Re: GAW Miners Paybase Paycoin unofficial uncensored discussion.ALWAYS MAKE MONEY :)
You don't know what you are talking about. Faster blocks doesn't mean anything. If bitcoin forked to 1 minute block times, then a transaction with 10 confirmations would be just as secure as one with one confirmation how it is now. It's not the number of confirmations, its TIME.
That's not true. Each block race is a discrete event, so the chance of a specific miner beating the world to a set of, say, six blocks in a row should be roughly the same regardless of the time between blocks. Difficulty might change the curve a little, but, for the most part, it's the chance of winning a set of races cumulatively that matters.
Given X amount of hashpower and Y difficulty, the time to find a block on average is 10 minutes. The block time is manipulated by adjusting the difficulty, so your statement is incorrect. If you want 1 minute bitcoin blocktimes with the same amount of hashpower that exists today, you must decrease the difficulty by a factor of 10, you can't get around that. So you see, decreasing the time between blocks does nothing, it just decreases the difficulty and thus the security.
So I say again..security of the blockchain given X amount of hashpower is proportional to time, not blocks.
Your belief is a common misconception.
