Welcome, Guest. Please login or register.
Did you miss your activation email?
April 23, 2014, 10:20:32 am

Author Topic: Litecoin transaction fees  (Read 1382 times)

0 Members and 1 Guest are viewing this topic.

Offline bigvern

  • Chief Bonker
  • Administrator
  • Sr. Bonker
  • *****
  • Posts: 445
  • Karma: +16/-0
    • View Profile
    • LiteBonk
Litecoin transaction fees
« on: April 10, 2013, 11:28:45 am »
The litecoin network imposes a transaction fee of 0.1 ltc on most of the withdrawals.   However, there are some where no fee is imposed.    Since I don't charge a pool fee, it is impossible for me to not to pass this fee along to you guys. 

The problem is that I do not know which ones are imposed a fee until the transaction is initiated.

For the transactions that are not imposed a fee, I will programming the system to rebate the fee back to the users balance in the pool after the transaction occurs.

I've modified the minimum payouts. I've set the minimum to 1 LTC from the previous minimum of 0.1 LTC.

BigVern


A person that learns from their mistakes is smart. A person that learns from other people's mistakes is smarter.

Offline richik

  • New Bonker
  • *
  • Posts: 6
  • Karma: +0/-0
    • View Profile
Re: Litecoin transaction fees
« Reply #1 on: May 10, 2013, 07:45:54 am »
I would like to see no fee with automatic withdrawal, like give-me-ltc.com and other pools (i.e. coinat.com).
As I do not have much hash power... 0.1 LTC cost me a lot of work.

Offline mikesheadroom

  • New Bonker
  • *
  • Posts: 8
  • Karma: +0/-0
    • View Profile
Re: Litecoin transaction fees
« Reply #2 on: May 10, 2013, 08:49:36 am »
The litecoin network imposes a transaction fee of 0.1 ltc on most of the withdrawals.   However, there are some where no fee is imposed.    Since I don't charge a pool fee, it is impossible for me to not to pass this fee along to you guys.

I would like to see no fee with automatic withdrawal...

A no-fee system will likely result in BigVern being required to charge a pool fee.  I guess it's a pick your poison kind of scenario.

Offline richik

  • New Bonker
  • *
  • Posts: 6
  • Karma: +0/-0
    • View Profile
Re: Litecoin transaction fees
« Reply #3 on: May 10, 2013, 09:10:06 am »
Ok, I see, but this condition puts smaller miners away from this pool!

Imagine that I have only 100 kH/s, which is approx. 0.2 LTC/day, so I can have 5 LTC after 25 days (at least I think...) so after that I will pay 0.1 LTC (which is 2%).

For me (as every low hashrate user) it is better to mine at pool with 2% fee and have payout of approx. 0.196 LTC every day...
For example ltcmine.ru has only 2,5% fee, but it is PPS, so you will get paid every hour and you can withdraw with lower limit 0.01 LTC anytime for free.

Offline bigvern

  • Chief Bonker
  • Administrator
  • Sr. Bonker
  • *****
  • Posts: 445
  • Karma: +16/-0
    • View Profile
    • LiteBonk
Re: Litecoin transaction fees
« Reply #4 on: May 10, 2013, 09:20:13 am »
Yea, but that pool owner is still paying that 0.1ltc fee for sendng the transactoin, so hes losing money.

BigVern
A person that learns from their mistakes is smart. A person that learns from other people's mistakes is smarter.

Offline richik

  • New Bonker
  • *
  • Posts: 6
  • Karma: +0/-0
    • View Profile
Re: Litecoin transaction fees
« Reply #5 on: May 10, 2013, 10:09:37 am »
Ok, but ltcmine.ru during withdrawal states that it will be free and transaction will be proceeded as soon as ltcmine.ru pool will find a new block... That is why it is free. Look at transaction of my withdrawal: http://explorer.litecoin.net/tx/281c31772b88c67f1d9c74f3c60758ee7eee44f722acbcb0884c4340d9fac078

Offline SolidSnke

  • Administrator
  • Sr. Bonker
  • *****
  • Posts: 285
  • Karma: +5/-0
  • 1st FTC Found @ FCPool.com - 344,164
    • View Profile
    • SolidSnke.com '..helping you G33K better since 1998..'
Re: Litecoin transaction fees
« Reply #6 on: May 10, 2013, 10:32:48 am »
rich it comes down to be fair to the pool operator as it is to be fair to the end user in the pool.

Some pool operators give away alot to get people there, and they are happy to lose money. And who knows if they will be there in a month or a year...

PPS is a bad system all the way around, except for pool hoppers. Its surprising that there is still PPS systems out there. I would highly encourage you to use a PPS system if it works for you.

I think we all would agree here we want what makes you happy. If this isn't working for you then check out some others.

But hopefully you can see we are just trying to be fair with both sides of the coin. For the pool operator and the end user.

Good Luck Sir.

Offline bigvern

  • Chief Bonker
  • Administrator
  • Sr. Bonker
  • *****
  • Posts: 445
  • Karma: +16/-0
    • View Profile
    • LiteBonk
Re: Litecoin transaction fees
« Reply #7 on: May 10, 2013, 10:43:32 am »
Yea, don't forget I have expenses.  :)

I'm running 8 servers right now.

A person that learns from their mistakes is smart. A person that learns from other people's mistakes is smarter.

Offline richik

  • New Bonker
  • *
  • Posts: 6
  • Karma: +0/-0
    • View Profile
Re: Litecoin transaction fees
« Reply #8 on: May 10, 2013, 11:56:28 am »
I just suggested how to be better and be more attractive for miners to mine with you, so pool will have bigger hash rate, more coins mined, miners would give you more donations and you will have more funds to run your 8 servers.

Your pool could be perfect for me except so big fee...  :-\

Offline Ch3rub

  • Jr. Bonker
  • **
  • Posts: 55
  • Karma: +0/-0
    • View Profile
Re: Litecoin transaction fees
« Reply #9 on: May 11, 2013, 02:37:01 pm »
I personally believe BigVern's approach is the right one
no fees and optional donation, as we can see community is mature enough to understand pool OP has costs and donates

If network implies 0.1 fee for transaction, we have to pay it. Simple as that, we have a choice when to cash out.
« Last Edit: May 11, 2013, 02:45:25 pm by Ch3rub »

Offline spincycle

  • Global Moderator
  • Hero Bonker
  • *****
  • Posts: 580
  • Karma: +6/-0
    • View Profile
Re: Litecoin transaction fees
« Reply #10 on: May 12, 2013, 09:59:15 am »
I like the rebate idea that sounds cool, but ya, the .1 fee is really non-negotiable, it's charged by the network. This is not in the site operates control. Lots of transactions equals lots of bandwidth, and that cost money.
Current Drills
HP DV6000 Notebook Computer 8 KH/s | Dual Quad Core 1U Pizza Box 40-60 KH/s
MK808 Android Mini TV 0-1 KH/s | Whirlpool Miner No. 1 850-1150 KH/s

Future Drill
Bigger, Faster, Stronger.... ??? KH/s