ok. Not sure if I buy it but it's a legit argument.

Confirmations ARE EVERYTHING. You can't accept a transaction without them. Why do they take hours to day? Bullshit. Let's get a coin out there that fixes this. We aren't living in the days of 300 baud modems.

They only take hours when the person making the purchase chooses to use a really small fee.

So if they are delayed in receiving product because they chose to use a small fee when paying, that's the buyer's fault, not the merchants.

I use larger transaction fee so that confirmation starts quickly. And it is still small.

Yes, but how many noobies knows this, and get frustrated with Bitcoin because it's so slow? The wallet providers have their own default benchmark for

relative fast confirmations and higher fees, but if this is set too low, the users will struggle. Some people determine their own miners fee, and they do

not even know about this problem. Make sure you pay a higher than default fee for prioritized transactions to avoid these hassles. 

[auswalk]

I know it has all the network effects but it's a dinosaur. Transactions take forever, sometimes take days or take client reindexing which takes an entire day. there is little anonyiminiy. Something like Dash has to eventually take it's place. The question is when.

There are ways to solve this problem such as :
1. Accept 0 transaction, double spend is almost impossible now. But, i prefer wait a confirmation for big transaction
2. Use one time address and bitcoin mixer if necessary
3. Increase block size so people can put less fee & able to get their transaction confirmed faster

Just ask people to accept 0 transaction (especially for small transaction), use one time address & hope block size problem will be solved very soon, so you could be happy.

Increase the block size. Isn't that the whole fight over the upcoming fork?

[AliceWonderMiscreations]

So you're saying anything with built in anonyminity FINCEN will kill. That's a leap but ok. Not sure if I buy it but it's a legit argument.

Confirmations ARE EVERYTHING. You can't accept a transaction without them. Why do they take hours to day? Bullshit. Let's get a coin out there that fixes this. We aren't living in the days of 300 baud modems.

They only take hours when the person making the purchase chooses to use a really small fee.

So if they are delayed in receiving product because they chose to use a small fee when paying, that's the buyer's fault, not the merchants.

I use larger transaction fee so that confirmation starts quickly. And it is still small.

Yes, but how many noobies knows this, and get frustrated with Bitcoin because it's so slow? The wallet providers have their own default benchmark for

relative fast confirmations and higher fees, but if this is set too low, the users will struggle. Some people determine their own miners fee, and they do

not even know about this problem. Make sure you pay a higher than default fee for prioritized transactions to avoid these hassles. 

Most newbies use web wallets, like coinbase, and they are really fast at getting the transaction onto the block chain.

[AliceWonderMiscreations]

I know it has all the network effects but it's a dinosaur. Transactions take forever, sometimes take days or take client reindexing which takes an entire day. there is little anonyiminiy. Something like Dash has to eventually take it's place. The question is when.

There are ways to solve this problem such as :
1. Accept 0 transaction, double spend is almost impossible now. But, i prefer wait a confirmation for big transaction
2. Use one time address and bitcoin mixer if necessary
3. Increase block size so people can put less fee & able to get their transaction confirmed faster

Just ask people to accept 0 transaction (especially for small transaction), use one time address & hope block size problem will be solved very soon, so you could be happy.

Increase the block size. Isn't that the whole fight over the upcoming fork?

There is no dispute that the transaction capacity needs to be increased. There is only dispute on the best way to do it.

[BellaBitBit]

Not sure how it is possibly for a relatively new tech innovation is archaic.  If there is a fiat/paper money message board maybe this is meant for it.  Things will work itself out with bitcoin.  Nothing about it is archaic.

[auswalk]

So you're saying anything with built in anonyminity FINCEN will kill. That's a leap but ok. Not sure if I buy it but it's a legit argument.

Confirmations ARE EVERYTHING. You can't accept a transaction without them. Why do they take hours to day? Bullshit. Let's get a coin out there that fixes this. We aren't living in the days of 300 baud modems.

They only take hours when the person making the purchase chooses to use a really small fee.

So if they are delayed in receiving product because they chose to use a small fee when paying, that's the buyer's fault, not the merchants.

I use larger transaction fee so that confirmation starts quickly. And it is still small.

Yes, but how many noobies knows this, and get frustrated with Bitcoin because it's so slow? The wallet providers have their own default benchmark for

relative fast confirmations and higher fees, but if this is set too low, the users will struggle. Some people determine their own miners fee, and they do

not even know about this problem. Make sure you pay a higher than default fee for prioritized transactions to avoid these hassles. 

Most newbies use web wallets, like coinbase, and they are really fast at getting the transaction onto the block chain.

Without "newbies" bitcoin is nothing but some theoretical pie in the sky "payment" system for a bunch of hard core geeks.

And right now bitcoin SUCKS at transaction speed. It sucks so bad I gather an entire rewrite is required.

Don't tell this to that incompetent imbecile list moderator though.

[maokoto]

I agree that I do not mind Bitcoin being not totally anonymous. But for those that want anonymity I think the solution comes from services put over Bitcoin, not from Bitcoin changing its core.

[AliceWonderMiscreations]

It does not suck at transaction speed.

I make payments from bitcoin-core and they are very fast.
I make payments from coinbase and they are very fast.

Granted bitcoin-core requires sliding the slider to make them very fast, but coinbase doesn't and services like coinbase is what newbies are likely to use.

[auswalk]

You cannot execute a transaction faster than the next block found PERIOD. And sometimes blocks can take 30 mins.

So you're dead wrong. 30 mins is unacceptable on ANY LEVEL PERIOD. It's a fundamental design flaw.

[eon89]

So then what altcoin is the fastest?

[auswalk]

From what I read about Dash is <60 seconds. I think most Alt 2.0 coins are very fast. Bitcoins needs alot of rewrite and it's time to start over with the same name or just throw it out completely. It's a total joke right now when it comes to transaction volume and speed.

[anthonycamp]

you will find that btc its now better into price tahn this alt coins and the volume its very high the slow compared trasactions its a minor correcteble bug you can trusth btc to be more good than bad as currency to find the btc to fiat even its very usefull so you buy sell use btc as any currency and getting better to combat the high time trasctions of banks and companies

[AliceWonderMiscreations]

You cannot execute a transaction faster than the next block found PERIOD. And sometimes blocks can take 30 mins.

So you're dead wrong. 30 mins is unacceptable on ANY LEVEL PERIOD. It's a fundamental design flaw.

Um I have a feeling you do not understand the math.

A shorter block time only means less hashing power is needed for each block.

Thus for a shorter block time, you need more confirmations to have the same confidence - so say for example with a 5 minute block time, you would need 12 confirmations before you get the same confidence you have with 6 confirmations with bitcoin.

Let me tell you how credit cards works.

Customer pays me $126.65 via Visa. I get the auth. Everything seems cool.

A week later I am told the card was stolen. It doesn't matter that I already shipped the product, they take that money away from me - and charge me a fee for having accepted a stolen card. So now I have shipped the product and have less money than I had before.

That doesn't happen with bitcoin. It is usually safe to accept with 0 confirmations as long as the buyer has a decent transaction fee and is a registered account with your business.

For really big purchases you want to wait, but that's an option you don't have with credit cards - where a week later you may find out the transaction was no good.

For smaller purchases, if you see the transaction then odds are it will not be a double spend.

Accepting bitcoin is safer than accepting credit cards.

Bitcoin is not archaic. It is the future.

[alani123]

You cannot execute a transaction faster than the next block found PERIOD. And sometimes blocks can take 30 mins.

So you're dead wrong. 30 mins is unacceptable on ANY LEVEL PERIOD. It's a fundamental design flaw.

Non instant confirmations aren't a fundamental flaw design, neither it is a feature. It's a sacrifice to protect from double spending. Bitcoin being a trustless and decentralized currency transactions need to be confirmed before they can be considered secures. Changing that would require significant changes in the infrastructure or with a layer built on top of bitcoin. The latter can be dome more easily.

[auswalk]

Perhaps, but I don't know a single vendor now that will accept anything on 0 confirmations anymore. In fact most require 2.

[AliceWonderMiscreations]

Perhaps, but I don't know a single vendor now that will accept anything on 0 confirmations anymore. In fact most require 2.

That's because most use third party payment processing where the third party doesn't have a way to know whether you have made purchases before without trying to scam them.

[Amph]

Perhaps, but I don't know a single vendor now that will accept anything on 0 confirmations anymore. In fact most require 2.

there are service like purse.io on which you can use your bitcoin, that accept 0 conf