Deleted

[cbreum]

Gone

[Blind Legs Parker]

11 minutes and you start panicking? Dude seriously?
I'd like to know the name of the bank that can transfer money through accounts faster than that.

Weak troll is weak.

[Blind Legs Parker]

Does it use the blockchain technology? How can it be that fast?

Still doesn't change anything to the fact that 11 minutes is fast and that bitcoin can be even faster if you pay the recommended fees. Litecoin is fast too, but still isn't worth much money. Speed doesn't do all. Bitcoin is decentralised and doesn't need you to trust someone else, which is something that banks will never be able to provide.

[panju1]

The time taken to find a block (and hence transaction verification time) is not deterministic. If you include sufficient fees, your transaction will be included in the next block.
The average time to find a block is 10 minutes.

[Labumi]

Indeed it is now often occurs in every transaction confirmation question Lags, it is because the network is experiencing a slowdown, Bitcoin and causes the slowdown because of the large number of transactions carried out every second and the network you use.

[Monnt]

Average block time is 10 minutes.11 minutes isn't that rare. I've seen a 2 hour gap before. Remember, this is cryptography. There's a chance, but it's not certain. Be mindful that the block time isn't set, kiddo.

[Lauda]

It seems that the Bitcoin system is soon going to collapse.

FUD and no.

It's really "scary" and even something the banks can do much faster. Now almost 11 min in the first confirmation came through.

Of course! International bank transfers take 10 minutes.

You need to take a look at these graphs:


Source: https://en.bitcoin.it/wiki/Confirmation#Confirmation_Times
I don't see this as problematic (as a lot of services accept TX's with zero confirmations). If your include the proper fee, your TX is almost guaranteed to be confirmed in the next block.

Indeed it is now often occurs in every transaction confirmation question Lags, it is because the network is experiencing a slowdown, Bitcoin and causes the slowdown because of the large number of transactions carried out every second and the network you use.

This statement is completely false. There is no such thing as "lag" or a "slowdown due to large amounts of TX" in this particular problem. The chance of finding a block is the same for every second. Read:

There are lots of block intervals with a time less than 10 minutes but then a few block intervals much longer which bump up the average to 10 minutes. So the bitcoin network can get unlucky and a block won't be found for a whole hour.

[TraderETH]

My last transaction was need 1 hour and usually 10-15 minutes only 

[Bitcoinpro]

better call Mike Hearn

[mr angry]

Hi guys,

It seems that the Bitcoin system is soon going to collapse. On 9.37 my time I transferred 1 BTC to another wallet. Here 10 min later there is still no transactions confirmations. It's really "scary" and even something the banks can do much faster...

The banks can take days to do a SEPA bank transfer outside Euro countries, and occasionally they lose your money in their complex system. If that happens you have to pay them to start an investigation, and if you are lucky they might get your money back in a month or so.

SEPA transfers between Euro countries can take half a day, and that's lightening fast for banks. They can't compete with an hour for a Bitcoin transaction.

[franky1]

Source: https://en.bitcoin.it/wiki/Confirmation#Confirmation_Times
I don't see this as problematic (as a lot of services accept TX's with zero confirmations). If your include the proper fee, your TX is almost guaranteed to be confirmed in the next block.

Indeed it is now often occurs in every transaction confirmation question Lags, it is because the network is experiencing a slowdown, Bitcoin and causes the slowdown because of the large number of transactions carried out every second and the network you use.

This statement is completely false. There is no such thing as "lag" or a "slowdown due to large amounts of TX" in this particular problem. The chance of finding a block is the same for every second. Read:

There are lots of block intervals with a time less than 10 minutes but then a few block intervals much longer which bump up the average to 10 minutes. So the bitcoin network can get unlucky and a block won't be found for a whole hour.

here is lauda trying and failing at pretending there is no issue.. lets atleast stick with reality and try translating lauda's crap into something atleast more realistist.

1. If you include ABOVE the proper fee, your TX has a higher chance to be confirmed in the next block. but with average blocks holding 2500tx.. if there are 3000tx with above the proper fee.. then there is obviously still no guarantee.

2.  though blocks will still be produced in the similar timescales, who's transactions are inside the blocks can change. leaving some people feeling a lag because they are left waiting. transactions (not blocks) can lag if there are more transactions in a 10 minute average then usually would fit into a block. no matter how much 5000tx pay in fee's they all wont fit into a block that holds an average 2500tx. some transactions even with the high fee's will have to wait. and thus feel a lag.

3. with transaction fee's being more of a wild guess. because if everyone is paying X then you have to outbid them. so your wasting time researching current fee and working out a premium ontop to hopefully get first in line. then with blocks not being a stable and predictable 10 minutes. you wont know if you have to wait 2 minutes or 1hour.. not only based on capacity but randomness of block timing..

then you will see that bitcoin is not 100% noob proof..
guessing fee's to outbid others for first in line. then guessing the time of when that confirm will actually hit. is not something noobs like to see in something that is suppose to be hightech..

but with all that said.. its a hell of alot better then the banking system which doesnt always operate over weekends or not always sorted the same day

[HeroCat]

Yes, this is serious BTC network problem. For example, if you paying with card, no one shop will be agree to wait let say three hours untill transaction is complete and BTC payment is received. 

[Lauda]

Yes, this is serious BTC network problem. For example, if you paying with card, no one shop will be agree to wait let say three hours untill transaction is complete and BTC payment is received.  

Wrong. It is not a serious problem at all and your analogy is wrong. The time that it takes to process those CC transactions is quite long (I'm not exactly sure when they settle, so someone else might know more). You obviously don't understand how the underlying system works. What happens at the 'counter' when you use your CC can be compared to when you send a BTC TX == near instant. Confirmations are something else.

SEPA transfers between Euro countries can take half a day, and that's lightening fast for banks. They can't compete with an hour for a Bitcoin transaction.

Correction: They can't compete with 10 minutes on average.

[franky1]

you send a BTC TX == near instant.

its lame things like this numbskulls words that makes noobs wonder about bitcoin issues..

he cant say with one sentance that bitcoin is instant..
when he knows that merchants dont AND SHOULD NOT accept zero confirms.
malleability is NOT fixed. and even when it is fixed.. RBF is another reason to not trust zero confirms.. even without RBF, orphans is a third reason not to trust zero confirmations.

so it doesnt matter about "settlement times" of cash or credit cards or bitcoins.. its about the time the recipient is happy to assume that they have got paid.


EG it takes 0.1 second for a cashier to grab a bank note from a customers hand.. but untill the cashier has checked the note is not a fake. typed in the value into the cashiers till and gave the customer their change.. can take 30 seconds.. then in no way is paying for something 0.1 seconds.

EG its takes 15 seconds to slot in a card and type in your pin number. and takes 2-5 days for the funds to settle in the bank accounts.... but due to contracts between card processors and banks. if that 15 second action of authorization is passed successfully. then the merchant can deem it as being paid in 15 seconds not 2-5 days..., due to the contract from card processors that hold responsibility for payment settlement

as for bitcoin. it may take les then seconds to hop between nodes to reach a node/mempool/explorer that the merchant can monitor and see the transaction is being sent.. but for many reasons its not best to blindly trust that tx will settle.. and knowing that its a random number between 2 minutes to 1 hour to get one confirm (averaging 10 minutes but never exact) and knowing that more then average transaction can mean the one they are waiting for may not even be in the very next one (even with a fee paid due to everyone else also paying fees).. then the wait to be considered accepted can be an unknown amount of time. that can only be estimated as under an hour in most cases.

so sticking to reality.. will everyone please do one thing when talking to noobs about bitcoin
STOP SAYING "instant and virtually free"

we are no longer in the pre-blockstream days where that statement was true.. lauda knows this but refuses to admit it because it goes against his blockstream faith of perfection..

but please be realistic and tell noobs the truth.. its not instant. but is better than most international banking services.

[Edwardard]

it is very normal.no need to fear. once it took 2 days for me to get 1confirmation. just pay very high fee if you want it to be confirmed much faster.

[Snorek]

I think people will always panic. No matter how fast confirmation times would be, unless it will lightning fast with literally seconds of delay.
It is just in human nature to complain about everything. I recognize that bitcoin 10 minutes standard confirmation time is ok'ish for now but not ideal.
But claiming that it is the reason for bitcoin infrastructure collapsing is pure FUD and BS.

[rancidgash]

11 minutes and you start panicking? Dude seriously?
And I'd like to know the name of your bank if the can transfer money through accounts faster than that.

Weak troll is weak.

This bank can do it mate

https://play.google.com/store/apps/details?id=dk.danskebank.mobilepay&hl=en

Really? do this bank make international transfers in minutes? I'm sure not!

Anyway, time of transaction depends on the commission - pay more, it will be faster. I'm curious how much for transaction faster than 10 minutes takes your bank .. For sure not $0.05 like it is with Bitcoin.

[rancidgash]

Yes, this is serious BTC network problem. For example, if you paying with card, no one shop will be agree to wait let say three hours untill transaction is complete and BTC payment is received.  

Did you ever hear about zero confirmation accept? Now a lot of services start doing this (BTC casinos - betcoin.tm, exchanges - Coinbase). Nobody have to wait, believe me it is no problem.

[Bitcoinpro]

you send a BTC TX == near instant.

its lame things like this numbskulls words that makes noobs wonder about bitcoin issues..

he cant say with one sentance that bitcoin is instant..
when he knows that merchants dont AND SHOULD NOT accept zero confirms.
malleability is NOT fixed. and even when it is fixed.. RBF is another reason to not trust zero confirms.. even without RBF, orphans is a third reason not to trust zero confirmations.

so it doesnt matter about "settlement times" of cash or credit cards or bitcoins.. its about the time the recipient is happy to assume that they have got paid.


EG it takes 0.1 second for a cashier to grab a bank note from a customers hand.. but untill the cashier has checked the note is not a fake. typed in the value into the cashiers till and gave the customer their change.. can take 30 seconds.. then in no way is paying for something 0.1 seconds.

EG its takes 15 seconds to slot in a card and type in your pin number. and takes 2-5 days for the funds to settle in the bank accounts.... but due to contracts between card processors and banks. if that 15 second action of authorization is passed successfully. then the merchant can deem it as being paid in 15 seconds not 2-5 days..., due to the contract from card processors that hold responsibility for payment settlement

as for bitcoin. it may take les then seconds to hop between nodes to reach a node/mempool/explorer that the merchant can monitor and see the transaction is being sent.. but for many reasons its not best to blindly trust that tx will settle.. and knowing that its a random number between 2 minutes to 1 hour to get one confirm (averaging 10 minutes but never exact) and knowing that more then average transaction can mean the one they are waiting for may not even be in the very next one (even with a fee paid due to everyone else also paying fees).. then the wait to be considered accepted can be an unknown amount of time. that can only be estimated as under an hour in most cases.

so sticking to reality.. will everyone please do one thing when talking to noobs about bitcoin
STOP SAYING "instant and virtually free"

we are no longer in the pre-blockstream days where that statement was true.. lauda knows this but refuses to admit it because it goes against his blockstream faith of perfection..

but please be realistic and tell noobs the truth.. its not instant. but is better than most international banking services.

continous hacking whether by maleability or otherwise leaves the hacker exposed to being caught,

once the prison industries catch on zero conrfimations to a certain value will be safe

[Drakrmaster]

As you that blockchain was attacked by hackers a couple of months ago by spamming the transactions hopefully they are still on it so use 0.00015+ BTC tx fee to get high priority transaction.