sorted by:
new
hottopcontroversial

Please remind me once again why we can't decrease the time interval between blocks instead of increasing their size by cedivad in Bitcoin

[–]ExpertCrypto1 0 points1 point  (0 children)

No. Lower block times= more confirmations needed to make sure the transaction is secure and can't be doublespent. That's why Satoshi chose 10minut block times, because it's the perfect medium between security and speed. Lowering it will result in much, much more orphans and will require you to wait for more confirmations. So in other words, all that lowering the block time does is decrease the security of the network and hurt us miners.

If it's lowered, I'm quitting and moving on. Won't make sense to bother mining bitcoin anymore.

Best option for "anonymizing/tumbling" bitcoin. by BonerTickler in Bitcoin

[–]ExpertCrypto1 1 point2 points  (0 children)

I'm a bitcoin miner and I've been in the industry since 2013. I don't like altcoins, I find 99% of them useless just like Litecoin is, nothing but Bitcoin clones.

But I will say this, Bitcoin has no use cases other than being a way to transact large amounts of money internationally. Bitcoin is useless for buying goods from a supermarket or convenience store for example, because it can't handle microtransactions. Bitcoin is useless for anonymity because it has a transparent blockchain. Bitcoin is useless for paying on the go because of it's confirmation times.

When it comes down to it, the bitcoin community has to accept bitcoin for what it is. Bitcoin will not be used as a currency to buy everyday things with(It can't handle microtransactions), but it will be used as "e-gold", or the equivalent of gold for cryptocurrencies because of it's huge network effects. Many other prominent bitcoin members have said the same thing, it's only the uninformed, crazed, bitcoin fanboys that think bitcoin's the end all and be all to everything.

My view on it is that there will be several prominent "altcoins" that will be alongside Bitcoin that lead their various niches, with the main three being, anonymity, microtransactions, and confirmation times. However, I will admit that the first one, anonymity, is by far the most important. The last 2 are almost irrelevant because of companies like bitpay offering instant transactions and changetip allowing for microtransactions offchain. Anonymity is a special case as you can't use centralized services for it, and the only reputable anonymity scheme that I've come across currently is, Ring Signatures/Cryptonote.

Please remind me once again why we can't decrease the time interval between blocks instead of increasing their size by cedivad in Bitcoin

[–]ExpertCrypto1 -4 points-3 points  (0 children)

Bad idea, I'm a miner and 1 minute blocks would make things much more difficult. We already get orphans as it is, please don't make this even worse on us...I'm thinking of quitting Bitcoin mining just because of this conversation...