[Denied] Community Repayment (LTC) Address

I was just scrolling through a report and I saw someone owes $37. Right now, bitcoin fees for me to send a payment is like $25. This would be a 67% fee just to repay a debt in this case.

My suggestion is to make a community repayment wallet using LTC which will have fees close to $0. Might make people more likely to repay.

 

[WFAF]

I was just scrolling through a report and I saw someone owes $37. Right now, bitcoin fees for me to send a payment is like $25. This would be a 67% fee just to repay a debt in this case.

My suggestion is to make a community repayment wallet using LTC which will have fees close to $0. Might make people more likely to repay.

Whilst I would support this suggestion, I don't see it going through.

As I've previously posted, it doesn't appear the 'rolls' are actually happening and there is an excess of funds due to be paid back to the community.

Community Repayment | Sell & Trade Game Items | OSRS Gold | ELO (sythe.org)

When we did get more money, because of the increase of crypto value, the fee's to send went through the roof, so it's not the best move

This would potentially alleviate this issue but again, I don't see it happening.

*edit* it appears someone has edited the OG Comm Repayment post to remove the excess funds.

Seems we have no traceability on those, or whether they were actually paid out to the community.

 

I mean, it sounds like this is a 2-sided issues. Funds are expensive to receive and won’t be distributed because of the fees. Seems this is extra necessary.

 

Whilst I would support this suggestion, I don't see it going through.

As I've previously posted, it doesn't appear the 'rolls' are actually happening and there is an excess of funds due to be paid back to the community.

Community Repayment | Sell & Trade Game Items | OSRS Gold | ELO (sythe.org)



This would potentially alleviate this issue but again, I don't see it happening.

*edit* it appears someone has edited the OG Comm Repayment post to remove the excess funds.

Seems we have no traceability on those, or whether they were actually paid out to the community.

I'm going to reply this just to remove doubt, we have more then enough money currently in CRF to pay out every single victim, we just haven't gotten around to handling it yet.

 

I'm going to reply this just to remove doubt, we have more then enough money currently in CRF to pay out every single victim, we just haven't gotten around to handling it yet.

Yeah, because it would take days, weeks, years to do so, right?

 

Yeah, because it would take days, weeks, years to do so, right?

The reason is because BTC fees are crazy atm

Edit this was to send 100$:

 

The reason is because BTC fees are crazy atm

Edit this was to send 100$:

Can you not transfer to LTC or ETH and pay??

 

[WFAF]

Can you not transfer to LTC or ETH and pay??

Maybe that's where the extra $8k went?

 

Maybe that's where the extra $8k went?

I believe the $8k you're referring to was swapped to USDT a while back. Later, I think when Gen retired, this was swapped back to btc. As of now we're only holding btc.
All btc being held can be easily traced

 

Can you not transfer to LTC or ETH and pay??

@Pikachu

 

I believe the $8k you're referring to was swapped to USDT a while back. Later, I think when Gen retired, this was swapped back to btc. As of now we're only holding btc.
All btc being held can be easily traced

Is this the only / current CRF wallet address?

Address: bc1q75k9eamcxqf97mukg35g5sfwewy27g8gc8taaa

https://www.sythe.org/threads/funds-sent-to-from-community-repayment/

 

Is this the only / current CRF wallet address?

Address: bc1q75k9eamcxqf97mukg35g5sfwewy27g8gc8taaa

https://www.sythe.org/threads/funds-sent-to-from-community-repayment/

Yes and no. It's the only wallet where transactions get made from. However, most wallets use more efficient ways to send funds where it cycles through various addresses. You can easily track these funds by following the first large transaction on that wallet. You'll eventually land here: Address: bc1qfjfg7ma899x5wgdhka5w4tj6xv8yq0qhxw5k3k

 

@Pikachu

You have to wait till this suggestion is handled to find out the answer your question as I can't make decision for the whole staff team.

 

OT: I think it's best to keep all funds at once place. LTC also fluctuates even ore than btc, so I think btc is a safer asset. A better alternative would be a stable coin, like USDT. Depending on the wallet, transactions could be sent on cheap networks which can help with our fee issue. The downside of USDT is that it's a centralized cryptocurrency. It's the largest stable coin however, the odds of it falling is probably quite small, but in the end it's not as safe as btc. We've also had these community repayment funds increase a lot in value. We'd have had less than half of what we currently have if we used USDT from the beginning.

 

You have to wait till this suggestion is handled to find out the answer your question as I can't make decision for the whole staff team.

The question was rhetorical. You suggested that CRF rolls are not occurring because BTC fees are "crazy." I was simply leading the horse to water.

Yes and no. It's the only wallet where transactions get made from. However, most wallets use more efficient ways to send funds where it cycles through various addresses. You can easily track these funds by following the first large transaction on that wallet. You'll eventually land here: Address: bc1qfjfg7ma899x5wgdhka5w4tj6xv8yq0qhxw5k3k

Thank you, @Zora.

OT: I think it's best to keep all funds at once place. LTC also fluctuates even ore than btc, so I think btc is a safer asset. A better alternative would be a stable coin, like USDT. Depending on the wallet, transactions could be sent on cheap networks which can help with our fee issue. The downside of USDT is that it's a centralized cryptocurrency. It's the largest stable coin however, the odds of it falling is probably quite small, but in the end it's not as safe as btc. We've also had these community repayment funds increase a lot in value. We'd have had less than half of what we currently have if we used USDT from the beginning.

I agree with some of these points. However, the intention of the CRF wallet isn't to be an investment avenue for scam victims.

The CRF wallet is currently holding close to $40,000; "btc fees crazy" is not a sound excuse as to why victims aren't being paid.

 

The CRF wallet is currently holding close to $40,000; "btc fees crazy" is not a sound excuse as to why victims aren't being paid.

That's another topic. My reply was targeted at the suggestion of changing our community repayment funds from btc to ltc. The btc inreasing in price was a nice side effect, but obviously not the intention for choosing this asset back when CRF was established. It's not viewed as an investment.

 

BTC dominates the cryptocurrency scene currently and majority of repayment recipients/depositors are already familiar with it and using it. We also prefer to keep it in one currency to avoid having to exchange/swap the currency.