Altcoins recommended for payouts
Postby Steve Sokolowski » Mon Feb 29, 2016 10:43 pm
The bitcoin network has maxed out its capacity and, as a result, the transaction we sent this morning to pay users remains unconfirmed after 16 hours. Because of the way the network works, we can’t withdrawal the transaction, which means our only choice is to wait and see when the transaction confirms. Additionally, the software complexity required to double-spend the transaction, if it would even be accepted by nodes, is not feasible for us to implement.
For now, we urge everyone to please request payouts in litecoins, Monero, Ethereum, NXT, Dogecoins, or another coin. These networks are much more reliable and your payments will be received promptly. If you don’t know which to choose, the litecoin network has shown excellent price stability over the past six months and litecoins are tradeable for almost every other currency at most exchanges. We will be setting the default payout coin for new users to litecoin in the coming weeks, although anyone can still request payouts in bitcoin through the usual payout proportions interface.
If our transactions continue to disappear for two more days, Chris will investigate other options, which may involve a surcharge on bitcoin payouts to allow us to raise fees. Regardless of what we decide, altcoin payouts will remain free (as long as the amounts are above the payout threshold).
They are definitively not much more reliable. They are currently faster.
It’s like saying I want to pay $10 for a luxury Uber ride from A to B. Well, if you have to get to B in 15 mins, that won’t happen. You may be able to get there for $1, but not now - maybe more like Sunday morning when nobody goes anywhere so Uber limos are cheap.
A beaten up cab is not more reliable than a new Lexus, but it will get you there. Probably.
The pikers are too stingy to pay 10K satoshi per tx, and yet prefer to be protected by the most powerful cryptographic network around. Wait till Sunday morning, maybe your tx will confirm by then, or get that trashy cab at hand.
(I won’t even start about the need to get rid of the alt to get BTC or fiat at a decent exchange rate later).
@janitor, sending bitcoin is completely not a problem, just set the tx fee to .0004 instead of .0001 and it goes through right away…
no wonder MAID dropped a smidgen since folks’ buys are stuck in transaction limbo
how does thıs change the effectıveness of sendıng
The miners can decide which transactions to include in their proof. They can choose to only include transactions with .0002 fee or greater for instance if there are abundant amounts of transactions, then the miner can have a choice.
So, during those times if you’re broadcasting our transaction with a smaller fee, it might be excluded until a miner who doesn’t mind the lower fee, includes your transaction and successfully mines the block.
Giving a higher fee means more miners would accept your transaction during that congested time period.
sounds more feasıble but seems greedy mıners now reduce effectıveness of the system
I think it’s just the way they decide which transactions to include;
here’s a post on it:
I love his characterization: greedy miners.
If one has preference for time (i.e. can’t wait), he’s time-greedy. Not much different from the miners.
Even the altcoin miners will turn greedy (and very soon) if their pipes get stuffed.
(As an aside, this situation is a nice little bonus for the exchanges. If you cash out in an alt (e.g. on Polo), that’s not to bad for the exchange either!)