Bitcoin Forum
June 17, 2021, 07:35:00 AM *
News: Latest Bitcoin Core release: 0.21.1 [Torrent]
 
   Home   Help Search Login Register More  
Pages: [1]
  Print  
Author Topic: How quickly can bitcoin theoretically provide transaction confirmation times?  (Read 721 times)
mczarnek
Hero Member
*****
Offline Offline

Activity: 527
Merit: 500


View Profile
May 12, 2014, 05:04:05 PM
Last edit: May 12, 2014, 05:19:10 PM by mczarnek
 #1

I'm talking for check out counter transactions, and the network needs to agree it's correct.

Because 10 minute block size and 6 blocks needed for a confirmation seems like it can't be good enough.

I have heard the poll the miners approach.. how quickly can that be done?

BitSend ◢◤Clients | Source
www.bitsend.info
█▄
█████▄
████████▄
███████████▄
██████████████
███████████▀
████████▀
█████▀
█▀












Segwit | Core 0.14 | Masternodes
XEVAN | DK3 | Electrum soon
Bitcore - BTX/BTC -Project












BSD -USDT | Bittrex | C.Gather | S.Exchange
Cryptopia | NovaExchange | Livecoin
Litebit.eu | Faucet | Bitsend Airdrop













████
 ████
  ████
   ████
    ████
     ████
      ████
       ████
        ████
       ████
      ████
     ████
    ████
   ████
  ████
 ████
████

████
 ████
  ████
   ████
    ████
     ████
      ████
       ████
        ████
       ████
      ████
     ████
    ████
   ████
  ████
 ████
████
1623915300
Hero Member
*
Offline Offline

Posts: 1623915300

View Profile Personal Message (Offline)

Ignore
1623915300
Reply with quote  #2

1623915300
Report to moderator
1623915300
Hero Member
*
Offline Offline

Posts: 1623915300

View Profile Personal Message (Offline)

Ignore
1623915300
Reply with quote  #2

1623915300
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1623915300
Hero Member
*
Offline Offline

Posts: 1623915300

View Profile Personal Message (Offline)

Ignore
1623915300
Reply with quote  #2

1623915300
Report to moderator
mriou
Newbie
*
Offline Offline

Activity: 26
Merit: 0


View Profile
May 12, 2014, 05:46:31 PM
 #2

There's no absolute, it's just degrees of risk, going from 0-confirmation to 100 blocks of confirmation or more. I'm not aware of any theory or paper trying to quantify those risks precisely though, it's actually pretty difficult. I'd be interested if someone knows of a good publication here. If someone gets a good risk profile, I can imagine an insurance business could get structured around it.
jonald_fyookball
Legendary
*
Offline Offline

Activity: 1302
Merit: 1002


Core dev leaves me neg feedback #abuse #political


View Profile
May 12, 2014, 07:15:31 PM
 #3

I'm talking for check out counter transactions, and the network needs to agree it's correct.

Because 10 minute block size and 6 blocks needed for a confirmation seems like it can't be good enough.

I have heard the poll the miners approach.. how quickly can that be done?

Retail point of sale can happen with just transaction, 0 confirmations, which takes only seconds.

mczarnek
Hero Member
*****
Offline Offline

Activity: 527
Merit: 500


View Profile
May 12, 2014, 10:05:20 PM
 #4


Retail point of sale can happen with just transaction, 0 confirmations, which takes only seconds.

If people don't wait for confirmations then what prevents me from creating a double spend app that let's you double spend your Bitcoin?

BitSend ◢◤Clients | Source
www.bitsend.info
█▄
█████▄
████████▄
███████████▄
██████████████
███████████▀
████████▀
█████▀
█▀












Segwit | Core 0.14 | Masternodes
XEVAN | DK3 | Electrum soon
Bitcore - BTX/BTC -Project












BSD -USDT | Bittrex | C.Gather | S.Exchange
Cryptopia | NovaExchange | Livecoin
Litebit.eu | Faucet | Bitsend Airdrop













████
 ████
  ████
   ████
    ████
     ████
      ████
       ████
        ████
       ████
      ████
     ████
    ████
   ████
  ████
 ████
████

████
 ████
  ████
   ████
    ████
     ████
      ████
       ████
        ████
       ████
      ████
     ████
    ████
   ████
  ████
 ████
████
jonald_fyookball
Legendary
*
Offline Offline

Activity: 1302
Merit: 1002


Core dev leaves me neg feedback #abuse #political


View Profile
May 12, 2014, 10:29:41 PM
 #5

You could build such an app.  It would work some of the time.  You could also
simply walk out of the restaurant without paying.

This topic has been discussed in many threads. Here's one
https://bitcointalk.org/index.php?topic=159994.0

DannyHamilton
Legendary
*
Offline Offline

Activity: 2506
Merit: 2023



View Profile
May 14, 2014, 06:36:40 AM
 #6

Retail point of sale can happen with just transaction, 0 confirmations, which takes only seconds.
If people don't wait for confirmations then what prevents me from creating a double spend app that let's you double spend your Bitcoin?

The same thing that prevents every other form of fraud and theft.

The morality and ethics of the majority of your customers, and the theft and fraud laws that allow you to catch and prosecute those without morality and ethics.
Pages: [1]
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!