[cryptography] bitcoin scalability to high transaction rates
lodewijk andré de la porte
lodewijkadlp at gmail.com
Fri Jul 22 08:04:28 EDT 2011
For a shipped product the ~5 minutes to a few hours delay isn't going to
matter much, since the product has to go through shipping first. Kinda like
buying an express shipment when you're not at home for the coming few weeks.
2011/7/22 Daniel Carosone <dan at geek.com.au>
> On Thu, Jul 21, 2011 at 08:47:35AM -0700, Nathan Loofbourrow wrote:
> > It's only when money is transferred
> > into our out of the exchange that a "real" transaction needs to be
> > whether though Bitcoin or through a bank. Private markets can help
> > small transactions.
> .. as well as help 'blind' these transactions to later log analysis
> (depending on what they do with their internal logs).
> > Of course, this presumes you trust the exchange, which is a different
> > matter.
> Indeed. Note, however, an interesting convergence property here, for
> the practical user:
> Say I'm selling something on 'bitbay'. Bitbay offers me two kinds of
> accounts: either immediate transactions to the bitcoin network, or an
> internal/affiliate 'Bitpal' account, with a running internal balance and
> aggregate external settlement transactions.
> I need to decide whether to trust the Bitpal exchange, both as a
> holder of credit and potentially also as a privacy-blinding service,
> presuming they claim to offer this value-add. Fine.
> However, in practice, both mean I need to wait some time for my money,
> even for the "immediate" transactions, until a sufficient consensus of
> conmation blocks comes in. So on the face of it, there's little
> difference in my process for deciding when to ship my paid-for
> product. The only way to make it go faster, where that matters, is to
> trust the exchange's internal accounts - that is the service they
> must offer.
> cryptography mailing list
> cryptography at randombit.net
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