Transfer some bitcoin to your blockchain.info wallet and watch/listen for how long it takes to get there. Do it, I'm serious. That's right-- It takes about 5 seconds until you hear the *Beep*. Now think for a second, how do they do that? If they aren't waiting for the entire 10 minute block confirmation time (or 40 minute time in your argument), then how do they know money was sent? And that is the answer to why your question is irrelevant.
Blockchain.info can always say your coins didn't make it here in case your transaction doesn't get confirmed.
A merchant can't get their products back if a transaction doesn't get confirmed.
0 confirmation transactions are for idiots who do not appreciate their money/products.
So your argument is invalid.
Who cares about blockchain.info?
Weren't they the ones that fucked up with the R values btw?
https://bitcointalk.org/index.php?topic=581411.0Any merchant can use this method to see a transaction propagating through a majority of the nodes! This whole "10 minute" thing is given WAY too much importance because it doesn't matter for 99% of transactions. It's just something that people can focus on to complain about because they don't understand it in any more depth. You can see the transaction on the network nearly instantly.
Read above.
So the problem must be with the wallet you are using if you can't see an instantaneous transaction. So, rather than complaining about 10 minutes confirmation time which frankly doesn't matter, then the solution is to get your wallet to support the same technology that blockchain.info is using to SHOW the transaction occurring in near-realtime. Not to complain about 10 minute block times.
All wallet software show the transaction instantly.
It is the confirmations that require time.
Stop being such a smart ass.
It doesn't matter for 99% of transactions. And for the 1% where it might matter (bigger purchases), 10-30 minutes is an acceptable waiting period!
Maybe the 99% of your transactions.
You shouldn't be allowed to talk for everyone.
You DO NOT KNOW how others are handling their money.
Maybe (to your surprise) people actually appreciate their money more than you (or than you think).
And guess what: Your credit card and debit transactions at stores are given credibility "immediately" but still take 3-5 days to actually move through the payment processors between bank accounts. 3-5 days is WAY slower than 10-30 minutes for a block confirmation if you want to compare apples to apples. The payment processor is simply fronting the money (just like blockchain.info shows the transaction instantly) while the transaction goes through. And these credit card payment processors are basing this method on the exact same theory that blockchain.info uses to instantly confirm transactions. It's the concept that small transactions likely aren't fraudulent. Who wastes there their time hacking a system to steal a $5 cup of coffee?
Your credit card get's charged immediately.
That means that the merchant is sure that their money is safe, they just didn't get it yet because the banks and VISA wants to exploit it a bit more before they give it to you.
Hence the 3-5 day waiting period, and it is actually a lot more until the money get's in the merchant's account (there is no arguments there).
Let me tell you what....
If I had the chance of performing 50 micro double spends a day, do you think I wouldn't do it?
I will have most of my expenses for the day (if not week) covered by that.
So let me ask you this:
If you could, would you not?
Thanks
PBT
