Topic: bustadice – Dilution fee lowered to 1% - page 45. (Read 37207 times)

Lightning network nodes are allowed to charge fees to route payments through the network, however they are nothing remotely near current Bitcoin network fees. LN fees are in the single digit satoshis, by my experience on the testnet. This may not be indicative of how it will work on the mainnet but they will be very, very small.

Will this site allow for any other types of coins to be available to deposit and then withdraw from using that same coin?
What is the withdrawal fee after lightening network is implemented, eventually as you do not have an eta on this like all other sites have encountered the same issues as you have:
Not knowing exactly when it will be out of testnet phase and ready to use.

I've been thinking about the same thing for another site, but have run into problems about trust. However, since lightning payments are usually small, in addition to the instant nature of the payments, I think I will still attempt it.

Interesting idea!

You could introduce a bot like this with tiny deposit and withdrawal limits for the first few weeks. By doing this
you eliminate the risk that people (or the software implementation) mess up and lose non-negligible amounts
of Bitcoin in the process (provided it is possible to actually implement limits with a bot like this).

Anyway, it is good to hear that you are at least thinking about ways to alleviate the issues
that especially small players experience due to the BTC network congestion.

I've been playing with it and am very optimistic. However, I'm not entirely sure it's stable or safe enough to want to integrate directly yet. However, I was thinking it might make a lot of sense to make lightning support as a 3rd party bot.

e.g. you PM lightning bot, and it gives you an invoice. You pay the invoice, and then lightning bot tips you.

And same thing in reverse for lightning withdrawals. This seems like a really low (and bounded) risk way of testing out lightning for actual production use

More likely than Lightning Network they would start using atomic swaps. These are more feasible, although the option to open a LN channel is also there and makes perfect sense.

devans & RHavar,

What are your thoughts on implementing Lightning Network support? I've been using it on the testnet and although I'm not using a wallet interface yet (I'm interacting directly with lnd on top of roasbeef's btcd) I've already fallen in love with it. If you want to test an implementation of it on testnet or mainnet, I'd love to help, just reach out to me here or however else.

Ok, then do you believe Bitcoin Cash is on the right direction by making the blocks bigger or do you believe the best solution is now to make the transactions go to a 2nd layer or "off the chain" through the Lightning Network?

 

if you add any coins let me know and i'll play hours everyday.


I refuse to use btc for gambing until they get their shit together


Nov 5th 2017 the start of real high daily fees

BTC Dominance: 61.9%



Jan 7th 2018

BTC Dominance: 33.6%

And why you should only buy $20 instead of $200 or even $2,000 The fee will be the same right? And if you said the purpose of buying this is for gambling then they should have higher chance with higher bankroll so I do not understand many of them are trying to buy some small amount and pay higher fee and complaint about the huge fee

When you looked back on bitcoin price around $3000, how about this fee? Is it not the same as now? Or may be you guys do not even bother just because it is not even worth a penny. Low bitcoin price=low tx fee, high bitcoin price= high tx fee. I believe this is too simple

withdrawal fees applied by bustadice we taste fair enough. because bustadice can provide a sense of comfort to  players. and so far the bustadice player has not objected to a withdrawal fee

If you've previously set a recovery email address, you can request a password reset email here. The email you receive will contain a link to a page where you can select a new randomly generated password for your account.

In case you didn't set a recovery email address or need help with anything else, please send me a message using the support system and I'll do my best to help sort it out.

Sorry I want to learn how to play I have some btc coin deposit in my bustadice account yesterday I tried to login into bustadice account, I found the password error in my bustadice account ...

 What way should I do so I Can go back to my bustadice account , I've tried to follow the help instructions several times, but I also can not login in my bustadice account.

For those who know how to please help ya gan. Now I can not add btc coins to my bustadice account because I am wrong password.

I will continue to try again following the instructions so that I can log back in to my bustadice account.

I strongly doubt segwit will lead to lower fees, just a little more throughput. It's possible when a big service like coinbase switches, there will a bit of a shock resulting in temporary lower fees. But demand will quickly catch up

I agree that we probably won´t see lower fees even if SegWit adoption increases
substantially. In a way this isn´t even a bad development, because the block reward
is going to become less and less relevant for the miners over time, which increases the importance
of the creation of a competitive fee market.

I would guess that transaction fees will be +50$ per transaction after the next block reward halving
in 2020. Small transactions will hopefully happen on 2nd layer solutions like the Lightning Network by then.

A Segwit transaction is weighted ~30-40% less than a non-Segwit transaction dependant on the number of inputs. So if every transaction was a Segwit one then ~30-40% more transactions would be processed. The unpredictable part is demand, how many transactions are sent. That is really limited by the cost, as it gets more expensive more people choose not to send transactions, use another coin or just not do it. So my theory is that the market has found the level of transaction fee people are prepared to pay and Segwit adoption will result in more transactions but not lower fees.

Thanks for the detailed reply. But what if everyone in the network started using Segwit? Do you believe that would be enough in slashing the unconfirmed transactions down under 10,000?

I am not sure if this is correct but The Hackernoon had a blog that said Segwit blocks would theoretically have 8000 transactions per block. I believe that's enough to keep the mempool in a manageable size over time, including the fact that there are "bad actors" spamming the network.

That's a good question, I should let Daniel reply but I'll give it a shot since I'm online and like technical questions

Let's take an "stable" withdrawal, where I mean it doesn't consolidate or expand the site's unspent set. In a pre-segwit world that's going to be ~226 bytes. In a (wrapped) segwit world, it'll only be ~178 "virtual" bytes (it's in reality actually a bit bigger, but some of it has a 75% discount).

Which means the cost savings work out to ~20% for a withdrawal.


However, in reality casinos process a lot more deposits than withdrawals (say in the order of 2:1) which means casinos need to consolidate their unspent, either implicitly (letting coin selection grab it) or explicitly (doing it when it's cheap). Now lets say in a (wrapped) segwit world, we'll need ~10000 virtual bytes to consolidate 100 inputs, vs ~15000 with wrapped segwit (so a saving of about ~33%).


So basically your costs of sending money goes down ~20%, and consolidating ~33%. Poorly optimized services will consolidate at peak rates, so that 33% saving is going to be huge. More optimized ones (and with more float) will consolidate at more off peak times, making the saving not that significant in absolute terms.

So if I had to estimate, I'd say you can instantly save 25-30% by using wrapped segwit. Not earth-shattering, but pretty nice. Bustadice really goes a step further with queued withdrawals, input and output selection, and stuff like that. So they're going to save a lot more compared to a typical site but there's some pretty hard core stuff that, that would put it out of reach for most places (including large exchanges  ).

May I ask how much lower the fees are when users withdraw using Bustadice's Segwit enabled address compared to a legacy address, if you have used it in the past.

Because from the feedback I had from Yolodice, they were saying that the "savings" they are having by using Segwit is only 30% and ethan_nx expressed this as "close to nothing".

Would you say the reduction in fees from using Segwit is close to nothing?

I am not saying ethan_nx is wrong or biased towards other solutions like accepting Bitcoin Cash, but I want to know each casino's experience.

Yeah, I agree with you. The time when bustadice was created  was  about the time when  BTC price and transaction fee is increasing, but not withstanding, I believe  Bustadice can stand the test of time. Because the site is Segwit prepared  which helps in better and cheaper transaction. The only problem that may be encountered is if users whom are withdrawing from Bustadice knows and make use of Segwit   for better transaction because not every players makes use of Segwit or even know it exits.