Sick of the confirmation time...

[BillyBobZorton]

There's no need to stress over confirmation times. Did you know credit cards also take time before the operation gets officially confirmed? People just assume nothing wrong is going to happen, so do the same with Bitcoin.

[MegaFall]

There's no need to stress over confirmation times. Did you know credit cards also take time before the operation gets officially confirmed? People just assume nothing wrong is going to happen, so do the same with Bitcoin.

People take credit cards without issue because there are issuing banks and a full blown network of support (Visa, MasterCard, etc) backing the transaction up. BTC has nothing backing it other than another anonymous individual's word. That's why when it comes to merchants doing fast transaction (in-person retail transactions or instant download transactions) would need to rely on something like CoinBase to cover and back the transaction.

[yeponlyone]

There's no need to stress over confirmation times. Did you know credit cards also take time before the operation gets officially confirmed? People just assume nothing wrong is going to happen, so do the same with Bitcoin.

People take credit cards without issue because there are issuing banks and a full blown network of support (Visa, MasterCard, etc) backing the transaction up. BTC has nothing backing it other than another anonymous individual's word. That's why when it comes to merchants doing fast transaction (in-person retail transactions or instant download transactions) would need to rely on something like CoinBase to cover and back the transaction.

If I'm not wrong, one can still charge back after a month or so. BTC cannot be double spent after one confirmation unless you have 51% of the network hashrate.

[McVisual]

yes, really slow... if can send instant that will be good. but a hardfork might influence bitcoin value for sure . big time

[Letssmart]

BTC conformation time is horrible. Especially when you are transferring funds to an exchange or something and you have to wait for 6 confirmations before you can spend your coins. Takes an HOUR at least. Darkcoin and the new instant X is awesome. Takes about 30 SECONDS for 6 confirms. so cool.

*Sigh*

There is no magic "6 confirms" that relates to all altcoins.  The strength of the confirm relies largely on the time of confirmation. That is why exchanges have different requirements for number of confirmations with different coins.  DarkCoin's "Instant X" is not a new concept.  The concept of masternodes is not new, and also cannot be compared with Bitcoin's bedrock POW blockchain.  It's closer to POS as each of those masternodes must "buy in".  Apples to Oranges.

We shall see whether it proves itself when the stakes are higher.

Darkcoin, eh, Dash has been instamined and is 100% a scam.

If you're looking for quick confirmation times, Bitshares confirms in less than 10 seconds(All those full PoS coins do).

[BillyBobZorton]

yes, really slow... if can send instant that will be good. but a hardfork might influence bitcoin value for sure . big time

Im too scared of the fork effectively ruining bitcoin all in hopes to make the transaction confirmation times faster. I don't think we need faster confirmation times. Ive never seen anyone having a problem with a transaction not going through unless they did something really stupid (0 fees for big ass transactions or whatever)

[krigger]

Am I the only one? Lol

You might need to read a bit more and less lolling.

[Amph]

the problem is not the slowness only, but the recently randomness(i hate that), due to those little bit diff adjustment i presume

this is bad for merchants

[robertgoss]

i guess its same with everyone .... we cant really help it neither we can do something to speed it up ...

[bri912678]

the problem is not the slowness only, but the recently randomness(i hate that), due to those little bit diff adjustment i presume

this is bad for merchants

I find almost every time it's really important I get a transaction confirmed fast it takes like an hour for at least one confirmation. The annoying thing is there is usually three blocks minutes apart before my transaction, then an eternity waiting for the next ones after I make the transaction.

Some exchanges only require one confirmation, in which case it can be fast, but it can take forever for the exchanges requiring six confirmations.

[R2D221]

the problem is not the slowness only, but the recently randomness(i hate that)

Considering that the algorithm relies 100% on randomness, if you hate it then you shouldn't be using Bitcoin.

this is bad for merchants

For the third time, merchants can and do accept unconfirmed transactions just fine, unless you're selling a car or a house (in which case, the whole paperwork will take much more than the confirmations anyway).

[mitus-2]

you can use services like greenaddress.it

your transactions will not be confirmed immediately but they are are protected by both your signature and by a signature they apply when they get your permission via two factor. With this protection, comes the fact that people receiving Bitcoin from you can trust the funds instantly as they provide a 'special' signature to your transaction when you require instant confirmation.

[MegaFall]

Considering that the algorithm relies 100% on randomness, if you hate it then you shouldn't be using Bitcoin.

For what purpose though? Other than to just be random. This is one of the biggest flaws with BTC and will probably be the ultimate reason that an Alt ends up used by merchants instead.

What should happen is if a block takes more than 15 minutes to find, the difficulty should temporarily plunge.

[anshar]

It's a real bitch. What the worst thing is is when it trolls you and skips over your transaction, and you have to wait until the next block

[R2D221]

Considering that the algorithm relies 100% on randomness, if you hate it then you shouldn't be using Bitcoin.

For what purpose though? Other than to just be random. This is one of the biggest flaws with BTC and will probably be the ultimate reason that an Alt ends up used by merchants instead.

What should happen is if a block takes more than 15 minutes to find, the difficulty should temporarily plunge.

For mining. The proof of work algorithm needs randomness so that nobody can just start creating blocks every second. Please show me an altcoin that doesn't use randomness at all.

[R2D221]

What should happen is if a block takes more than 15 minutes to find, the difficulty should temporarily plunge.

Also, how can that be implemented without a central time server?

[Meuh6879]

Am I the only one? Lol

Yes.

I have charged kraken 3 times = less than 1 hour (6 confirmations needed).

[MegaFall]

37 damn minutes without a block... waiting... waiting... waiting... still nothing.

[MegaFall]

What should happen is if a block takes more than 15 minutes to find, the difficulty should temporarily plunge.

Also, how can that be implemented without a central time server?

Does each node not have the time of the last block? When the clock on each node is over 15 minutes from the last block, send out a request to other nodes to confirm that they too agree it's been over 15 minutes, if there is a consensus among say 60% of the nodes that the time since the last block was over 15 minutes, then temporarily reduce the difficulty until the next block is found; then it goes back up to where it was.

[R2D221]

What should happen is if a block takes more than 15 minutes to find, the difficulty should temporarily plunge.

Also, how can that be implemented without a central time server?

Does each node not have the time of the last block? When the clock on each node is over 15 minutes from the last block, send out a request to other nodes to confirm that they too agree it's been over 15 minutes, if there is a consensus among say 60% of the nodes that the time since the last block was over 15 minutes, then temporarily reduce the difficulty until the next block is found; then it goes back up to where it was.

What happens if I'm a new node that just finished syncing, and receive a 20-min block with reduced difficulty? I have no way to know an agreement has happened, and will reject the block.