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Author Topic: bitcoin - wasteful?  (Read 1604 times)
chris200x9
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January 14, 2011, 08:11:17 PM
 #1

I have an old transaction going on 2500 confirmations, why is it necessary to keep confirming a transaction? Also if bitcoin takes off and there are more and more transactions but the network power doesn't grow equally won't transactions really slow down?

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fabianhjr
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January 14, 2011, 08:16:16 PM
 #2

Even if confirmations increase it doesn't mean another block confirmed; it means the next block needn't and didn't deny it. So if the transaction is filled the tenth block and you are in the 15th block you have 5 confirmations.

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January 14, 2011, 08:16:41 PM
 #3

I have an old transaction going on 2500 confirmations, why is it necessary to keep confirming a transaction?


Confirmations are just the number of blocks that have been added to the blockchain since the one that included your own transaction.  They will add up into infinity, roughly one every ten minutes.  There is no additional cost for more confirmations.

Quote
Also if bitcoin takes off and there are more and more transactions but the network power doesn't grow equally won't transactions really slow down?

No.  There is a balancing algorithim at work here.  The 'difficulty' of the proof-of-work system adjusts itself to fit the total network power once every two weeks or so, and aims to create blocks as close to every ten minutes as is possible.

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
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January 14, 2011, 08:17:57 PM
 #4

Even if confirmations increase it doesn't mean another block confirmed; it means the next block needn't and didn't deny it. So if the transaction is filled the tenth block and you are in the 15th block you have 5 confirmations.

This is a confusing explaination to me, and I already know how the system works.  Lost in translation, perhaps?

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
fabianhjr
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January 14, 2011, 08:27:23 PM
 #5

The confirmations just means it didn't got deny in the blockchain that followed and is just a count of blocks since it got filled.

chris200x9
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January 14, 2011, 08:42:58 PM
 #6

thanks all

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& .38,000 STORES. are
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em3rgentOrdr
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January 14, 2011, 11:47:26 PM
 #7

Even if confirmations increase it doesn't mean another block confirmed; it means the next block needn't and didn't deny it. So if the transaction is filled the tenth block and you are in the 15th block you have 5 confirmations.

This is a confusing explaination to me, and I already know how the system works.  Lost in translation, perhaps?

If the current number of blocks in existence (C) equals 15, and the block number that a transaction was filled in (T) equals 10, then that means that there were C minus T = 15 - 10 = 5 confirmations for that transaction.

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