Bitcoin payouts

[mattgstevens]

There are recommendations for the miner fee per transaction; this is a function of total amount being transacted and transaction byte size.

Knowing an optimum miner fee allows us to make timely payments and balance the miner and service fees (since we want to keep content fee close to 90%)

This will impact when we make payouts to content owners / the story we tell to them about how they get paid from our service (specifically payment timing)

http://bitcoinfees.com/ https://bitcoinfees.21.co/#delay

[mattgstevens]

• [ ] track our serviceAddress generated wallets at payment time
• [ ] determine mining fee
• [ ] make a payment every Sunday => automate later, we will call the script manually for now

[fromheten]

Maybe 10% is too low price for us to charge - we have to pay for a handful transactions, and so forth. We also have to remember that there will probably be VAT and such we need to pay.

Remember how Apple charges 30% for app store sales. It might not be unreasonable to charge 20% for our service. Maybe a good idea is to sit down and do some calculations on this.

[fromheten]

Re @mattgstevens to-do list: For the MVP, we don't need to generate new serviceAddress-es. That's a nice feature to hide how much we make, but until me make €1000/month we don't need to care.

Re: mining fee, optimal would be to have it be a function of amountOfBytes(transaction), but for now set it to be 10% but never more than 0.001 as that will be more than enough every time.

About making a payment every Sunday: let's for now call the script manually - it is not important for the MVP to have that automated.

[mattgstevens]

Paul Graham always has a good answer / reference :rainbow:

It will be good for us to do it by hand, as we can run the numbers from there and later know what we want to automate :)