Quote from: maaku on April 12, 2014, 03:31:20 PM

Quote from: sparta_cuss on April 12, 2014, 03:30:00 AM

Why will it take 3 days to clear?

First, a significant amount of work needs to be built on the burn transaction before it is used to claim the coins on the other chain, for the simple reason of avoiding DoS attacks. Then there is a length of time called the quieting period during which the return transaction and associated proofs are published, but not finalized, and anyone else can step forward with a reorg proof and rollback the transaction. Finally, there is a period of time afterwards analogous to the coinbase maturity where the coins are not spendable because a reorg could undo the peg transaction.

So that's three different waiting periods, each of which would probably be in the range of 100 - 144 blocks, if not more. The exact parameters are not set in stone at this moment, but with that in mind we should expect a peg transaction to take at least 2-3 days to fully clear, depending on the final choice of parameters.

I dont see how this makes any sense.

lets be practical:

Lets say that I bought an ounce of gold for $1000 worth of sidecoin from bitcoin tangible assets on a sidechain.

I paid 2btc for example in both cases. Now suddenly gold went up to $1250 and I'd like to get my 2.5 sidecoins by selling it back to BTA.

I call on BTA and they now need to get some sidecoins to buy from me, since they didnt want to hold any unnecessary sidecoins on a sidechain. so they need to take 3 days to get sidecoins (why would they swap? they cant risk a loss).

I will then need 3 more days to convert back to the main BTC blockchain.

How is this better than conducting my same business via the CP or MSC protocol within minutes and without being more exposed in a sidechain?

even if you tell me that BTA will always keep sidecoins, the same is not always true with other assets that may require a willing buyer to PM me that they are interested and then we will both have to wait 3 days for them to buy and have sidecoins available etc.

If I wanted to turn sidecoins to fiat for some reasons- I now added a 3 day exposure to BTC-fiat volatility that I am not interested in while waiting for the transaction to take place.