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Author Topic: Why not 5Btc every 1 minute?  (Read 1801 times)
shads
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June 16, 2011, 04:44:42 AM
 #21

I don't understand the second part of your post. You were arguing that a block every 1 min would benefit miners and I say that the benefit would be marginal at best. The 10 times longer block chain would be a downside for the average non-mining user so if you really care about them then you'll see that this is a silly idea.

No I'm arguing that such a change would not benefit miners at all, it would benefit users and that is more important.  The only negative impact on miners would be a larger database size.  The larger blockchain for users is not an issue, it's already predicted to become a problem in the future and is dealt with via the plan for future client to only need part of the database.  The same would still apply.

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June 16, 2011, 05:14:24 AM
 #22

I fail to see how multiplying the amount of data needed to be transferred to the clients by 10 is a good thing for them. You brought this up because you want solo mining to be viable for you which you made clear at the start of this thread. As I pointed out to you that would be a very marginal increase in profits for you.

The update time for transactions weren't mentioned in this thread before I brought it up. I doubt anyone is going to take you suggestions seriously if you keep changing your story but to be fair it wasn't a very well thought out idea to begin with.
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June 16, 2011, 05:22:36 AM
 #23

I fail to see how multiplying the amount of data needed to be transferred to the clients by 10 is a good thing for them. You brought this up because you want solo mining to be viable for you which you made clear at the start of this thread. As I pointed out to you that would be a very marginal increase in profits for you.

The update time for transactions weren't mentioned in this thread before I brought it up. I doubt anyone is going to take you suggestions seriously if you keep changing your story but to be fair it wasn't a very well thought out idea to begin with.

I think you should read my first post again.  I said nothing of the sort, didn't even mention miners and no I'm not interested in solo mining or even pool mining for that matter.

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It seems to me the biggest barrier for BTC to overcome in terms of widespread adoption is POS.  And with a 10 minute delay for first confirmation this is problematic at best.

When the proposed change allowing partial databases is implemented this won't be a problem.  On the other hand someone being able to walk into a coffee shop and buy a coffee with a 1 minute delay is vastly better than having to wait 10 mins.

In any case I wasn't actually arguing that the change should be made, I was asking if there was any technical reason why it was made that way in the first place that would preclude such a change being considered.

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June 16, 2011, 06:25:32 AM
 #24

We've discussed this plenty before. In summary, here's what Satoshi himself had to say:

Quote from: satoshi
Quote from: mike
Another is the 10 minute block target. I understand this was chosen to
allow transactions to propagate through the network. However existing
large P2P networks like BGP can propagate new data worldwide in <1
minute.

If propagation is 1 minute, then 10 minutes was a good guess.  Then nodes are only losing 10% of their work (1 minute/10 minutes).  If the CPU time wasted by latency was a more significant share, there may be weaknesses I haven't thought of.  An attacker would not be affected by latency, since he's chaining his own blocks, so he would have an advantage.  The chain would temporarily fork more often due to latency.
http://forum.bitcoin.org/index.php?topic=4382.msg67351#msg67351

Further reading:
http://forum.bitcoin.org/index.php?topic=3441.0
http://forum.bitcoin.org/index.php?topic=5567.0
http://forum.bitcoin.org/index.php?topic=4382.0
http://forum.bitcoin.org/index.php?topic=423.0

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June 16, 2011, 06:30:04 AM
 #25

There's no problem with POS. Double-spending is difficult even without any confirmations, and transactions propagate in seconds. Unless we're talking about a large purchase (equivalent to hundreds of dollars maybe?) there's very little risk in accepting the payment immediately. This was of course discussed before.

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