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It's Expensive Using Bitcoin!

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• therealtwig

  

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  Location: Bloomington, IN

  @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?

  I do realize in the long term this might not be the "slickest" solution and may not be guaranteed to cover all BTC transaction fees, but I really believe this to be the coolest solution proposed so far. This donation address to cover fees could be something that helps to build community and add a little bit more stickiness to the network. A so called "proof of donation" could be used as another reward mechanism to distribute LTBcoin to folks.

  Maybe it could even be a sort of LTBcoin lottery, where if you have donated towards covering fees in that month, your address is eligible in a drawing to receive a bounty of LTBcoin?

  Nevertheless, if there was a donation address setup to help cover tx-fees, I would be more than happy to donate to help the cause.

  Posted on July 8, 2014 at 9:26 AM
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• adam

  

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  Location: California, USA

  Which things will we do?

  All the things.

  Posted on July 8, 2014 at 9:32 AM
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• popinjay

  

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  You guys could sell an advertisement spot each week and use those proceeds for paying tx fees? Or auction it off for that purpose

  Posted on July 8, 2014 at 3:27 PM
  Last Edited: July 8, 2014 at 3:28 PM
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• dgiors

  

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  It's been mentioned several times that divs can be paid to multiple addresses in one transaction. Would it make sense to distribute LTBC as a token that pays dividends? That way tokens could be distributed Monthly, quarterly etc. and dividends will be paid weekly. There is some down side, like having to wait longer for tokens when you earn them.

  Posted on July 8, 2014 at 5:08 PM
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• TheAnarchistBlockchainQueen

  

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  Perhaps a short term solution like donations to cover the fees while a longer term solution is worked on...though changes happen super fast with crypto-currencies. Maybe some different options can be played with.

  Posted on July 8, 2014 at 7:02 PM
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• Cryptonaut

  

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  Location: Canada

  @dgiors It's been mentioned several times that divs can be paid to multiple addresses in one transaction. Would it make sense to distribute LTBC as a token that pays dividends? That way tokens could be distributed Monthly, quarterly etc. and dividends will be paid weekly. There is some down side, like having to wait longer for tokens when you earn them.

  Dividends wont really work because the rewards are based on site participation rather than how much LTBcoin you already have. e.g, if there was 100,000 LTBcoin, and we sent 50,000 new LTBcoin as dividends, then if you owned 10% of all ltbcoin already, you would get 5,000 out of that. In other words it would be based on how much tokens you already own rather than contributions on the site.

  Posted on July 8, 2014 at 7:15 PM
  Last Edited: July 8, 2014 at 7:16 PM
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• Doogy

  

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  Location: New Jersey, USA

  You gotta love the innovation in the crypto space, its truly invigorating!

  Posted on July 8, 2014 at 7:16 PM
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• dpc

  

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  Posts: 191
  Location: Central California

  I know it's fun to get weekly drops, but it's probably not necessary at this point. I'm assuming there are very few people relying on LTBcoin for living expenses quite yet.

  What about quarterly drops and/or minimum balance before you deposit. This would cut fees many fold.

  If you had a place where people could track their undeposited funds I'm sure that would suffice. Or better yet add the balance to their forum handle it would be a badge of honor.

  Posted on July 9, 2014 at 11:49 PM
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• Kluge

  

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  Few ideas: Hold LTB coins for a month, or only distribute once each quarter. Permit internal user-to-user transfers of IOUs and allow them to be used (along with "real" LTBcoins) to buy sponsor tokens. Most payments are probably to repeat contributors, so kb size should be quite a bit lower. Would be labor-intensive to set up, and requires addt'l site security (or maybe not since withdrawal addresses for payouts are already stored here?).

  Having Counterparty on a blockchain other than BTC seems pretty reasonable, but not really something Adam can change. (maybe they're working on it? I don't keep up with them outside LTB interviews.)

  Have Melotic (or similar exchange) distribute internal LTBcoin IOUs on your behalf/command and have them take the fee burden when users exchange IOUs for "real" LTBcoins (you'd still have to send them the coins, but that tx would be relatively trivial in cost). This would also shift security burden onto them, which they're hopefully already adequate for. They should be willing to do this for free and may even pay you since it forces users onto their platform. It might be worth demanding Melotic provide third-party-audited accounts of IOUs and "real" LTBcoins in their system, but I doubt they could afford that at this point. If more exchanges accept LTBcoin, you could allow users to choose which exchange they want their LTBcoin IOUs to go to.

  Find a sympathetic pool op to allow your Counterparty transactions in without charge. (Can they manually add a transaction which lacks even the minimum relay fee?)

  Acquire a company Core dev, respected and able to sway other devs to accept and promote BIPs eliminating minimum relay fees. Jeff & Greg are cool. Are they both currently leased by another BTC company?

  Posted on July 10, 2014 at 1:07 AM
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• Louie2001912

  

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  Location: California, CA

  All this is very exciting. Cheers to all who are putting in work everyday for this to exist at all. Cheers to Adam as well of course.

  Posted on July 10, 2014 at 5:57 PM
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