comment by kleinbl00

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kleinbl00 · 2596 days ago · link · · parent · post: Musings on Cryptocurrency - an invitation to ruminate

Say, for example, a coffee shop in Berkeley is known to have a certain bitcoin address, and a wallet used by an extortionist transfers the same amount there every morning at 9 a.m. Police can stop by and make an arrest.

Especially as our villain is gonna be sitting there for days.

3564 minutes. If he initiated his transfer New Year's Eve, he's getting his coffee at 10:30 tomorrow.

markup tips · 0

mk · 2596 days ago · link ·

The last btc txn I did, I didn’t even check for confirmations. I just went to bed.

You also need to add about 50 minutes with high variance for the other 5 blocks that most folk want on top of the first to consider it settled.

+discuss+discuss

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demure · 2592 days ago · link ·

I guess my client set a really high transaction fee by default then? Shapeshifted BTC to ETH in early Dec and it took maybe an hour or two?

Or is it that shapeshift only cared about a relatiively low number of confirmations?

+discuss+discuss

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kleinbl00 · 2592 days ago · link ·

That link is to average confirmation time. It's not set; it's whatever the network lag is at the moment based on use.

As I recall, the transaction speed was designed to be 8 seconds.