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During the past week, we’re seeing more gains for Bitcoin. This, in turn, led to gains in altcoins like Litecoin as the general crypto market recovers from large losses. Bitcoin Up by 13 Percent Bitcoin is currently quoted at $8,520 dollars per coi...
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Cryptocurrency web application developer, entrepreneur and board gamer.
I like the idea of a minimum and maximum payout thresholds. In other words, once my account reaches the maximum (say 10,000 LTBc) threshold, then the coin is flushed out to Counterparty automatically with no fees.
The transaction fee could be adjustable in the platform admin. That way the platform can make sure to recoup its costs depending on the current market value of LTBc.
Here's a crazy idea...
What if all distributions were subject to a fixed fee? And users could decide whether to have funds automatically distributed (and pay the 10 LTBc fee) or held in their account for a later time and distributed manually.
This way the platform is not responsible for covering all the Counterparty fees.
What do you think?
Say I have 99 LTBcoin in my account (which is not enough to meet the threshold), but I want to be paid NOW!
Perhaps we add a payout now option, but a 10 LTBc fee is charged. That way, LTB recovers the fee in LTBc and the recipient doesn't have to send any BTC to the platform just to get paid.
The user could verify that they own the recipient account by signing a message like "Please send me my 99 LTBcoin". Counterwallet has the signing function built in.
Here is a possible answer to #1 (Funny how asking a question sometimes leads you to a possible answer):
Perhaps automatic payouts are subject to a minimum. So, if the weekly payout amount is less than 100 LTBcoin to a given address, then that payout is suspended and noted in an internal accounting system.
All suspended payouts are lumped together and sent to an escrow address and the internal accounting system is updated.
If at the end of any week, the sum for any suspended payout address becomes greater than 100, then it is included.
The ideal situation is that LTBcoin is only ever held in CounterParty. No one wants to get Goxed.
But, as I started thinking through the implications of this, I realized that there are some real technical challenges to overcome.
Here are a couple that I thought of:
1) How do we handle the fees for weekly distributions?
Imagine distributing LTBcoin to 1,000 users every week? How about 10,000? How about 50,000? There are fees for each Counterparty transaction. After implementing proof of tip and proof of comment, we could be paying fees on sending hundreds or thousands of small LTBcoin transactions every week.
This is fundamentally a problem about micropayments.
Imagine a user who made one comment during the week. Is it feasible to pay 5-10 cents in fees to send a couple LTBcoin to that user at the end of the week?
2) What about a user who comments but doesn't have a Counterparty address associated with their account yet?
Do they just lose their payment for the week? Where does it go?
An LTBcoin private key is a bitcoin private key.
So, yes, if you have a tool to print a two-factor paper wallet for a bitcoin address, then this will work for LTBcoin as well.
Here is my working draft of a white paper.
https://docs.google.com/document/d/1iIoF7DlguKbdA1A-a3fSTi6xiFgks9QLiTd8hn6lwE8/edit?usp=sharing
I would benefit from your comments. I still need a conclusion.
What else is missing?
My intention was to keep this paper related to just the coin itself. There is a lot more information we need to publish about how content is published and paid. But I propose that this information be published in separate documents.
Thanks. I took that document, pulled out the specifics about LTBcoin and I am using it to formulate a white paper.
I will post it for comments soon.
Yes! https://www.counterwallet.co/
We're working on the whitepaper for LTBcoin now. Please visit this forum post for updates and to help out:
http://forum.ltbcoin.com/discussion/174/white-paper-of-ltbcoin
andref
While most altcoins are getting slaughtered, LTC shines propelled higher by Litepay and a new fork. Bitcoin continues its gains as well but stopped short of a new rally. Bitcoin Higher but Stops Short of New Rally Bitcoin prices traded even higher si...
sessin
The article is really interesting! I appreciate the decision of the Bank of England to conduct a study on cryptographic currencies and to introduce a national cryptocurrency by next year. Digital currencies continue to generate excitement these days....
andref
Ether is trading lower versus bitcoin this week. The crypto has lost 12 percent to big brother since Monday as BTC is the preferred crypto this week. Dash on the other hand continues to trade in a range. Ether Down 12 Percent As we mentioned above, E...
Buyer80
Distribution of a real aelf (ELF) !!! Ability to receive up to 5000 per week! traded on large exchanges https://coinmarketcap.com/currencies/aelf/#markets https://candy.aelf.io/account/register?invitationCode=0Q1T51dGbUcV
andref
During the past week, we’re seeing more gains for Bitcoin. This, in turn, led to gains in altcoins like Litecoin as the general crypto market recovers from large losses. Bitcoin Up by 13 Percent Bitcoin is currently quoted at $8,520 dollars per coi...
bzeebee
Suggested Hardware for Monero (XMR) Mining Rig GPUs: Sapphire NITRO+ RX 580 8GB Sapphire NITRO+ RX 580 4GB MSI RX 580 GAMING X 8G Gigabyte GTX 1070 G1 Gaming Gigabyte GTX 1080 Ti GAMING OC Motherboard: ASRock H81 PRO BTC, GIGABYTE GA-H110-D3A,...
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