[Completed] IMPORTANT: Bitcoin payout solution

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Chris Sokolowski
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Re: IMPORTANT: Bitcoin payout solution

Postby Chris Sokolowski » Sat Dec 23, 2017 2:56 am

I have converted BTC to LTC for everyone who was no longer earning BTC (as of December 23), regardless of whether the balance exceeded the payout threshold. The exchange rate used was 0.01904355 BTC/LTC, the price in our database at December 23 00:01:34 (EST). You will see in your account a bitcoin payout sent to "converted to litecoin" on December 23, and those converted litecoins were added to the earnings on December 22. I didn't want to put them on the December 23 earnings or else it would take another 24 hours for them to be paid.

The two unconfirmed bitcoin payouts from December 19 and 20 will not be refunded until we can get out a second transaction that invalidates them. We need to be sure that there can't be double payment before we can refund customers. If the transactions do get refunded, then I will perform the same conversion to LTC for people no longer earning BTC.

I will talk with Steve and decide what we are going to do about people still earning BTC as of December 23. Since they are still earning new bitcoin, a litecoin conversion wouldn't clear their bitcoin balances. I think that that these people will just have to wait until either the bitcoin network stabilizes or we get coinbase bitcoin payouts available, whichever comes sooner. We'll have a decision later this morning.
seovit
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Re: IMPORTANT: Bitcoin payout solution

Postby seovit » Sat Dec 23, 2017 3:21 am

Ripple is probably the best coin to be receiving for lowest fees and lowest bandwidth chokes at exchanges. Please do consider it.
rendesu
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Re: IMPORTANT: Bitcoin payout solution

Postby rendesu » Sat Dec 23, 2017 4:28 am

Good luck!

Should i put my BTC % to zero?
arnbed
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Re: IMPORTANT: Bitcoin payout solution

Postby arnbed » Sat Dec 23, 2017 4:58 am

Chris Sokolowski wrote:The two unconfirmed bitcoin payouts from December 19 and 20 will not be refunded until we can get out a second transaction that invalidates them. We need to be sure that there can't be double payment before we can refund customers. If the transactions do get refunded, then I will perform the same conversion to LTC for people no longer earning BTC.


Thanks, perfect.
arnbed
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Re: IMPORTANT: Bitcoin payout solution

Postby arnbed » Sat Dec 23, 2017 5:37 am

racicotma
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Re: IMPORTANT: Bitcoin payout solution

Postby racicotma » Sat Dec 23, 2017 6:09 am

cool works for me!
clt89864
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Re: IMPORTANT: Bitcoin payout solution

Postby clt89864 » Sat Dec 23, 2017 6:56 am

My 12/20 BTC just confirmed 2 hours ago, so we're good there.
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Eyedol-X
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Re: IMPORTANT: Bitcoin payout solution

Postby Eyedol-X » Sat Dec 23, 2017 7:37 am

Ewil wrote: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.


For individual reasons it makes great sense to HODL

For business reasons it's a huge liability for Prohashing to HODL coins as you suggested in addition to it may violate their operating model and subject them to taxes or fees associated with the "income" of HODL'ing them. The legality / liability of it all makes it a huge pain in ass.

I'm glad they are doing something proactively now rather than sitting on them, if I wanted to convert it back to BTC, I can do so after payout but I'm not going to.

I too hope that BTC Core Devs do something soon but history has shown they likely will not be influenced by the community. (this is the reason we have so many hard forks lately)
Zorro6500
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Re: IMPORTANT: Bitcoin payout solution

Postby Zorro6500 » Sat Dec 23, 2017 8:03 am

i don't have ltc address can you convert my balance to dash or ETH
or tell me how to get an LTC address
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Steve Sokolowski
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Re: IMPORTANT: Bitcoin payout solution

Postby Steve Sokolowski » Sat Dec 23, 2017 9:23 am

Zorro6500 wrote:i don't have ltc address can you convert my balance to dash or ETH
or tell me how to get an LTC address


Go to Poloniex (poloniex.com) and sign up for an account, then generate a deposit address and enter it in your payout addresses.

Once you have been paid, trade the LTC for DASH or ETH and withdrawal those coins to your wallet.

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