Coinbase hires Charlie Lee, creator of Litecoin

Post by dragontamer » Wed, Jul 31, 2013, 1:38 AM UTC

cgore wrote: post #6

dragontamer wrote: post #3

Earlier quoted context omitted.

BTC is going to have issues as long as it takes a significant period of time to confirm a BTC transfer. I'm seeing reports of people trying to buy coffee, but the BTC transfer takes so long to confirm that the customer is long gone before you know whether or not the BTCs really transferred. Nothing can stop this either, it is innate to the system. BTC confirmations will take on the average 10minutes, but can last muc…

If it is a coffee, just accept it at the first block, that should only be a few minutes. For the rare occurance of an orphaned block, it is still less of a loss than the normal credit card processing fees for a typical day at such a place.

Post by t0 » Wed, Jul 31, 2013, 1:58 AM UTC

yapcguy wrote: post #9

"Creator" of Litecoin - is this some kind of joke? Litecoin is a trivial fork of Bitcoin. Litecoin uses scrypt instead of SHA256 for proof-of-work and the total number of coins is 84 million instead of 21 million. That's it!

Post by reedlaw » Wed, Jul 31, 2013, 2:25 AM UTC

LyndsySimon wrote: post #5

marcell wrote: post #4

Earlier quoted context omitted.

Credit card transactions can be reversed weeks/months after they are made. This is necessary to combat fraud, and is part of the reason why fees around 2% exist. In contrast, bitcoin transactions are infeasible to reverse after a few hours. That said, anything on the order of minutes is obviously too long to wait for certain types of transactions. Litecoin, with a target of 2.5 minutes between confirmations, does not…

> Credit card transactions can be reversed weeks/months after they are made Exactly. The instant approval from the credit card company is a close analogue to a signed transaction. Both prove that the person has the funds available and that they have the authority to authorize the transaction. The 40-minute confirmation delay is roughly equivalent to the 6 months or so that it takes before credit card transactions bec…

Post by [deleted] » Wed, Jul 31, 2013, 2:32 AM UTC

reedlaw wrote: post #15

LyndsySimon wrote: post #5

Earlier quoted context omitted.

> Credit card transactions can be reversed weeks/months after they are made Exactly. The instant approval from the credit card company is a close analogue to a signed transaction. Both prove that the person has the funds available and that they have the authority to authorize the transaction. The 40-minute confirmation delay is roughly equivalent to the 6 months or so that it takes before credit card transactions bec…

As a merchant, I would certainly prefer to suffer the loss of a few small transactions than pay 2 to 3 percent of every transaction to a payment processor. I imagine losses due to double-spends would be comparable to those of accepting counterfeit currency--miniscule, due to the high-risk of perpertrating fraud for such a small reward.

Post by enraged_camel » Wed, Jul 31, 2013, 3:08 AM UTC

yapcguy wrote: post #9

"Creator" of Litecoin - is this some kind of joke? Litecoin is a trivial fork of Bitcoin. Litecoin uses scrypt instead of SHA256 for proof-of-work and the total number of coins is 84 million instead of 21 million. That's it!