The Bitcoin Unlimited Road Map.
It looks like my group is going to be voting for shorter block times. At the moment we are debating between 2 min and 2 second blocks. What do people think about this, what are your concerns and thoughts about this?
https://www.bitcoinunlimited.info/cash-development-plan
I would expect most to have a knee-jerk reaction to the idea of 2 second block times, but a 2 second block time would require an insane and continuous amount of spam transactions to really be abused, and even then there are easy ways to counter such an attack (as self defeating as it would be to cause the storage size of BCC to grow so quickly). The only problem I can think of with a 2 second block time might be the amount of stale shares, but mining pools could handle that I think.
I believe in going big, or going home. If BCC wants to ever be used as an actual currency like money, without having the lightning network or other means of having near-instant processing, then 2 second blocks seems like the better approach. 2 minute blocks might be a good compromise, but not for what BCC could be (in my humble opinion).
If you have 1000 transactions per second the block time does not matter only the size of the block does. We can do what ever we want to with Bitcoin. The only variable is will people follow us. I get to vote on this stuff so your opinion matters. We want to do what's best for the community. I have waited for a POS transaction for 15 seconds and never thought anything of it. When one does confirm in 2 seconds I am surprised. I am wondering why my group is wanting 2 min blocks when it seems that the thing to do is 2 second blocks. Eventualy it seems like the correct thing to do. Why would someone spam the network if the blocks are never full?
i guess i worded that poorly. I just meant some people might freak out at the idea of a 2 second block, if only because of past discussions involving BCC and what happens if storing the entire chain becomes too expensive as block sizes increase. I can see that being an argument against shortening the block times, but I personally don't think its an issue as it's 6 in one, half dozen in the other.
I definitely agree the 2 second block time makes the most sense for practical reasons. 2 minutes just seems like a waste of time if the goal is fast transaction times.
Today a 2TB hard drive costs about $150. That is about what I pay in bank fees every year. You should see a bank data center.