5 ms·

This has happened at least 1573 times.. therefore it is not news. It becomes news if block time were to go to 1 hour average for a few days. However, when this

This has happened at least 1573 times.. therefore it is not news. It becomes news if block time were to go to 1 hour average for a few days. However, when this scenario has occurred in the past transactions fees went so high that it made sense for miners to turn their miners back on to harvest the high fees.

imtringued 4y ago
It makes the headlines for Solana though because everyone expects their transactions to confirm within 500ms not one hour.
gojomo 4y ago
If only there were a crypto-literate news outlet capable of putting this sort of thing in context like that. Say, a news-desk specializing in crypto-coin topics. They could call it coin-news, or crypto-desk, or something like that!
- lostmsu 4y ago
  If only there was a technical news aggregator full of experts in software hacking, whose users would be able to sort out newsworthy updates from background noise. They could call it software-news or hacker-aggregator or something like that.
  - gojomo 4y ago
    Touché!
snarkyturtle 4y ago
If you're at a cash register and there's a slight chance that when you use your credit card that it won't accept a payment for an hour, wouldn't you not want to use that credit card?
- kelseyfrog 4y ago
  This is a actually a feature. No, I don't care to explain. Cryptoapologists know what I mean.
- retrac 4y ago
  Bitcoin was never intended for instantaneous transactions. Remember when credit cards were offline and bulk data was processed at the end of the day with one roll-up transaction phoned in? That's basically the solution. Assuming it's a problem in the first place. The consumer EFT system in my country routinely has a 30 - 60 minute delay before the transaction can be processed, and that doesn't stop everyone from using it routinely to pay their rent. And actual wire transfers still take days. That would seem to be the competition. (Comparing to credit cards is flawed, as the funds don't transfer custody with a credit card for some time, as anyone who has dealt with a chargeback knows.)
  - arcbyte 4y ago
    It was originally intended for exactly that - instantaneous transactions. It was only a huge rift in the community in ~2014 that saw it turn away from the original mission.
    - saurik 4y ago
      The original paper that defined Bitcoin "supposed" mining would take 10 minutes per block, which is what the implementation has in fact always targeted... how was it ever "originally intended" to run instantaneously?
      - tromp 4y ago
        It also suggested waiting for multiple "confirmations", i.e. further mined blocks on top, to reduce the risk of a blockchain history reorganization. 6 confirmations is generally regarded as full confirmation.
- djbebs 4y ago
  You understand that credit card payments don't usually get settled immediately, right? If you want a comparable experience to regular credit cards, simply accept unsettled bitcoin transactions, and get some insurance for the events where the unsettled transactions got double spent. You'll get the exact same experience as a bank, with a much faster settlement time, and significantly lower fees.

imtringued 4y ago

It makes the headlines for Solana though because everyone expects their transactions to confirm within 500ms not one hour.

gojomo 4y ago

If only there were a crypto-literate news outlet capable of putting this sort of thing in context like that. Say, a news-desk specializing in crypto-coin topics. They could call it coin-news, or crypto-desk, or something like that!

lostmsu 4y ago
If only there was a technical news aggregator full of experts in software hacking, whose users would be able to sort out newsworthy updates from background noise. They could call it software-news or hacker-aggregator or something like that.
- gojomo 4y ago
  Touché!

snarkyturtle 4y ago

If you're at a cash register and there's a slight chance that when you use your credit card that it won't accept a payment for an hour, wouldn't you not want to use that credit card?

kelseyfrog 4y ago
This is a actually a feature. No, I don't care to explain. Cryptoapologists know what I mean.
retrac 4y ago
Bitcoin was never intended for instantaneous transactions. Remember when credit cards were offline and bulk data was processed at the end of the day with one roll-up transaction phoned in? That's basically the solution. Assuming it's a problem in the first place. The consumer EFT system in my country routinely has a 30 - 60 minute delay before the transaction can be processed, and that doesn't stop everyone from using it routinely to pay their rent. And actual wire transfers still take days. That would seem to be the competition. (Comparing to credit cards is flawed, as the funds don't transfer custody with a credit card for some time, as anyone who has dealt with a chargeback knows.)
- arcbyte 4y ago
  It was originally intended for exactly that - instantaneous transactions. It was only a huge rift in the community in ~2014 that saw it turn away from the original mission.
  - saurik 4y ago
    The original paper that defined Bitcoin "supposed" mining would take 10 minutes per block, which is what the implementation has in fact always targeted... how was it ever "originally intended" to run instantaneously?
    - tromp 4y ago
      It also suggested waiting for multiple "confirmations", i.e. further mined blocks on top, to reduce the risk of a blockchain history reorganization. 6 confirmations is generally regarded as full confirmation.
djbebs 4y ago
You understand that credit card payments don't usually get settled immediately, right? If you want a comparable experience to regular credit cards, simply accept unsettled bitcoin transactions, and get some insurance for the events where the unsettled transactions got double spent. You'll get the exact same experience as a bank, with a much faster settlement time, and significantly lower fees.