Post
Topic
Board Bitcoin Discussion
Re: Bitcoin is too slow
by
Lauda
on 15/06/2016, 16:22:09 UTC
Sorry about that. There was some confusion on my part. estimatefee 25 means exactly that, it will probably confirm in 25 blocks from the time you send the transaction. It has been my experience that most of my own transactions confirm in less than 25 blocks, but some of them have indeed taken longer.
Well, not necessarily. It gives you an estimate probability, but combined with the flat relay fee it would end up with a flat fee. What I mean is, would this really work with transactions of any size (hint: It won't). A very important factor is the satoshis/byte included fee factor. If it is lower than the recommended one, then: now ---time---> confirmation - will increase.

"Just pay a higher fee" isn't a proper solution though, if we would all pay the recommended fee, than that fee would keep on increasing, because there can only be so many transactions in a block, eventually the fee will become high enough that
Nobody claimed it was a 'proper' solution to some problem which was not the topic here. It comes down to whether the transaction needs the priority or doesn't.

people will start to move over to other blockchains with proper scaling solutions.
There are no blockchains that are decentralized with what you've just described.

And it will get worse and worse every day, until segwit is rushed out.
Segwit is not being rushed out. This is probably the biggest review of any change to-date.

More likely, with the ensuing loss of faith in Core, a sudden hard fork to bigger blocks.
Only irrational and greedy baboons would rush into a HF.  Roll Eyes