4 ms·
i wont respond to every point but transactions can take between 10 and 60 inutes to verify, however you can accept a 0 confirmation transaction relatively safel
by celticninja 13y ago
i wont respond to every point but transactions can take between 10 and 60 inutes to verify, however you can accept a 0 confirmation transaction relatively safely if you were selling a coffee. The resources required to double spend against a sale of $5 is just not worth it. When it comes to larger items such as buying a car or a house then waiting 1 hour is not a problem as the whole process takes longer than an hour anyway so waitng for 6 confirmations is not too much of a burden.
"Lack of transparency in the management process" the official client is open source, any changes would have to be agreed by the development team but they would only come into effect if all miners (or at least 51%) agreed to the change.
It seems your points show you dont really understand what bitcoin is. Requiring it to be backed by a corportation or a government is exactly the oppositte of what bitcoin set out to be.
You should read more on it before making suggestions such as these.
- grey-area 13y agohowever you can accept a 0 confirmation transaction relatively safely if you were selling a coffee. What does relatively safely mean? I'd prefer transactions to be guaranteed and accounts to have a verifiable amount of funds in them - the currencies/banks we have now do this in seconds for small transactions. the official client is open source, any changes would have to be agreed by the development team but they would only come into effect if all miners (or at least 51%) agreed to the change. There's definitely space for conflict there. If the official client and/or lots of the miners decide something, it's going to be hard to get momentum in another direction, and as a small holder you will have no say at all. Given the huge vested interest of developers and miners, that seems ripe for abuse. It seems your points show you dont really understand what bitcoin is. If that's the case, it should be easy to rebut them. That you have replied with non-rebuttal rebuttals on two points and snide remarks for the rest doesn't give me much confidence.
- dllthomas 13y agoRelatively safely means probably less likely than someone handing you a counterfeit $5 bill. It's just not worth the expense to try and print it.