[Completed] IMPORTANT: Bitcoin payout solution

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Steve Sokolowski
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[Completed] IMPORTANT: Bitcoin payout solution

Post by Steve Sokolowski » Thu Dec 21, 2017 8:09 pm

We've evaluated the bitcoin transactions problem and have decided that the only feasible solution right now is to convert all bitcoins owed to customers to litecoins and to pay them out tomorrow. We want to pay customers in the bitcoins they requested, but the fees of paying every customer would approach $7,000. Even if we did spend all that money, then it's likely that anything less than $50 will be dust.

It wouldn't be fair to hold them any longer, given that the price of bitcoins is likely to decline as the fees rise, and we want customers to be able to save as much value as they can.

We want to offer bitcoins through Coinbase in the future, but given that the holiday weekend is here, it's not feasible for us to test the system adequately to offer Coinbase bitcoin payouts before the New Year. As you can see with Nicehash, we always take extra precautions against bugs when modifying anything dealing with payouts.

Here's how we'll handle the money owed in bitcoins:
  • At midnight on December 23, bitcoin balances will be snapshotted. We can't disable bitcoin earnings due to the system's design. Any money you earn in bitcoins after December 23 is not guaranteed to be paid until after the New Year. We recommend that you immediately change your payout proportions.
  • A few hours after that, we will take the litecoin exchange rate and convert all bitcoin balances to litecoins at that exchange rate. Payouts will be immediately sent, so you should have your litecoins within 30 minutes.
  • If you want bitcoins, put an exchange deposit address as your litecoin payout address and buy them back once you are paid.
We apologize for this issue, but we don't see any other solution at this time because the bitcoin network is completely seized up. We'll be spending our own money to execute this scheme because there are inputs into our wallet from exchange withdrawals that will not confirm either. If there is dramatic customer opposition, then we will consider other options, but we think this is the best way to get you your money as quickly as possible without leaving everyone, literally, in the dust.


This post has been updated at the end of the thread with a final reply.
Last edited by Steve Sokolowski on Sat Jan 13, 2018 9:01 am, edited 2 times in total.
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Re: IMPORTANT: Bitcoin payout solution

Post by investmentgroup » Thu Dec 21, 2017 8:17 pm

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Re: IMPORTANT: Bitcoin payout solution

Post by ZiGen » Thu Dec 21, 2017 8:19 pm

It is wise and FAIR, Steve & Chris...
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Re: IMPORTANT: Bitcoin payout solution

Post by Eyedol-X » Thu Dec 21, 2017 8:29 pm

Thanks for the heads up and time to correct this
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Re: IMPORTANT: Bitcoin payout solution

Post by kj888k » Thu Dec 21, 2017 9:01 pm

for some reason my withdrawal from poloniex actually confirmed in less than an hr and they only charge .0002. But sure appreciate the headsup
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Re: IMPORTANT: Bitcoin payout solution

Post by cvmines2 » Thu Dec 21, 2017 9:53 pm

That is perfect, I actually requested a LTC payment via support ticket. Thanks again!
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Re: IMPORTANT: Bitcoin payout solution

Post by doomguard » Thu Dec 21, 2017 10:59 pm

Nice. I want this.
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Re: IMPORTANT: Bitcoin payout solution

Post by Searing » Fri Dec 22, 2017 12:14 am

funny...my BCH is checked for payout (dust 22 bucks) but my BTC is NOT checked for payout (dust 121 usd) ..and of course my LTC as usual for payout....

was my dust BTC supposed to be converted as well (again only thing not checked for 24hr payout)

so unclear on this conversion of all to LTC?


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Re: IMPORTANT: Bitcoin payout solution

Post by Ewil » Fri Dec 22, 2017 2:17 am

I think this is an erstwhile solution, although I'm curious about why taking the market snapshot a few hours after the database snapshot as the measurement for payouts? Unless that's when the regular payout market snapshot would have been taken, then that makes sense.

I also understand (as others may end up pointing out) that should you HODL those BTC and the price skyrockets to some insane amount, you'll be the ones ending up extremely far ahead, even if it is weeks/months down the road :P

I do hope the BTC network gets an upgrade soon. The volume has far exceeded the limitations of the infrastructure presently.
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Re: IMPORTANT: Bitcoin payout solution

Post by ernestodemc » Fri Dec 22, 2017 4:16 am

ok thanks
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