JayJuanGee
Legendary
*
Offline Offline

Activity: 1932
Merit: 1825


How much alt coin diversification is needed? 0%?


View Profile Personal Message (Offline)

Ignore
September 17, 2016, 01:32:00 AM

[edited out]

There was a spike in the legitimate transactions (hi Alex  Smiley ) that I guess our wallets didn't adjust to. 


How can you determine if a spike is coming from "legitimate transactions" or otherwise?  And, what would be the reason for such a "spike" if it were occurring at this time?  There does not seem to be a whole hellava lot going on in the bitcoin space at the moment.  Are people fleeing the stock market, or what?


The fee that I paid had always gotten my transaction included in the 1st or 2nd block.  The thing is that this transaction was for a service that messed up and so I requested a refund and yet my tx had not even gotten to them.  First confirmation took 13 blocks. 

All sounds valid, and sometimes there are decent reasons in which you would prefer a transaction to go through and to receive a sufficient number of confirmations (usually need 3 in order to be able to use the receive amount) more quickly than usual.


I know it has to be done correctly and honestly I cannot be the judge of what correctly is but if capacity is now an issue occasionally for legitimate transactions, it seems that there can be little room for growth going forward till it is addressed. 

O.k.  You seem to already be predisposed to such a conclusion that bitcoin is broken because sometimes transactions take a long time to go through.  You have written about several such personal experiences, and I have engaged with you about a few of those personal experiences.  Frequently, my response had been that you seem to be expecting too much too soon, and the reality of the matter is that bitcoin is providing a set of features that remains a bit different from other various centralized services, and in order to continue to develop and to make progress and to add features, these kinds of updates take time to develop and to vet (especially in a decentralized system such as bitcoin). 

You seem to keep concluding that bitcoin is broken, and it needs to do more and to do that "more" more quickly, and really it seems that a better approach, especially with increasing levels of experience with bitcoin is to attempt to learn from your experiences and to adjust your expectations and if there are better vehicles available to accomplish your objectives, then to use those better vehicles instead of bitcoin.  Otherwise, we should reasonably expect that any bitcoin transaction could take anywhere between 10 minutes and a few hours to go through (even though it will show up as "pending" within a few seconds of submitting).