120 confirmations

[spiccioli]

Hi,

I'm wondering why are (most of) pools waiting for 120 confirmations for found blocks while the network considers 6 confirmations enough?

spiccioli.

[1714899611]

1714899611

[1714899611]

1714899611

[1714899611]

1714899611

[dub0matic]

go to bitclockers no waiting there. the 120 confirmations is bullshit

[Graet]

a block does not get paid into the pools wallet until 120 confirmations, most pools will not payout before this is reached.

some pools pay earlier, it means the pool operator is taking a risk that the block will go invalid before 120 confirms

http://ozco.in pays out at 100 confirms as a bonus for miners, some other pools do too.

go to bitclockers no waiting there. the 120 confirmations is bullshit

but they charge a fee and only pay 49.5BTC per block after the fee

[spiccioli]

a block does not get paid into the pools wallet until 120 confirmations, most pools will not payout before this is reached.

some pools pay earlier, it means the pool operator is taking a risk that the block will go invalid before 120 confirms

Aren't all blocks equal? 

How comes my payment inside that block is safe after 6 or so confirmations but the 50 BTC reward inside the same block isn't?

best regards.

spiccioli

[Caesium]

See https://en.bitcoin.it/wiki/Confirmation

Coins are not released into a wallet by a generation for 120 blocks. Nobody is trying to screw you over here

[iongchun]

Hi,

I'm wondering why are (most of) pools waiting for 120 confirmations for found blocks while the network considers 6 confirmations enough?

spiccioli.

I think you confuse transaction confirmation with block confirmation.

[spiccioli]

Ok,

thanks for clarifying the issue to me.

spiccioli.

[jpinconline]

a block does not get paid into the pools wallet until 120 confirmations, most pools will not payout before this is reached.

some pools pay earlier, it means the pool operator is taking a risk that the block will go invalid before 120 confirms

http://ozco.in pays out at 100 confirms as a bonus for miners, some other pools do too.

go to bitclockers no waiting there. the 120 confirmations is bullshit

but they charge a fee and only pay 49.5BTC per block after the fee

thanks I have always wondered why the 120 confirmations too.

[Artefact2]

go to bitclockers no waiting there. the 120 confirmations is bullshit

Your post is bullshit.

Generated coins cannot be used in transactions until they have at least 100 confirmations (but the official client won't let you until it has 120 for some reason). So, unless you do some magic with the payouts, you have to wait at least 100 confirmations until a pool can pay its rewards for this block.

This has nothing to do with transactions, which requires far less confirmations.

And, by the way, confirmations have nothing to do wrt. invalids and orphans. If you somewhat generate a better blockchain which forked 200 blocks ago, you can orphan 200 blocks at once (even the 80 "confirmed" ones). (To some extent, since the official client hardcodes some hashes in the early blockchain.) This is of course very unlikely to happen.

[dub0matic]

how is it bs bitclockers have instant payout there.

[willphase]

bitcoins.lc also pays out immediately.  It's just a matter of the pool having more than 50 btc in reserve funds so they can pay out early - so your pool can't be smalltime.  If I was a pool I would probably wait 3 confirmations though... just in case someone else mined at exactly the same time and your block ended up being orphaned.

Will

[Jine]

We have both instant payout (without any 120/100 confirmations) and pays for invalid blocks (orphans).
We have a reserved amount of bitcoins ready for handling both orphan blocks and having that 50 btc "buffer". This comes from a combination of generous donations and my own wallet

This way, you'll always be 100% sure that you'll get paid for your work, even if our network/peers are to slow to distribute your work - and the block becomes orphan.

--
Regards, Jim
Bit LC INC.

[Artefact2]

We have both instant payout (without any 120/100 confirmations) and pays for invalid blocks (orphans).
We have a reserved amount of bitcoins ready for handling both orphan blocks and having that 50 btc "buffer". This comes from a combination of generous donations and my own wallet

This way, you'll always be 100% sure that you'll get paid for your work, even if our network/peers are to slow to distribute your work - and the block becomes orphan.

--
Regards, Jim
Bit LC INC.

That's some nice little (and completely irrelevant) advertising you are doing there.

[Jezzz]

More likely than you'd expect.  Rumors of blocks being invalid after 20 blocks is not unheard of.

a block does not get paid into the pools wallet until 120 confirmations, most pools will not payout before this is reached.

some pools pay earlier, it means the pool operator is taking a risk that the block will go invalid before 120 confirms

You say risk, but ... what is the likelihood of that actually happening
after - say - five blocks ?

[Graet]

a block does not get paid into the pools wallet until 120 confirmations, most pools will not payout before this is reached.

some pools pay earlier, it means the pool operator is taking a risk that the block will go invalid before 120 confirms

You say risk, but ... what is the likelihood of that actually happening
after - say - five blocks ?

I guess it is pretty unlikely, but ozcoin had a block go orphan after 8 or 9 confirms - i missed the exact number- so certainly not impossible

[Graet]

Came as a a big surprise at the time and took lots of explaining to miners. Previous invalids we have had have gone at 1 or 2 confirms.