Is it smart to make a Bitcoin Faucet - page 2.

ranlo

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Quote from: Jesu on May 26, 2014, 05:08:29 PM

I want to know how many coins the first ones gave away when they were giving out whole bitcoins.

A lot. Even games like Dragon's Tale used to give out a lot of coin (as in 0.01+ per claim, which was every 15m). Probably even more before that, but that's about the time I started getting involved.

People used to give out a lot of BTC for fun, too. Like on the forums you may get a 0.5 BTC tip just for the lulz. Now you'd be lucky to get 0.00005.

Jesu

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I want to know how many coins the first ones gave away when they were giving out whole bitcoins.

ranlo

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Quote from: Cryptopher on May 26, 2014, 05:01:08 PM

Quote from: Zyborg on May 26, 2014, 04:57:34 PM

Quote from: 311 on May 25, 2014, 06:17:59 AM

Quote from: CaptainBeck on May 25, 2014, 06:16:08 AM

Quote from: Mr Crabs on May 25, 2014, 06:07:12 AM

I wasted too much time on faucets. I guess they can be profitable for the owners if you can get the hits and advertising though.

Yeah, a massive waste of time for most people, at less than a penny for a min of work isnt worth anyones time.

Newbs are just naive and want to get their hands on some coins quickly.

Or maybe they're testing out their wallets, or just experiencing receiving bitcoins?

I recently checked out Dogecoin by using the faucets. Sure it's a massive waste of time for amassing coins, but it is a nice way to expose you to the crypto.

I learned nothing as I already have Bitcoin wallets, but it's plain to see how it can give newbies a buzz when they see their first coin being verified in the blockchain

Faucets used to give out hundreds of DOGE per claim. Compare that to their cap in price (200 sat) and they could have been profitable. This is where speculation comes in. Now they give almost nothing because the value has gone up. But when they were worth nothing, they had to give more to compensate for having no value.

Finchy

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No, it's not smart. Probably a waste of time for everyone involved,.

Cryptopher

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Keep it dense, yeah?

Quote from: Zyborg on May 26, 2014, 04:57:34 PM

Quote from: 311 on May 25, 2014, 06:17:59 AM

Quote from: CaptainBeck on May 25, 2014, 06:16:08 AM

Quote from: Mr Crabs on May 25, 2014, 06:07:12 AM

I wasted too much time on faucets. I guess they can be profitable for the owners if you can get the hits and advertising though.

Yeah, a massive waste of time for most people, at less than a penny for a min of work isnt worth anyones time.

Newbs are just naive and want to get their hands on some coins quickly.

Or maybe they're testing out their wallets, or just experiencing receiving bitcoins?

I recently checked out Dogecoin by using the faucets. Sure it's a massive waste of time for amassing coins, but it is a nice way to expose you to the crypto.

I learned nothing as I already have Bitcoin wallets, but it's plain to see how it can give newbies a buzz when they see their first coin being verified in the blockchain

Zyborg

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Activity: 476

Merit: 256

Quote from: 311 on May 25, 2014, 06:17:59 AM

Quote from: CaptainBeck on May 25, 2014, 06:16:08 AM

Quote from: Mr Crabs on May 25, 2014, 06:07:12 AM

I wasted too much time on faucets. I guess they can be profitable for the owners if you can get the hits and advertising though.

Yeah, a massive waste of time for most people, at less than a penny for a min of work isnt worth anyones time.

Newbs are just naive and want to get their hands on some coins quickly.

Or maybe they're testing out their wallets, or just experiencing receiving bitcoins?

Cryptopher

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Activity: 1789

Merit: 1008

Keep it dense, yeah?

I don't know anything about the profitability of faucets, but I would recommend only entering the Bitcoin faucet market if you have something neat to bring to the table. I dunno, some interesting marketing idea.

I imagine that it is quite hard to gain traction when there are so many already out there. I guess those that swear by faucets would use it.

One question: Do faucets only become profitable after a certain volume?

logger

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Activity: 138

Merit: 10

1) How do you get around the fees from the faucet sites?
2) Do you know how much hashing power do the few free CPUs on SSD CLoud give?

CaptainBeck

full member

Activity: 168

Merit: 100

Quote from: Catmoonglow on May 25, 2014, 06:55:17 AM

I've been using a coinbase wallet for my faucet collection. If I were to open another account with coinbase and send my faucet earnings there, would I be hit with a transaction fee when I try to cash out? I have about .12 BTC in there. From what I understand coinbase to coinbase transactions have no fee. Would the .12 still be considered many small deposits or a full .12 deposit in the new account?

Transaction fee is tiny, so i wouldnt worry about the pennies that the transaction cost.

Mr Crabs

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Quote from: Catmoonglow on May 25, 2014, 06:55:17 AM

I've been using a coinbase wallet for my faucet collection. If I were to open another account with coinbase and send my faucet earnings there, would I be hit with a transaction fee when I try to cash out? I have about .12 BTC in there. From what I understand coinbase to coinbase transactions have no fee. Would the .12 still be considered many small deposits or a full .12 deposit in the new account?

Pretty sure you would be.

Catmoonglow

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I've been using a coinbase wallet for my faucet collection. If I were to open another account with coinbase and send my faucet earnings there, would I be hit with a transaction fee when I try to cash out? I have about .12 BTC in there. From what I understand coinbase to coinbase transactions have no fee. Would the .12 still be considered many small deposits or a full .12 deposit in the new account?

311

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Activity: 230

Merit: 100

Come original.

Quote from: CaptainBeck on May 25, 2014, 06:16:08 AM

Quote from: Mr Crabs on May 25, 2014, 06:07:12 AM

I wasted too much time on faucets. I guess they can be profitable for the owners if you can get the hits and advertising though.

Yeah, a massive waste of time for most people, at less than a penny for a min of work isnt worth anyones time.

Newbs are just naive and want to get their hands on some coins quickly.

CaptainBeck

full member

Activity: 168

Merit: 100

Quote from: Mr Crabs on May 25, 2014, 06:07:12 AM

I wasted too much time on faucets. I guess they can be profitable for the owners if you can get the hits and advertising though.

Yeah, a massive waste of time for most people, at less than a penny for a min of work isnt worth anyones time.

Mr Crabs

member

Activity: 91

Merit: 10

I wasted too much time on faucets. I guess they can be profitable for the owners if you can get the hits and advertising though.

CaptainBeck

full member

Activity: 168

Merit: 100

Quote from: ranlo on May 24, 2014, 06:19:08 PM

Quote from: nahtnam on May 24, 2014, 06:11:34 PM

Quote from: ranlo on May 24, 2014, 06:07:00 PM

Quote from: nahtnam on May 24, 2014, 06:02:01 PM

1) Tx Fees making it too expensive,

This is a big issue, but its not that hard to get around. Just use a micro payments api OR at the end of every day, make one large send.

2) Bitcoin is much bigger, which means I am a much larger target to hackers, and it will cost more to keep funded.

I was botted, but it wasnt that bad. There are hundreds of other faucets so you wont really have to worry about it.

Were you able to actually make a profit from your faucet (and was it recently) or did you end up paying more than it was bringing in?

Truthfully, my goal wasnt really to make money. I think I gave away 0.1 BTC of my own money, but it was a fun experience. I am thinking of re-launching it soon!

Got you. If you do launch it again, and it's based on x time between claims, let me know and I'll add it to my rotator,

.

Your rotator doesnt seem to what to move on after the first BTC facuet.

ranlo

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Activity: 1988

Merit: 1007

Quote from: nahtnam on May 24, 2014, 06:11:34 PM

Quote from: ranlo on May 24, 2014, 06:07:00 PM

Quote from: nahtnam on May 24, 2014, 06:02:01 PM

1) Tx Fees making it too expensive,

This is a big issue, but its not that hard to get around. Just use a micro payments api OR at the end of every day, make one large send.

2) Bitcoin is much bigger, which means I am a much larger target to hackers, and it will cost more to keep funded.

I was botted, but it wasnt that bad. There are hundreds of other faucets so you wont really have to worry about it.

Were you able to actually make a profit from your faucet (and was it recently) or did you end up paying more than it was bringing in?

Truthfully, my goal wasnt really to make money. I think I gave away 0.1 BTC of my own money, but it was a fun experience. I am thinking of re-launching it soon!

Got you. If you do launch it again, and it's based on x time between claims, let me know and I'll add it to my rotator,

.

nahtnam

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Activity: 1092

Merit: 1000

nahtnam.com

Quote from: ranlo on May 24, 2014, 06:07:00 PM

Quote from: nahtnam on May 24, 2014, 06:02:01 PM

1) Tx Fees making it too expensive,

This is a big issue, but its not that hard to get around. Just use a micro payments api OR at the end of every day, make one large send.

2) Bitcoin is much bigger, which means I am a much larger target to hackers, and it will cost more to keep funded.

I was botted, but it wasnt that bad. There are hundreds of other faucets so you wont really have to worry about it.

Were you able to actually make a profit from your faucet (and was it recently) or did you end up paying more than it was bringing in?

Truthfully, my goal wasnt really to make money. I think I gave away 0.1 BTC of my own money, but it was a fun experience. I am thinking of re-launching it soon!

ranlo

legendary

Activity: 1988

Merit: 1007

Quote from: nahtnam on May 24, 2014, 06:02:01 PM

1) Tx Fees making it too expensive,

This is a big issue, but its not that hard to get around. Just use a micro payments api OR at the end of every day, make one large send.

2) Bitcoin is much bigger, which means I am a much larger target to hackers, and it will cost more to keep funded.

I was botted, but it wasnt that bad. There are hundreds of other faucets so you wont really have to worry about it.

Were you able to actually make a profit from your faucet (and was it recently) or did you end up paying more than it was bringing in?

nahtnam

legendary

Activity: 1092

Merit: 1000

nahtnam.com

1) Tx Fees making it too expensive,

This is a big issue, but its not that hard to get around. Just use a micro payments api OR at the end of every day, make one large send.

2) Bitcoin is much bigger, which means I am a much larger target to hackers, and it will cost more to keep funded.

I was botted, but it wasnt that bad. There are hundreds of other faucets so you wont really have to worry about it.

BTCisthefuture

sr. member

Activity: 364

Merit: 250

if you think you can make something thats both profitable and safe... then yes, its smart

so long as the amount you make is worth your time.

btc faucets can and certainly still are profitable for various people who run some of them. it's up to you find a method that suits your needs and works for you well.

Topic: Is it smart to make a Bitcoin Faucet - page 2. (Read 6951 times)