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Author Topic: Why the transfers are not implemented immediately????  (Read 1344 times)
vip
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February 15, 2011, 07:17:15 AM
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Why the transfers are not implemented immediately?Huh

when i send money example for http://doubletrouble.bitcoinbet.com
i must wait 1hour for confirmation, and more ?

i have open port 8333 and 108189 block and 8 connection.

1NnX6WAjhT1gi8RM36uWWCc7x7jwEq4Mj3
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February 15, 2011, 07:26:41 AM
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There are many facets to Bitcoin's security. One of those is the protection against double spending. The way Bitcoin prevents this from happening is by using a confirmation system. Once your transaction has been added to a block, each additional block generated on top of it decreases the chance that you can double spend the coins from this transaction. Six additional blocks is considered quite safe, though as a receiver you could choose to acknowledge payment earlier. Since the network generates one block every ten minutes on average, six blocks is about an hour. This is probably what you are experiencing.

In short, don't worry. This is by design, is one of the core security mechanisms of the currency, and is one of the trade offs for using a decentralized system. If you use MyBitcoin (or some other future Bitcoin aggregator), transactions between members are instant, as they are not written to the block chain. The downside to this is that you must trust MyBitcoin.
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February 15, 2011, 10:45:40 AM
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Why the transfers are not implemented immediately?Huh
Transfers are "implemented immediately". But confirmations are not.

My OpenPGP fingerprint: 5099EB8C0F2E68C63B4ECBB9A9D0993E04143362
Hal
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February 15, 2011, 07:09:03 PM
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The Double Trouble game only waits for one confirmation. This should take ten minutes on average. Unfortunately, the time is highly variable, from a few seconds to more than an hour. Makes for a frustrating experience sometimes.

Gambling games need to switch to a chip system like real casinos. You'd buy chips with a delay, then gamble with them with instant payouts, cashing out any time.

Hal Finney
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February 15, 2011, 08:01:24 PM
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Having product specific stored value systems like this is going to suck though. A shared service would be better. When you receive a transaction from an address known to be owned by that trusted shared service, you could just accept it with zero confirmations safe in the knowledge that they won't try to double spend or reverse the transaction on you. People would still have to deposit some coins into the service and then wait a block, but at least it's not merchant specific.
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February 15, 2011, 08:05:47 PM
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Having product specific stored value systems like this is going to suck though. A shared service would be better.

MtGox and MyBitcoin already provide this merchant-independent stored value service with instant confirmation.
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February 15, 2011, 09:20:20 PM
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Imagine if mybitcoin.com could optionally issue payments signed with a single public key, one known to be associated with that service. Then even non-members could accept such payments and trust that no double spending will occur.

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February 15, 2011, 10:26:25 PM
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Or maybe just use well known addresses? MyBitcoin could, on receiving coins, forward them on to a magic address that clients recognize. Coins received from that address would be accepted with zero confirmations.

That'd be an easy change to the client. The hard part is figuring out how to scale it up so each merchant doesn't have to individually evaluate the trust of each value store. Perhaps just having individuals create and share their own lists would work for now.
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