Re:PayPal stops payouts to models on Pornhub
by codexon on Friday November 15, 2019 @11:22PM
(#21550997)
Um no.
I show you this to prove to you that 1 eth confirmation isn't equal to 1 bitcoin confirmation. If it was anywhere equal in security, there would not be a >10X difference. And also multiplying confirmations by average block time and seeing that it is lower than bitcoin doesn't mean coinbase thinks it is more secure. It can also mean that the value of the average eth transaction on Coinbase is lower.
A 51% attacker will be able to churn out 100x the number of confirmations if confirmations were made 100x smaller. It doesn't matter how fast you make them or how many tricks like GHOST you add.
These are some helpful websites/articles on understanding confirmation security.
https://medium.com/@nic__carter/its-the-settlement-assurance...
ETH ave. block time: 10s. Time to get to Coinbase confirmations (35): ~350s
BTC ave. block time: 10m. Time to get to Coinbase confirmations (3): ~1800s
So I can make 5-6 transactions that coinbase thinks is "secure enough" on Ethereum in the time it would take me to make one transaction with Bitcoin.
Add to that the fact that the throughput of the network is higher, and ETH is actually about 17x faster than BTC, and that's totally ignoring the on-chain scaling that ETH is much closer to than BTC.
Also I don't currently hold any crypto, so you can stop pretending that everyone who is more informed than you is actually just biased. I cashed (of my mostly BTC holdings) in 2017.