Well nice to see everyone chime in on this one
10 minutes block time is WAAAAAY to long. On the "business" side of this coin, no merchant wants to wait 10 minutes to confirm any transactions. I think we need to change this to something between 30-90 seconds blocks. This could be a deal breaker and since we are at the beginning ... Forking this now would be natural and the right thing to do since the issue as already been pointed out.
The other thing I noticed is that the devs are too quiet in this forum and take too much time to react/respond/update. The team might be too small unexperienced, if team there is. But the beauty about OpenSource projects is just that. OPEN! So that's were the community should step in and contribute in their own way to help get this coin out there and make it a success. Some of us already have and I salute all of you
I think your inputs valid and valued, so don't take this the wrong way, as some points I do disagree with
30-90 sec block times way too fast (yeah all the pump n dump scamcoins like the fast ones, but theres a scaming reasons/trick for that I wont get into), 10 min maybe too long but still I'm fine with that.
Think its way too early to consider a fork.
Also I think the dev been very responsive, especially consider the distribution task he is also on, just a little patience is needed by all, remember its only be alive a few short days, and the coins are free
Reply to others comment; I think the devs done the best job he can to have the coin as fair as possible, by no means an easy task (no crypto has achieved what the average person here would consider fair).
Even a perfect fair launch, fair distributions, in the long term will any successful crypto not end up in the same hands (if you can buy cryptos with fiat, they become just as fair as fiat).
Very interesting experiment here on many levels, help answers what happens to a blockchain when pow is finished? can a freely given coin become worth something? all 50 mil hit the market at once what will happen?.......we all have prediction and I think I know somewhat the answers but interesting to examine it live.
Well the reason I'm saying 30-90 seconds blocks is for ease of transactions. And when I say 10 minute is too long, I have a specific scenario in my head. Take any brick and mortar business... Take Starbuck for instance... would you think they'd consider taking payments via a network witch takes 10 minutes per confirmation and x confirmation to clear? The customer's latte would have time to become cold before the transaction is cleared!
I am not sure to get the scamming reasons for having a fast block or even how block speed relates to scamming?!? I know HoboNickels is one of the fastest PoW/PoS coin out there and it does pretty good no issues about scamming there...
About the dev... I support the good work they did and still doing... But I noticed some things that made me think that they were/are overwhelmed. It is a pretty big task and if they do need help about anything on this launch... I think they should come forward. Transparancy goes many ways and it's not just about showing what your doing / it's being humble enough to ask for help in order to get the best out of anyone. That being said it's a concern that I have and would hate to see this coin fail just for lack of support. Nothing against the devs.
I agree with you on the others points. Fairness is a concept often misinterpreted. If the rules are clear and anyone can participate with same level of difficulty then fair is just that... Even if some come on top, doesn't make it any less fairer.
And yes, this is an EXCELLENT experiment on many levels for this coin and future coins development.
Maybe i'm not getting something.
10 minutes blocks are good enough for bitcoin, peercoin, and lots of other coins, and bitcoin is the only 1 that's really being used as a currency outside our little bubble of crypto world
why would this be a deal breaker?
also, pos blocks will on average half that time to 5 minutes
vis is right,
You all forgot the POS blocks that minimize the time to 5 minutes.
About the 10 minutes block... like I said above, in the context of a brick and mortar business, I can think of many situations where this could be a deal breaker. True, Bitcoin is the only one gaining use in the mainstream... but I still think the adoption rate is slowed down by this factor alone. On the other hand, a lot of use of the bitcoin don't need fast transaction time. If we think back at one of the original idea WHY bitcoin was created was to transfer money... This is not a commercial transaction rather a financial transaction... I find it perfectly fine having to wait ~1 hour to get my money cleared. It still is the fasted way to wire money anywhere in the world AND the cheapest. I think you get the point.
and what about this PoS block minimizing time to 5 minutes? I didn't look at the code on that but from experience on other coins... PoS competes against PoW so the network produce 1 block for the given target... So here the PoS block would still be 10 minutes apart.
can anyone shed some light on this ? Is this what is supposed to happen to FairCoin?
