Re: [PRE-ANN][MAG] <- MagCoin -> [X11 || No PREMINE/IPO || Fast]
Lots of coins, long block time, not feeling it.
Sorry you feel that way, hope you'll change your mind in the future
Also, if you don't mind me asking, is 3 minutes really that long of a block time? I was concerned about blockchain fragmentation or corruption with block times that are too low.
What does "MAG" stand for?
Contrary to popular belief, MAG is not Magnetic
It stands for MAGNITUDE!I wish you luck with your coin as it does appear you have put some though into it. That said, yes, I believe a 3 minute block time is excessive. If I'm not mistaken, that is a longer block time than 99% of other coins.
That hurts, mainly due to the fact that I didn't just go to GitHub and fork DarkCoin and replace a few variables. I also thought that going through and explaining the coin more in-depth for the pre-announcement thread would make a good impression, but I guess that may have fallen short. What are some things I could have done better?
Also, what are your thoughts on blockchain forks caused by too-fast block times? My research (albeit, not anyone credentialed professionally suggested the following):
A) "... More mining power is wasted on making orphan blocks due to block propagation delays"
B) "The ratio of typical propagation delay to typical block mining time also affects how frequently confirmations will be reverted"
C) Double-spends due to attackers mining fast enough ("the chance that the other payment will be accepted into the block chain rather than yours, and yours will be considered invalid")
For these reasons, I decided not to change from 3 minutes to 1 minute. However, I may not be understanding part of the problem. Are there other aspects that outweigh the speed aspect to double-spends?
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Block Time: [3 Min]
better change to 1 min
See my reply above.