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LTBc Faucet

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MikeJohnson

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Posts: 427

Hey All!

I know I've been quiet on here for the last week but that is because I've been busy building the first LTBc Faucet. Things are at about 75% right now and I am getting pretty close to having it ready for everyone.

That being said, I wanted to get your opinions on a few key things. So if you could let me know your thoughts it would be most helpful as I wrap up the project and prepare to place it online for everyone.

1. How many LTBc would you expect to be able to get each hour?
2. How many LTBc do you feel is fair to have banked on the faucet before you can withdraw. Keeping in mind that each transaction out costs not only LTBc but a significant level of BTC in faucet land to send you.
3. How many advertisements are you okay with seeing on the faucet?
4. Is one hour the right collection time?

The faucet will be launching soon but want to get YOUR thoughts before finishing it up.

Posted on August 1, 2014 at 4:27 PM

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• Rob

  

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  Posts: 604
  Location: California

  I have no clue on the questions, but great idea, and great you're executing it.

  Posted on August 1, 2014 at 5:12 PM
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• JayeK

  

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  Posts: 378
  Location: Canada

  Pretty much what Rob said. Nice job on putting this together though.

  Posted on August 1, 2014 at 5:24 PM
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• mdw

  

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  Location: orphaned block

  I suggest offering 2 alternatives (as specific as you can) to forum peeps and get feedback.

  1. able to withdraw smaller amounts => comes with lots of ads
  2. balance must be built up over several visits => less ads

  Or to put it another way, the more BTC the faucet needs to spend, the stronger the need to offset that with ad revenue. I suppose to a lesser extend the average amount of LTBc awarded a visitor can depend on same consideration.

  Personally I'd expect not much - on the order of 1-5 LTBc per visit. Anyone who wants to have thousands is just going to have to come participate.

  At the end of the day, I'd suggest doing whatever it takes to make the faucet sustainable over time. Because it'll be the only one, it would be nice if it didn't run dry the first week. Hope that helps @coinfire.

  Posted on August 1, 2014 at 5:31 PM
  Last Edited: August 1, 2014 at 5:32 PM
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• goldbit

  

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  Posts: 67
  Location: United States

  @coinfire Hey All!

  I know I've been quiet on here for the last week but that is because I've been busy building the first LTBc Faucet. Things are at about 75% right now and I am getting pretty close to having it ready for everyone.

  That being said, I wanted to get your opinions on a few key things. So if you could let me know your thoughts it would be most helpful as I wrap up the project and prepare to place it online for everyone.

  1. How many LTBc would you expect to be able to get each hour?
  2. How many LTBc do you feel is fair to have banked on the faucet before you can withdraw. Keeping in mind that each transaction out costs not only LTBc but a significant level of BTC in faucet land to send you.
  3. How many advertisements are you okay with seeing on the faucet?
  4. Is one hour the right collection time?

  The faucet will be launching soon but want to get YOUR thoughts before finishing it up.

  1: if following general BTC faucets format, the best ones are paying out 300-400 satoshis an hour with possibility to earn up to .33 BTC but that is super rare. 2: same as 1 in a way, just like BTC faucets, balances must meet the required dust level WITH transaction fees but of course use LTBC.In other words any fees should be passed to the folks getting the payout and not the website owner. 3: Honestly i hate advertisements but i know they are needed for faucets.And there have been times that an advertisement has caught my attention and warranted more of my time but in general they are not useful to me. 4: i have seen times range from 5 minutes all the way up to a year but generally 1 hour is a good base time.

  And like MDW mentioned above, most important issue with a faucet is sustainability.And with that it important to remember that faucets were first created to help more people get involved in the "bit"coins and to allow them to get familiar and gain experience with little to no risk. While some faucets have made their owners alot of positive profit, i have seen some that have cost some faucet owners alot of time and came with a negative profit loss.So sustainability is very important not only for the visitors of the site but also the owners.

  My concern with a LTBC faucet would be your ability to sponsor the Faucet with LTBC if 50,000+ visitors come to use your faucet daily.

  Posted on August 1, 2014 at 6:01 PM
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• MikeJohnson

  

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  Posts: 427

  @rob I have no clue on the questions, but great idea, and great you're executing it.

  Thanks, I've been quietly working away on this while also managing Coin Fire, writing news up for Chain Radio, working on another crypto project and preparing something else rather large involving crypto and startups.

  I didn't want to say anything until it was close and over promise and under deliver.

  Posted on August 1, 2014 at 7:10 PM
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• MikeJohnson

  

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  Posts: 427

  @jayek Pretty much what Rob said. Nice job on putting this together though.

  Thanks! I am hoping to get this out the door shortly!

  Posted on August 1, 2014 at 7:10 PM
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• MikeJohnson

  

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  Posts: 427

  @mdw I suggest offering 2 alternatives (as specific as you can) to forum peeps and get feedback.

  1. able to withdraw smaller amounts => comes with lots of ads
  2. balance must be built up over several visits => less ads

  Or to put it another way, the more BTC the faucet needs to spend, the stronger the need to offset that with ad revenue. I suppose to a lesser extend the average amount of LTBc awarded a visitor can depend on same consideration.

  Personally I'd expect not much - on the order of 1-5 LTBc per visit. Anyone who wants to have thousands is just going to have to come participate.

  At the end of the day, I'd suggest doing whatever it takes to make the faucet sustainable over time. Because it'll be the only one, it would be nice if it didn't run dry the first week. Hope that helps @coinfire.

  That does help and is well said. The goal here is to get more people to come here, register and use the site. This is going to be a small taste to get them excited about earning more on the actual platform :)

  Posted on August 1, 2014 at 7:11 PM
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• MikeJohnson

  

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  Posts: 427

  @goldbit

  @coinfire Hey All!

  I know I've been quiet on here for the last week but that is because I've been busy building the first LTBc Faucet. Things are at about 75% right now and I am getting pretty close to having it ready for everyone.

  That being said, I wanted to get your opinions on a few key things. So if you could let me know your thoughts it would be most helpful as I wrap up the project and prepare to place it online for everyone.

  1. How many LTBc would you expect to be able to get each hour?
  2. How many LTBc do you feel is fair to have banked on the faucet before you can withdraw. Keeping in mind that each transaction out costs not only LTBc but a significant level of BTC in faucet land to send you.
  3. How many advertisements are you okay with seeing on the faucet?
  4. Is one hour the right collection time?

  The faucet will be launching soon but want to get YOUR thoughts before finishing it up.

  1: if following general BTC faucets format, the best ones are paying out 300-400 satoshis an hour with possibility to earn up to .33 BTC but that is super rare. 2: same as 1 in a way, just like BTC faucets, balances must meet the required dust level WITH transaction fees but of course use LTBC.In other words any fees should be passed to the folks getting the payout and not the website owner. 3: Honestly i hate advertisements but i know they are needed for faucets.And there have been times that an advertisement has caught my attention and warranted more of my time but in general they are not useful to me. 4: i have seen times range from 5 minutes all the way up to a year but generally 1 hour is a good base time.

  And like MDW mentioned above, most important issue with a faucet is sustainability.And with that it important to remember that faucets were first created to help more people get involved in the "bit"coins and to allow them to get familiar and gain experience with little to no risk. While some faucets have made their owners alot of positive profit, i have seen some that have cost some faucet owners alot of time and came with a negative profit loss.So sustainability is very important not only for the visitors of the site but also the owners.

  My concern with a LTBC faucet would be your ability to sponsor the Faucet with LTBC if 50,000+ visitors come to use your faucet daily.

  Being sustainable is also a key concern on this end as well. I am operating several faucets at a loss currently in the BTC realm (everyone uses adblock or bots) so I'm mainly doing it just because. I knew with those I would never make anything, no one would donate and it would never even likely see a full $1 of BTC (completely accurate even having given away almost a full bitcoin on one faucet so far).

  I am running a lot of numbers and variables to see what is sustainable and I've spoken with @ChainRadio about this idea and helping foot the bill as well.

  I think we have some ideas that could be unique to roll out after the initial version.

  I'll keep reading the feedback here!

  Posted on August 1, 2014 at 7:15 PM
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• adam

  

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  Posts: 1980
  Location: California, USA

  @coinfire

  @goldbit

  @coinfire Hey All!

  I know I've been quiet on here for the last week but that is because I've been busy building the first LTBc Faucet. Things are at about 75% right now and I am getting pretty close to having it ready for everyone.

  That being said, I wanted to get your opinions on a few key things. So if you could let me know your thoughts it would be most helpful as I wrap up the project and prepare to place it online for everyone.

  1. How many LTBc would you expect to be able to get each hour?
  2. How many LTBc do you feel is fair to have banked on the faucet before you can withdraw. Keeping in mind that each transaction out costs not only LTBc but a significant level of BTC in faucet land to send you.
  3. How many advertisements are you okay with seeing on the faucet?
  4. Is one hour the right collection time?

  The faucet will be launching soon but want to get YOUR thoughts before finishing it up.

  1: if following general BTC faucets format, the best ones are paying out 300-400 satoshis an hour with possibility to earn up to .33 BTC but that is super rare. 2: same as 1 in a way, just like BTC faucets, balances must meet the required dust level WITH transaction fees but of course use LTBC.In other words any fees should be passed to the folks getting the payout and not the website owner. 3: Honestly i hate advertisements but i know they are needed for faucets.And there have been times that an advertisement has caught my attention and warranted more of my time but in general they are not useful to me. 4: i have seen times range from 5 minutes all the way up to a year but generally 1 hour is a good base time.

  And like MDW mentioned above, most important issue with a faucet is sustainability.And with that it important to remember that faucets were first created to help more people get involved in the "bit"coins and to allow them to get familiar and gain experience with little to no risk. While some faucets have made their owners alot of positive profit, i have seen some that have cost some faucet owners alot of time and came with a negative profit loss.So sustainability is very important not only for the visitors of the site but also the owners.

  My concern with a LTBC faucet would be your ability to sponsor the Faucet with LTBC if 50,000+ visitors come to use your faucet daily.

  Being sustainable is also a key concern on this end as well. I am operating several faucets at a loss currently in the BTC realm (everyone uses adblock or bots) so I'm mainly doing it just because. I knew with those I would never make anything, no one would donate and it would never even likely see a full $1 of BTC (completely accurate even having given away almost a full bitcoin on one faucet so far).

  I am running a lot of numbers and variables to see what is sustainable and I've spoken with @ChainRadio about this idea and helping foot the bill as well.

  I think we have some ideas that could be unique to roll out after the initial version.

  I'll keep reading the feedback here!

  You could create a "Faucet Coin", which you could be able to control the issuance of (to make sure you have enough to always pay people even when there aren't many sponsors. You'd make faucetcoin redeemable for coins from the Promotions pool, which would basically be like 80% or 90% of your revenue. You would go to coins, user created assets etc. and tell them that if people can only buy their coins they are missing out on a whole demographic of people with more time than money and you've got a community interested in all kinds of cryptocurrencies.

  It would be a bit like russian roulette, you'd be able to trade a little of the faucetcoin for a random coin, which you would then have to download the wallet for or use its web wallet to claim. A more expensive option would let users get less of the coin for their Faucetcoin but be able to pick the specific crypto they want from the available pools.

  I think this coin would be very successful.

  Posted on August 1, 2014 at 8:01 PM
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• MikeJohnson

  

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  Posts: 427

  @adam brilliant.

  I was toying around the idea of points that convert to coins but I figured that people might not want to think about having to convert one to the other.

  You brought up a very valid point though, just because I don't have time for that sort of nonsense, I am not the target audience. You bring up a valid point about people who have time for this sort of thing.

  Certainly something to be thinking about!

  Posted on August 1, 2014 at 8:44 PM
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