Topic: FreeBitco.in-$200 FreeBTC⭐Win Lambo🔥0.2BTC DailyJackpot🏆$32,500 Wager Contest - page 830. (Read 565793 times)

I think FreeBitco.in, could technically generate a lot from advertisement, considering their traffic. But they have opted for no ads, and rightly so. Annoying ads usually scare off the users. The lower the user base, the less companies are willing to pay for ads, and thus advertisement income dries up. Basically, it's the road to bankruptcy, and it's good that FreeBitco.in didn't step on this road of no return.

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My numbers were wrong too: I completely forgot the possibility of an address having multiple inputs, and I only looked at the total balance per address. The total number of small inputs is likely to be much larger.

Thanks for the numbers. Fees are probably not enough to make a deal with a miner to include your transactions at less than 1 sat/byte when blocks have space left.

I think it will come back some point in the future for this reason.


I see a time coming where blocks are very rarely full because the cost of on-chain transactions (in fiat terms) has become so high as to push the majority to only use off-chain transactions.


We use a formula to calculate the fee and a percentage of the value of the input. So when the network is busy like it is now and we are sweeping at higher than 1 Sat/byte only higher value deposits are swept. eg https://btc.com/05255aa61e2ffeebdab7cd3b0899250c4f133a93f09b0b4bbdd0c67a6b981a37

50,000 Sats is the limit for a fee of 1 Sat/byte.


I'll have to check with wetsuit but I think the even distribution isn't that even. He said the cost would be greater than 5%.
Edit:

wetsuit just clarified it. The 5% number was completely wrong, most likely a memory lapse on my part.
The 50,000 Sat limit isn't an absolute because we consolidate 50 deposits at a time (making 51 inputs) and then look at the total fee for the transaction. So looking at example https://btc.com/2694230cb67a58601b21b8038a1603f4e122a09422c005cf2a07e917bb9b1dbd
There are some at 0.00035399 because the higher ones increase the average.

The transactions are 9,850 Bytes so if they were all 50,000 the total would be 0.025 so 0.00009850 fee means 0.394% of the value would be spent. The limit on deciding to sweep or not is 0.4% of the total transaction value.

The 229 BTC is made up of 1,382,227 UTxOs. So if 50 takes 9,850 bytes that's 197 bytes each meaning 272,298,719 bytes total or minimum cost of 2.72298719 BTC.


That is something I have been keen to do for a long time. The problem is that we have always said all your old deposit addresses will remain valid. We would have to run a new system alongside the old one and thus double our overheads.

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Hopefully this will help free up some of freebitco.in's funds for use in new projects.

Regards,

I think that plan was canceled. Fees are >1 sat/byte most of the time, and even though Bitcoin prices keep increasing, there's no point in reducing the minimum fee as long as blocks are full.

Interesting! Considering the current consolidation happens at 3 sat/byte, you could probably consolidate at least everything between 20,000 and 50,000 sats at 1 sat/byte. Make the transactions separate from the higher amounts, and just keep broadcasting until it confirms.

I checked all addresses with less than 50,000 sat. The total balance is 18,088.92659937 BTC. That means FreeBitco.in owns 1.266% of all dust.
In total, 22,918,211 addresses hold less than 50,000 sat. Assuming an even distribution, 1.226% puts you at around 290,000 inputs. This is enough to fill about 43 blocks. Assuming my estimate on the number of addresses is correct: consolidating everything at 1 sat/byte would cost 0.43 BTC, which is only 0.19% of the 229 BTC value.

And of course implement Segwit for future deposits

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Thanks for the detailed answer!  



Great! I'll patiently wait for this so that I can finally put my mind at ease.

No one will contact you because its you have to contact them about this issue with all details then they will check and give you reply about your account.

no one has written to me yet, I don't remember the password

If I can make a suggestion:

You need to have a conversation with @LoyceV about options to sweep that dust, or, at the very least, check out his thread:

Fees are low, use this opportunity to Consolidate your small inputs!

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One option is to sweep the dust into outbound LN channels for near instant near fee free payouts which will enable you to have inbound capacity. Plus providing a node to connect to you get instant inbound capacity (which is usually what people intend to gamble with anyhow.

I'll put you in touch with the relevant people/threads should you choose to utilise the Lighting Network. (And, I'll be happy to open a LN channel to you too)

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The plan is to wait for the minimum mining fees to be reduced. We would pay too high a percentage of the value to move them. There was talk previously about reducing it from 1 Sat/byte to 0.1 Sats/byte. I personally think it is inevitable at some point when BTC price becomes much higher.


No plans at the moment. More likely to implement Lightning Network for deposits first.

Solid stuff right there. I actually hadn't realised mining had stopped -- I'm a really casual user for the site but am now coming to see it's really a whole new operation atm.

That's a lot of dust (229), I wonder if there's a plan to at least manually try and consolidate all of that in stages? And if there's a plan to some day phase out legacy addresses or a way to retain old ones already given to users and give new ones only segwit.

Some of it is quite out of date.


We shut the mining down when the Bitcoin price was ~$5,000 because it had become uneconomical at the time. We'll remove it from the page.


The cold storage system was upgraded from Trezor to Ledger some time ago. The Ledger is an HD wallet so uses different change addresses each time so it is much more complex to show proof of funds.

3LaNNTg87XjTtXAqs55WV5DyWASEZizCXZ is one of our hot wallets we use for payouts. The other is 329koRvovTyNnd4ADrpR2uJHzXxfvKxta5.

When you deposit to us we sweep funds greater than 0.00050000 to 1Fu3iBR2EMQWeYGi3XvrPmcPUkne8ZWj9h
There is currently 229 BTC of dust deposits that haven't been swept.

That address then either funds the 2 payout hot wallets or sends it to cold storage at 3CZM2Y6AqieFZE1RAbvXYi7hExx1zSb5R1

It is when that wallet is used to fund the hot wallets that the change addresses are used. (eg. https://btc.com/35e79400c98284bf52ea791dbefb6efe38b6d32d7353eab2a239a7ff7b2c17fe)

When we remove the proof of mining information we'll replace it with a new proof of funds address. Because the funds are spread of so many addresses we'll have to move all the coins to a single address to sign a message from. Then we'll repeat that process every 6 months to show we still have it. We should be able to get that information up at the beginning of next month.

Buy some golden tickets and it'll push your % past 100% again and it'll give a bonus on free rolls.   Same for event bets etc.

On the transaction fee issue I sent something earlier from my wallet and looked up fees, I dont care about time taken too much so just took the fee amount for week clearance.   This sites wallet is not user set fee but still I think it relates to how long it might take.   The estimation is looking retrospectively but the blocks to process transaction are prospective so sending too little can stall if transactions spike but anyhow the week estimation cleared in a few hours.  The network is operating tons better then it did years ago with backlogs even if it appears too busy it has improved which I find bullish for pricing from better utility and access to all users not just the million dollar movements.   Ultimately the growth in an economy comes best from the smallest participants which is counter intuitive but is my general take for likely success in BTC or even GDP imo

There are plenty of opportunities for freebitco.in users to place wagers on various Rugby matches.

E.g. the State of Origin, Bledisloe Cup and the Super Sevens to name a few.

I also noticed, not only the NFL but also other sports.  I just saw that there is nothing to bet on in the sports category.  Yes, almost everything is pending but it does not happen often because there is always a new bet when something is just about to end.  Hopefully, they also have a market for the NBA.  Maybe they just really choose the ones that will be put that are popular with gamblers and sports enthusiasts.  Let's just wait now or next week and maybe there will be.

Freebitco.in mining operation. Where is it?

Hello guys,

Since the bitcoin price has skyrocketed again I was checking how secure were my methods of keeping my bitcoins.
This led me to check Freebitco.in and i noticed some incongruences.

I had a question about the numbers posted on the Freebitco.in website about their mining operations.
It says they are running mining equipment that outputs them 9.065 PH/s. They also provide an address (1EcH7pHYTHLo3cbdXfkf6e6Zh5JzCPGumc) with a message and signature to provide proof that they indeed hold the keys to the address.
The signature checks out.

My problem is that if I check this address I find out that what they are pulling in (on only that address) is around 0.0002 BTC per day (~10$/day which is miniscule)!
That is way less than what 9 PH/s would get you!! 
9 PH/s will get you around 0.055 BTC per day (~2000$)!

Also that number (9.065PH/s), I'm pretty sure, hasn't changed since they started offering interest in their wallet!

To add on top of this, searching around in this forum I found a couple of addresses that they, in the past, have claimed they keep as  cold storage.
(https://bitcointalksearch.org/topic/m.19285470)
(https://bitcointalksearch.org/topic/m.26492093)
Those address are now empty or mostly empty (94 BTC is 3M$ but their operations seems to be way bigger than that).
The address from which they are dealing out payouts (3LaNNTg87XjTtXAqs55WV5DyWASEZizCXZ) is currently holding "only" 19 BTC...
From their "STATS" page they say they are currently holding ~1300BTC total as "USERS SAVINGS". Where are they?

Are the info on the website incorrect? Am I simply missing something? Where is all their mining power? 

I was surprised the last two weeks that there has been no NFL betting on the site.  There was for the regular season, and would have thought that the playoffs were bigger betting instances than the regular season. Will we get some the conference finals and the Super Bowl?