Steemit and Bitshares founders talk to SATOSHI , READ IT , VERY INTERESTING!

Dan father of bitshares

" I am convinced that bandwidth, disk space, and computation time  necessary to distribute and "finalize" a transaction will be  prohibitively expensive for micro-payments.  Consider for a second that  the current banking industry is unable to provide a reasonable  micropayment solution that does not involve depositing a reasonable sum  and only allowing a withdraw after a reasonable sum has been  accumulated. 

Besides, 10 minutes is too long to verify that payment is good.  It needs to be as fast as swiping a credit card is today.

Thus  we need bit-banks that allow instant transfers among members and peer  banks.   Anyone can open a bit-bank but the system would, by necessity  operate on some level of trust.  Transfers in and out of the banks and  peer-to-peer would still be possible but will be more costly.   Thus, a  bit bank could make money by enabling transfers cheaper and faster than  the swarm with the added risk of trusting the bank.  A bank has to  maintain trust to make money.
"

Satoshi:

 

Re: Scalability and transaction rate 

July 29, 2010, 01:00:38 AM

#17 

The current system where every user is a  network node is not the intended configuration for large scale.  That  would be like every Usenet user runs their own NNTP server.  The design  supports letting users just be users.  The more burden it is to run a  node, the fewer nodes there will be.  Those few nodes will be big server  farms.  The rest will be client nodes that only do transactions and  don't generate.

Quote from: bytemaster on July 28, 2010, 07:59:42 PM
Besides, 10 minutes is too long to verify that payment is good.  It needs to be as fast as swiping a credit card is today.

See  the snack machine thread, I outline how a payment processor could  verify payments well enough, actually really well (much lower fraud rate  than credit cards), in something like 10 seconds or less.  If you don't  believe me or don't get it, I don't have time to try to convince you,  sorry.
http://bitcointalk.org/index.php?topic=423.msg3819#msg3819

DAMN SON!

TLDR

Satoshi showed you dont need fast block times

Some people are still going around convincing people that alcointestnetblockchains and bitcoin need faster blocktimes

If people were into bitcoin in 2010 do you really think they would be making altcoins if they understood what was up? Post your comments below