The LTB Network Forum

It's Expensive Using Bitcoin!

Back to LTBcoin Talk

Comments

adam

Offline
Posts: 1980
Location: California, USA

Todays distribution to 419 people cost .05BTC in tx fees! This cost is only going to grow as the audience grows, how do you think we should deal with this?

Posted on July 5, 2014 at 4:38 PM

0 likes

• Cryptonaut

  

  Offline
  Posts: 1944
  Location: Canada

  this is definitely a tricky issue. It would be nice if in the counterparty protocol there was a transaction type built in where you could send these assets all out in one go. it basically does the same with dividends, so why not?

  Posted on July 5, 2014 at 6:12 PM
  Permalink
  0 likes
• Rob

  

  Offline
  Posts: 604
  Location: California

  Think it would cause problems if you sold LTBcoin for Bitcoin, to cover these cost? Is the relationship pretty linear, so that 10x the people will cost 10x the BTC?

  It does sounds like a real problem if there's not a workaround. Is there any public (or private) discussion with Counterparty about these fees adding up?

  Posted on July 6, 2014 at 6:49 AM
  Permalink
  0 likes
• adam

  

  Offline
  Posts: 1980
  Location: California, USA

  @robmitchell Think it would cause problems if you sold LTBcoin for Bitcoin, to cover these cost? Is the relationship pretty linear, so that 10x the people will cost 10x the BTC?

  It does sounds like a real problem if there's not a workaround. Is there any public (or private) discussion with Counterparty about these fees adding up?

  Eventually, yes. The cost is pretty low relatively, something like 3-5 US cents each. Right now its just very noticible because LTBCOIN is not worth very much, but we're handling the early distribution.

  Posted on July 6, 2014 at 7:05 AM
  Permalink
  0 likes
• popinjay

  

  Offline
  Posts: 118

  @adam Todays distribution to 419 people cost .05BTC in tx fees! This cost is only going to grow as the audience grows, how do you think we should deal with this?

  Set up a donation BTC address used for this only so it's transparent and known. Maybe you would get enough weekly, not sure?

  Posted on July 6, 2014 at 7:35 AM
  Permalink
  2 likes
• adam

  

  Offline
  Posts: 1980
  Location: California, USA

  @popinjay

  @adam Todays distribution to 419 people cost .05BTC in tx fees! This cost is only going to grow as the audience grows, how do you think we should deal with this?

  Set up a donation BTC address used for this only so it's transparent and known. Maybe you would get enough weekly, not sure?

  Yep, good idea.

  Posted on July 6, 2014 at 7:52 AM
  Permalink
  0 likes
• troy112

  

  Offline
  Posts: 75

  Can't we have something like internal transaction, like cryptsy trade key. The funds can move internally in counterwallet's servers and when we wanna trade them out or to get it in other wallets we can send it on bitcoin blockchain. What do you think about this?

  Posted on July 6, 2014 at 9:14 AM
  Permalink
  0 likes
• troy112

  

  Offline
  Posts: 75

  And yes, a donation address would be good to get this fees. Or someone who gets the week's maximum LTBcoin can support it. :p

  Posted on July 6, 2014 at 9:15 AM
  Permalink
  0 likes
• Cryptonaut

  

  Offline
  Posts: 1944
  Location: Canada

  @troy112 Can't we have something like internal transaction, like cryptsy trade key. The funds can move internally in counterwallet's servers and when we wanna trade them out or to get it in other wallets we can send it on bitcoin blockchain. What do you think about this?

  nope. Counterwallet does not actually store your funds. Its all client side, you control your own keys (your key is your password).

  technically we could have an on-site LTBcoin balance and hold funds, but I dont think that would be ideal, we dont want to have to hold on to anybodies money or tokens if we can avoid it, largely because the added risk. also we would still have to pay BTC fees everytime someone would want to withdraw their coin, which still has to come from somewhere.

  Posted on July 6, 2014 at 9:27 AM
  Permalink
  0 likes
• Cryptonaut

  

  Offline
  Posts: 1944
  Location: Canada

  I like the donation address idea though

  Posted on July 6, 2014 at 9:27 AM
  Permalink
  0 likes
• lostdroid

  

  Offline
  Posts: 79
  Location: UK

  If the TX Fee is just covered by donations then generous people will donate but there will be plenty who don't. Therefore I believe there should be a LTBcoin reward for contributing to TX Fee because it benefits the network. In this case it is a financial contribution rather than time contribution as the other rewards work.

  Those who donate bitcoin get extra LTBcoin and if it's not too late in the model you could hold back some LTBcoin to sell on the exchange when the donations do not cover your costs.

  There may be some flaw or a way to abuse the above that I've not thought of, I'm just trying to add some ideas.

  Posted on July 6, 2014 at 9:50 AM
  Permalink
  0 likes

Post Reply