Topic: Chicago Sun-Times Bitcoin Experiment (NOW OVER) (Read 1816 times)
it's so sad to read the ninth largest newspaper in the US begging for bitcoin money
I agree that $.25 is a bit of a waste. It would be better to ask for a minimum donation of 0.001 BTC that way the transaction fee isn't more than the donation LOL.
BitWalls integrates with Coinbase. If you want to save the 8 cent transaction fee, sign-up and fund a Coinbase wallet. It's pretty slick (I tried for the first time today): the Coinbase wallet automatically detects that the receiving address is also a Coinbase customer, and then the transactions gets executed off-chain. This saves the user the miner's fee, and relieves the bitcoin network of small dust-type transactions.
Micro-payments are one of the killer-apps for off-chain bitcoin transactions.
You'd still end up paying a fee to fund your coinbase account though no? Either a fee for depositing fiat , or a minning fee sending btc to your coinbase wallet?
Yes you'd pay a miner's fee to fund your Coinbase wallet. If micropayment take off, a lot of people would use their Coinbase (or similar) wallet for many many micropayments and only pay a fee each time they load or unload your Coinbase wallet on-chain.
Yup...just like how on-chain gambling sites is losing market shares to those off-chain gambling sites...
I agree that $.25 is a bit of a waste. It would be better to ask for a minimum donation of 0.001 BTC that way the transaction fee isn't more than the donation LOL.
BitWalls integrates with Coinbase. If you want to save the 8 cent transaction fee, sign-up and fund a Coinbase wallet. It's pretty slick (I tried for the first time today): the Coinbase wallet automatically detects that the receiving address is also a Coinbase customer, and then the transactions gets executed off-chain. This saves the user the miner's fee, and relieves the bitcoin network of small dust-type transactions.
Micro-payments are one of the killer-apps for off-chain bitcoin transactions.
You'd still end up paying a fee to fund your coinbase account though no? Either a fee for depositing fiat , or a minning fee sending btc to your coinbase wallet?
Yes you'd pay a miner's fee to fund your Coinbase wallet. If micropayment take off, a lot of people would use their Coinbase (or similar) wallet for many many micropayments and only pay a fee each time they load or unload your Coinbase wallet on-chain.
I agree that $.25 is a bit of a waste. It would be better to ask for a minimum donation of 0.001 BTC that way the transaction fee isn't more than the donation LOL.
BitWalls integrates with Coinbase. If you want to save the 8 cent transaction fee, sign-up and fund a Coinbase wallet. It's pretty slick (I tried for the first time today): the Coinbase wallet automatically detects that the receiving address is also a Coinbase customer, and then the transactions gets executed off-chain. This saves the user the miner's fee, and relieves the bitcoin network of small dust-type transactions.
Micro-payments are one of the killer-apps for off-chain bitcoin transactions.
You'd still end up paying a fee to fund your coinbase account though no? Either a fee for depositing fiat , or a minning fee sending btc to your coinbase wallet?
I agree that $.25 is a bit of a waste. It would be better to ask for a minimum donation of 0.001 BTC that way the transaction fee isn't more than the donation LOL.
BitWalls integrates with Coinbase. If you want to save the 8 cent transaction fee, sign-up and fund a Coinbase wallet. It's pretty slick (I tried for the first time today): the Coinbase wallet automatically detects that the receiving address is also a Coinbase customer, and then the transactions gets executed off-chain. This saves the user the miner's fee, and relieves the bitcoin network of small dust-type transactions.
Micro-payments are one of the killer-apps for off-chain bitcoin transactions.
Why would you recommend donating 25 cents?
If you want this experiment to work, you better hope the total donations they receive is *BIG*.
That means everyone needs to donate $25.00. Not 25 cents.
If 400 people donate 25 cents and their grand total is $100, they'll consider bitcoin a total joke, with a bunch of poor teenagers promoting it.
If 400 people donate 25 dollars and their grand total is $10,000 .... they'll announce that from a mountaintop and Bitcoin will get yet another boost in legitimacy.
If you want this experiment to work, you better hope the total donations they receive is *BIG*.
That means everyone needs to donate $25.00. Not 25 cents.
If 400 people donate 25 cents and their grand total is $100, they'll consider bitcoin a total joke, with a bunch of poor teenagers promoting it.
If 400 people donate 25 dollars and their grand total is $10,000 .... they'll announce that from a mountaintop and Bitcoin will get yet another boost in legitimacy.
A lot of people can afford $0.25 (the minimum option given) but not $5.00 or more. If this hits the press, they will likely report the total number of donations so even making a small donations is helpful. People need to know they are contributing with a $0.25 donation--that's sort of the point of micro-payments.
And people who want to to donate more will, regardless of what I suggest. I know I did.
EDIT: I've added $0.25 (or more!!) to the OP.
I agree that $.25 is a bit of a waste. It would be better to ask for a minimum donation of 0.001 BTC that way the transaction fee isn't more than the donation LOL.
Suprised to only see $50 on 24 donations so far. That's not much at all 
It is a lot more than this. The BitWalls/Coinbase system generates a new receiving address for each payment. My partner and I both donated, and both addresses were different.
Sorry I don't follow. When I went to the site I saw a address and sent to that one. Same address other people are seeing ? Am I missing something ?
If there's other addresses do you know much they've received ?
I just played around a bit more. I've now made 4 different 25 cent payments, and each time I was given a different receiving address to pay.
But when I look at any of the receiving addresses on blockchain.info, I see that they each have received 20 - 40 payments (and most of them look like $0.25 and $5.00 payments from today). So, obviously, BitWalls/Coinbase is recycling addresses to some extent, but we still don't know how many unique address have been used for the Sun-Times today.
Why would you recommend donating 25 cents?
If you want this experiment to work, you better hope the total donations they receive is *BIG*.
That means everyone needs to donate $25.00. Not 25 cents.
If 400 people donate 25 cents and their grand total is $100, they'll consider bitcoin a total joke, with a bunch of poor teenagers promoting it.
If 400 people donate 25 dollars and their grand total is $10,000 .... they'll announce that from a mountaintop and Bitcoin will get yet another boost in legitimacy.
Thats exactly the attitude theyll have. Stop being cheap people.
$20 of that $50 is from me. Sad.
If you want this experiment to work, you better hope the total donations they receive is *BIG*.
That means everyone needs to donate $25.00. Not 25 cents.
If 400 people donate 25 cents and their grand total is $100, they'll consider bitcoin a total joke, with a bunch of poor teenagers promoting it.
If 400 people donate 25 dollars and their grand total is $10,000 .... they'll announce that from a mountaintop and Bitcoin will get yet another boost in legitimacy.
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Suprised to only see $50 on 24 donations so far. That's not much at all
Thats exactly the attitude theyll have. Stop being cheap people.
$20 of that $50 is from me. Sad.
Suprised to only see $50 on 24 donations so far. That's not much at all
It is a lot more than this. The BitWalls/Coinbase system generates a new receiving address for each payment. My partner and I both donated, and both addresses were different.
Sorry I don't follow. When I went to the site I saw a address and sent to that one. Same address other people are seeing ? Am I missing something ?
If there's other addresses do you know much they've received ?
Suprised to only see $50 on 24 donations so far. That's not much at all
It is a lot more than this. The BitWalls/Coinbase system generates a new receiving address for each payment. My partner and I both donated, and both addresses were different.
Suprised to only see $50 on 24 donations so far. That's not much at all
Donated $5 couldn't click the confirm button because my adblock is aggressive as fuck.
I've done my part here...
I've done my part here...
guys, please remember that bitcoin is NOT for micropayments. I'm all for supporting adoption of bitcoin, but spamming the network with dust is not the way to do it.
And that's exactly why I posted my pre-emptive strike against this argument in the OP: BitWalls integrates with Coinbase, so if you pay from a Coinbase wallet, it auto-recognizes the receiving address as another Coinbase wallet and conducts the transactions off chain and with 0 transaction fee.
So you are not spamming the network with dust. You are supporting one of the killer-apps for off-chain transactions.
guys, please remember that bitcoin is NOT for micropayments. I'm all for supporting adoption of bitcoin, but spamming the network with dust is not the way to do it.
https://twitter.com/Bitcoin100/status/429449952620601344
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@LizHamburg Bitcoin 100 will endow Taproot Foundation $1,000 via #Bitcoin if they start accepting them. No strings! http://www.thedomains.com/2014/01/14/chicago-sun-times-to-test-bitcoin-and-twitter-paywall-with-startup-bitwall/ …
Something I just thought about...... aren't the fee's higher than the actual cost if you pay 1-3 cents ? I was thinking of paying 1cent an article to view more than 3 articles , but then i got to think each transaction is like 8cents.
how realistic is it you can do 0 fee transaction on something like this without any holdups/problems
how realistic is it you can do 0 fee transaction on something like this without any holdups/problems
The article says that BitWalls is their payment processor http://www.bitwall.io. I just signed up for a BitWalls account and I see that it links to your Coinbase account (which I also had to set up--but that was easy too [you can then get your Coinbase account to send an email invoice to "you" in order to fund it]). This allows you to make the micro-payment without worrying about the miner's fee.
So it seems to make sense for micro-payments.
I'm still annoyed that it looks like its not a *real* paywall tomorrow, but more of a "donation" instead.
Maybe it hasn't gone into affect yet. People are sleeping in Chicago right now, I would think it goes into affect at the start of business hours. I hope so anyways because youre right that right now there is nothing on their site about it.
I also hope you dont need to sign up to both bitwall and coinbase to do this, those type of extra steps are annoying for most people. I guess we will see in the next 5-8 hours or so.
Good move all around.
Added publicity for Bitcoin as a means of payment versus just a speculative volatile short term investment and the Chicago Sun-Times will suck in 1000's of people anxious to spend a mbtc on something, temporarily increasing their readership base, knowing at least X% will stay on after the experiment.
Nice job.
Added publicity for Bitcoin as a means of payment versus just a speculative volatile short term investment and the Chicago Sun-Times will suck in 1000's of people anxious to spend a mbtc on something, temporarily increasing their readership base, knowing at least X% will stay on after the experiment.
Nice job.
Something I just thought about...... aren't the fee's higher than the actual cost if you pay 1-3 cents ? I was thinking of paying 1cent an article to view more than 3 articles , but then i got to think each transaction is like 8cents.
how realistic is it you can do 0 fee transaction on something like this without any holdups/problems
how realistic is it you can do 0 fee transaction on something like this without any holdups/problems
The article says that BitWalls is their payment processor http://www.bitwall.io. I just signed up for a BitWalls account and I see that it links to your Coinbase account (which I also had to set up--but that was easy too [you can then get your Coinbase account to send an email invoice to "you" in order to fund it]). This allows you to make the micro-payment without worrying about the miner's fee.
So it seems to make sense for micro-payments.
I'm still annoyed that it looks like its not a *real* paywall tomorrow, but more of a "donation" instead.
Something I just thought about...... aren't the fee's higher than the actual cost if you pay 1-3 cents ? I was thinking of paying 1cent an article to view more than 3 articles , but then i got to think each transaction is like 8cents.
how realistic is it you can do 0 fee transaction on something like this without any holdups/problems
how realistic is it you can do 0 fee transaction on something like this without any holdups/problems
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