Re:100 million dollars to reshape the economics of the web
by stormtv on Monday September 16, 2019 @05:53PM
(#20988941)
It wouldn't be the best user experience if you had to wait 10 minutes for confirmation. Also by increasing the size of the blocks you increase the orphan rate due to propagation delay which results in needing more confirmations before a transaction is considered truly immutable. Bitcoin has to have a fee market to incentivize miners so that as block rewards decrease the cost of securing the network doesn't shrink as well.
[ Parent
| on HN ]
Re:100 million dollars to reshape the economics of the web
by lawn on Tuesday September 17, 2019 @04:49AM
(#20993033)
You don't have to wait 10 minutes for a confirmation, especially not if we're talking about dollar amounts. Credit card transactions work exactly the same as 0-conf, and we seem to accept them just fine.
> Also by increasing the size of the blocks you increase the orphan rate due to propagation delay which results in needing more confirmations before a transaction is considered truly immutable.
Which happens at around 20 MB. Improvements like Graphene, Xthinner and blocktorrent will drastically reduce the orphan rate allowing for much bigger blocks to be propagated fast enough for the orphan rates to not climb in a relevant fashion.
> Bitcoin has to have a fee market to incentivize miners so that as block rewards decrease the cost of securing the network doesn't shrink as well.
Or Bitcoin needs many more lower fee transactions to compensate. In a couple of decades.
Re:100 million dollars to reshape the economics of the web
by BubRoss on Monday September 16, 2019 @10:09PM
(#20990553)
Bitcoin is never going to solve anyone's problems now. The people who have taken it over have relegated it to a lesson in what not to do. Shorter block times are not a problem and neither are much larger block sizes, both of these things have been proven by other currencies.