lol, it would cost more to send out the transactions than they are worth
Fair enough but there is also no point in sending a 2 sat/byte transaction when there is 70Mb ahead of it in the queue and then telling your customers that the withdrawal is "Completed". That just causes masses of unnecessary support work for the sites receiving those transactions.
the problem is that because of the severely restricted block size on the bitcoin blockchain there just isn't enough space in the blocks for all the transactions at busy times like last week
if coinpot decided to pay hundreds of dollars to push their transaction to the front of the queue then it just means other lower fee transactions will suffer - ultimately causing someone else the "unneccesary" support work that you mentioned.
i think coinpot rightly stood their ground and say...hey our transactions are obviously not highest priority so we will broadcast them onto the blockchain so there is proof the withdrawal is completed and wait until the backlog clears for them to be confirmed on the blockchain
this is what happened within hours of my post - and i received my pending withdrawal along with everyone else - no big drama
this also means they avoid overpaying fees which would only end up being passed on to the user. so they can afford to keep their blockchain withdrawals fee-free (to me the user!).
tbh i might consider converting in the future and only doing my withdrawals with bch or dash as those coins dont suffer these kind of backlogs
I am fully aware of supply and demand on the blockchain. My point is that sending out transactions at 2 sat/byte when there is 90Mb of data ahead of them in the queue is pointless. Then telling customers that their withdrawal is "Completed" is misleading and causes many of them to then raise a support ticket at the receiving site.
They should simply tell their customers the truth. That is that they are unwilling to pay the current fees and their withdrawals will be delayed until the mempool clears out and then offer the option for the customer to pay the fee for a quick withdrawal.
ok, i think we need to agree to disagree on this
coinpot is primarily a microwallet so its emphasis is on batching together small faucet payouts and enabling the user to withdraw them in bulk without incurring fees that are greater than the faucet claim itself!
you are involved with freebitcoin which is now primarily gambling based (with a faucet) and has a different emphasis/philosophy - thats fine, im a big fan of both sites
all i will add is that if you are fully aware of how the blockchain fee stuff works, then will also know that its impossible for a sender to predict what is going to happen after they submit their transaction to the blockchain.
sometimes they can pay their usual small fee, and then a big backlog builds up and their transaction gets stuck until it clears.
sometimes they can pay a large fee to try to "jump the queue" - this might work but can often lead to either...
- them massively overpaying (as the backlog clears soon after)
- it still getting stuck as others "jump the queue" ahead by paying even higher fees!
none of this is possible to predict accurately and is therefore probably a bit too much to ask coinpot users to make this fee decision when they request their withdrawal - which can be up to 48 hours (as per coinpots policy) before the transaction is even batched up and submitted to the blockchain!
so i don't agree that it is pointless to submit a transaction with a small fee. the benefit is that they can give the user a transaction id so that they can track it on the blockchain and proves that they have committed to the withdrawal.
much like amazon might give you a tracking number for a delivery that will take several days. or like if someone paid you by bankers cheque - its just a promise that you receive it at a later date/time.
im sure coinpot also get many user deposits with small fees that end up in the backlog, and ending up raising support tickets from confused users - its just part and parcel of being involved in the crypto business
