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Author Topic: Last block took 23 minutes to get mined  (Read 2635 times)
Patel
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September 27, 2013, 08:17:41 PM
 #21

Dang and the last block took 45 minutes to mine. just my luck that I get stuck in the long block times lol

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September 27, 2013, 08:21:34 PM
 #22

Lol 51 and counting Tongue crazy
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September 28, 2013, 11:37:27 AM
 #23

you can safely send 10 million no worries with BTC....no bank involved, not state actor, across borders, what else can do this....? and it might take 2 hours to confirm.....

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September 28, 2013, 02:30:05 PM
 #24

The Mining Operating Margin is now -395% (According to Blockchain.info).



.
.BIG WINNER!.
[15.00000000 BTC]


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Rainbot
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September 28, 2013, 02:58:57 PM
 #25

There's the off-chain solutions. Exchanges. Online wallets. Even game sites that allow transfers, like poker chips.

All of those are instant, and often times, mixed.

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September 28, 2013, 07:30:10 PM
 #26

I think Bitcoin, like gold, will be reserved for larger transactions and other coins, most likely Litecoin, will be for day to day use.

Or we could just use Bitcoin for both, which would be cheaper and easier.

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September 28, 2013, 09:44:47 PM
Last edit: September 28, 2013, 09:59:14 PM by awesomeami
 #27

> because lets say someone went to a bar, and ordered their drinks and its time to pay. They pay, and would have to sit at the bar for 23 minutes until they even got one confirmation?

Like mentioned already, it's expensive to do a double spend, so no one in their right mind would attempt to do it in order to get a "free" drink.

95% of real-world transactions such as the one you mention aren't significant money: groceries, restaurants, day-to-day shopping, etc. There's very small risk of any fraud happening with such purchases, and if one every did happen out of the blue, then I'm sure the business could eat the ~$100 cost that one time--it's still no comparison with credit card chargebacks.

When it comes to more expensive purchases in the thousands of dollars, then there are other ways to ensure you don't get cheated, such as waiting for a few confirmations, or even simply asking the purchaser for their identification. Car dealerships allow you to drive off with their cars for test drives, don't they? They feel safe doing so because they know who you are before you take it--the same can be done with other purchases.

Just throwing some ideas around.

Exactly as you said.
And once you go to buy a car/house - you can pay "first" (20-100%) than have a test drive/walkthrough and seller will than return you - if you don't buy.
Another - if you transfer $100K in BTC - it's once a life or 5x in a year - so you can wait another hour i think.
They see you account - can check/watch for double spend, they have 2IDs of you, your name, often personally knows you ...
At least in my country "changing owner of car - even if new" is like 2-4 hours in Police station, few weeks for houses ...

Another solution - online wallets OR o.w. combined with escrow - e.g. you can't withdraw for time limited (3 hours), but you "have" them. That time can seller ask to "lock"/freeze that amount - so you have them, can't use them - go to court ...

Bitcoin escrow can go down to 0.01% if properly programmed and much used.
There are basically no costs for "no problem" escrows.
Or better to fixed amount like $10 (which is nothing if you buying car or selling house) - no problem = no costs (if problem you pay something more or all costs - but it is worth it).

Just make a difference between "no important" transfers like $5 for Wallmart - and it takes a few minutes while u go to car, u can use the same account - which can be "verified for amount X" after Y+ buys and Z+ $ spended -- and between "life important" like $1mil transfer for you - but that's how often? And if - you can wait (as you would do by cash or bank) 1or 2 hours or even days  Tongue


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September 28, 2013, 10:18:04 PM
 #28

yes i am hoping that there will be better/more secure/highly adopted ways to use off-chain/instant/zero-confirm transactions and that will make bitcoin much more useful for everyone!!

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