-----BEGIN PGP SIGNED MESSAGE----- Hash: SHA512 FWIW, the 6 confirmations figure came from a modest estimate of a miner with 10% of the hash rate, such that there is < 0.1% probability of the transaction being undone. I wonder at times if this figure should fluctuate with the hashrate of the largest player. Presently, AntMiner has 20% of the hashrate, requiring 11 blocks to give you the same certainty. And previously when GHash.io had 45%, the number of blocks to wait would be 340 - over two days! With this in mind, I would be wary about publishing these numbers as they are prone to change. On 25/07/15 03:18, gb via bitcoin-dev wrote: > > Validated - (seen on network) > > Settled/Cleared - 1 conf > > Finalised - 6 confs > > On Sat, 2015-07-25 at 00:37 +1000, Vincent Truong via bitcoin-dev wrote: >> >> "Fast transactions" >> Fast transactions implies it is slower than Visa, and Visa is >> 'instant' by comparison from the spender's POV. Bitcoin is still very >> instant because wallets still send notifications/pings when >> transactions are first seen, not when it goes into a block. We >> shouldn't mislead people into thinking a transaction literally takes >> 10 minutes to travel the globe. >> >> Maybe this feels like PR speak. But being too humble about Bitcoin's >> attributes isn't a good idea either. >> >> If we're going to look at perception, image and expectations, perhaps >> we can start to look at redefining some terminology too. Like >> confirmations, which is an arbitrary concept. Where possible we should >> describe it with finance terminology. >> >> "0 conf transaction" >> 0 conf is the 'transaction' - just the act of making an exchange. It >> doesn't imply safe and I believe using the word 'settle' in place of >> confirmations will automatically click with merchants. >> >> "1st conf" >> A 'confirmation' is a 'settlement'. If it is 'settled', it implies >> final (except by court order), whereas confirmation usually means 'ah, >> I've seen it come through'. I rarely hear any sales clerk call credit >> card transactions confirmed. More often you will hear 'approved' >> instead. Although 1st conf can be overtaken, so... >> >> "n confirmations" >> This term can probably stay since I can't come up with a better word. >> Settlements only happen once, putting a number next to it breaks the >> meaning of the word. "Settled with 4 confirmations" seems pretty >> clear. Alternatively I think instead of displaying a meaningless >> number we ought to go by a percentage (the double spend improbability) >> and go by 'confidence'. "Settled with 92% confidence." Or we can pick >> an arbitrary number like 6 and use 'settling...' and 'settled' when >> reached. >> >> _______________________________________________ >> bitcoin-dev mailing list >> bitcoin-dev@lists.linuxfoundation.org >> https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev > > > _______________________________________________ > bitcoin-dev mailing list > bitcoin-dev@lists.linuxfoundation.org > https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev - -- My PGP key can be found here -----BEGIN PGP SIGNATURE----- Version: GnuPG v2 iQIcBAEBCgAGBQJVs6WBAAoJEAiDZR291eTlmA4P/1uARaRISbq6ZN9gSy+Tsq+N aooU/irB06IdTnOrxqW/iAS2M2SxqTq5/M6PVMK6LAefRuAAYE6KeDQb5/n2QWIM vBgVeDPBVkq+KHOJlaswO962kl/Mr9TC9xb9hbfB9IdQACLbSwfyQ+cYNY3RRnvl Jkgj7boVjA4o/lE/BxTshPTriQNtVl9c6OxOfXsZotpTphSlMGIUrEHR/t2rjbcV yPeTwHFIAaqcCMivYvfsk24JD9DiygwGVvjqwQPsNF8H9y6xor+QAc23aaD8WPi1 1J91bfRxJWghxyGmsPx1G/EVi/0retE1tZdkyqlahThdSACZtUfA997V0KT/DrdH svHjNclViHExWGL7cUd2s9AMjIz1vr0tUGxvU7KsZT2kEXP0qp96mjIfo0TkZbUb xsYMKujE8ZRpn8+CakfeT7RMtAhGIRvtPDQDm+Qv84A6JOufrgF4C0B00/9kERIe g5hH2YG2R4YD40G4wtxEGpk/2jcdWc37CJ+T17+7m8MgPFNmX8V5YsAFwfPe6iAt 1QON3crilFRYCawYcOypbjh4hb5O5Usvg0msUrvzaRJ7Gj6K/SmFdG4hOepCHbPc g2Bu15ifdmaCa8ssZHK+HJmhbGTMkDqdBnv2lziR8TXIC/se2+y7Iasz4eVkfG1/ RkDgokFOv7YA5aqp5ZHn =VgWS -----END PGP SIGNATURE-----